You have enough savings and decide now is the right time for a real estate investment. Before you begin looking at available homes, you might wonder, “Is buying an investment property in Park Circle worth it?”
Investing in real estate isn’t a decision to make lightly. You must consider both the short- and long-term effects of purchasing a secondary property. If you do the proper research and work with a local expert, you won’t regret your decision.
Exploring the Rise of Real Estate Investors in South Carolina
If you’re considering purchasing an investment property, you’re not alone. Countless people are dipping their toes into the lucrative world of real estate investments.
According to the U.S. Bureau of Labor Statistics, 44 million households nationwide consist of renters. While property owners are responsible for maintenance and repairs, rental income can offer financial freedom. Property value appreciation can provide long-term returns if an owner decides to sell in the future.
Buyers can take advantage of South Carolina’s booming real estate market. There are plenty of residents who rent, as well as thousands of tourists who prefer to stay in a rental home versus a hotel.
Here’s Why Buying an Investment Property in Park Circle Is Worthwhile
Is buying an investment property in Park Circle worth it? You bet. Check out some of the top reasons why you should consider purchasing a rental home in this trendy area.
It’s the Perfect Distance From Charleston
Downtown Charleston is one of the state’s biggest hubs for activity and tourism. However, residents and visitors may want to escape from the hustle and bustle of the city. For those who crave a quieter community with easy downtown access, Park Circle is the perfect solution.
The neighborhood is roughly a 20-minute drive from Charleston. A quick trip down I-26 can bring you to the port city for fabulous coastal views, premium shopping, and expansive dining opportunities.
There’s Continuous Neighborhood Growth
Why is buying an investment property in Park Circle worth it? There’s no denying that this is a desirable place to live. Well-maintained homes with impressive curb appeal make this neighborhood one of the region’s fastest-growing communities.
Local housing market trends show that buyers can’t get enough of the welcoming, picturesque neighborhoods and thriving commercial areas. Why miss out on the buzz? By purchasing a rental property, you can attract tenants who are eager to call this tight-knit community home.
Local Properties Offer Versatility
Purchasing an investment property is a good idea because there’s ample opportunity to rent it. Say you find a three-bedroom home in the area. Who could you rent it to?
Homes in Park Circle appeal to a wide range of tenants, including:
- Single, young professionals
- Couples
- Families
- Retirees
You aren’t limited to long-term rentals, either. Depending on local zoning regulations, homes may be used for short-term rentals.
Your investment property could become someone’s home for years to come. It could also be a popular spot for tourists planning weekend getaways to Charleston.
Housing Market Trends Are in Your Favor
How else is buying an investment property in Park Circle worth it? Some people write off the idea of buying a rental property because they only focus on the upfront costs involved. Purchasing a home is no small investment, especially if it needs serious upgrades, such as:
- A new roof
- Interior remodeling
- New HVAC equipment
- Updated plumbing
These projects can add thousands to your initial investment. But will they pay off?
Your property will likely appreciate in value, given the current trends, so you can expect a higher resale value. When you make the space desirable for tenants, you can collect anywhere from $1,000 to $3,000 in rent every month, depending on the home’s size and condition.
Real estate in Park Circle, South Carolina, is one of the best investments you can make. You’ll build equity over time, while your tenant’s rent can go toward major bills like the mortgage, taxes, and insurance.
Commercial and Residential Properties Are Available
Are you still unsure whether buying an investment property in Park Circle is worth it? Purchasing and renting residential property offers plenty of opportunities. If you want to rent a commercial building, you can’t go wrong with this option, either.
Park Circle is a growing hub for businesses that want to appeal to the greater Charleston region. Finding a commercial space to invest in can be a challenge, but with an experienced real estate agent, you can bring your vision to life. Businesses could lease the space for a larger amount than residential tenants, and hopefully bring plenty of foot traffic to the property.
Do you want the best of both worlds? Ask your agent to show you commercial properties with residential apartments above the business area.
Park Circle Isn’t As Prone to Flooding As Nearby Neighborhoods
The local climate is one of the main reasons why people choose to live in South Carolina. While the Charleston region can bring abundant sunshine and mild temperatures throughout the year, coastal storms may cause property damage.
Flooding isn’t uncommon in low-lying areas, which can affect insurance costs and the property’s condition. Thankfully, Park Circle is at a higher elevation than downtown Charleston. Flood risks still exist, but flooding may be less of a threat to homes in this area.
Review Available Properties With a Local Real Estate Expert
Is buying an investment property in Park Circle worth it? Absolutely. Just make sure you have a knowledgeable real estate professional to help you narrow down your options and find the perfect rental home.
The right agent will listen to your goals and take your input to heart. They’ll show you properties that meet your vision and budget, so you can make the most out of your investment. Troy Gandee is a licensed real estate agent and broker serving the North Charleston region. His understanding of neighborhood growth and market trends is valuable to any buyer. Connect with him today by submitting this online contact form or calling (843) 817-4431.
