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Investment | Rental Property
Let’s first mention that we are NOT investment brokers… what we can tell you is that our area is and continues to be one of the most desirable in the nation and many folks who are not quite ready to move here, will purchase a property and put it on the rental market which will offset expenses. The rental market is strong right now with low supply and high demand. This is a great option to explore if you are looking to purchase now and move here at a later date.
Distressed properties are less likely to be found but there are always deals that surface here and there.
Non-Resident Tax Reminder:
- Since your primary residence will be somewhere else, you will pay higher taxes. For an easy way to estimate your tax responsibility, multiply the purchase price by 1.5%.
- If you would like to place your property on the short-term rental market, you can either handle the rental bookings yourself via websites like VRBO.com or HomeAway.com or you can choose to have a Rental Management Company handle your rental. Generally their fees will range from 20-30% but they handle everything from bookings to maintaining your property. Interview a few to make sure you are comfortable with who you hire to handle these details.
- Generally-speaking, the mid-to-south end area of Hilton Head Island will be your best bet for a short-term rental.
- You can handle the rental process yourself via websites like CraigsList or Zillow or there are Rental Management Companies locally that can handle all of the details with fees that range from 10%-20%.
- Long-term rentals can be found on Hilton Head and in Bluffton and in most cases, they aren’t available for long.