| Because Folly is the most popular beach in | | | | every summer or half the year, you can tell your |
| Charleston for vacationers, many home buyers | | | | rental agency exactly what dates you want the |
| choose this area for buying real estate as an | | | | house reserved for your own enjoyment. You |
| investment. Especially if you're looking at buying a | | | | can even just rent the home out in the off |
| second home in Charleston, beach real estate in | | | | season (and stay there yourself for the whole |
| general may be a good option to consider. If you | | | | summer). However, renting just in the off season |
| know that you'll only be staying in the home a | | | | won't bring in the kind of income that you can get |
| portion of the year, why not place the home on a | | | | from the months of May to August, as these are |
| rental program to offset some of the costs of | | | | the peak tourist months in Charleston. |
| upkeep, insurance, and taxes? There are several | | | | Cons |
| good vacation rental agencies in the Folly Beach | | | | 1) Having to deal with renters: A good agency will |
| area that can handle the headache of finding | | | | take care of the headache, so be sure to talk |
| renters and collecting the money. Out of | | | | with our local property management companies |
| Charleston's six beaches, Folly is the surest bet | | | | about what services they offer. There will still be |
| for good rental income, as it has more vacation | | | | some extra work on your side compared to not |
| rentals on average each year. | | | | renting, but most people think that it's worth the |
| Pros | | | | time it takes to have the additional income. If you |
| 1) Potential income: Of all of Charleston's beaches, | | | | can afford to buy a beach vacation home and |
| Folly brings in the most consistent income | | | | also keep it up on your own, that's wonderful! |
| averages from year to year. Typically, a Folly | | | | However, if you could use the extra income that |
| Beach home used for vacation rentals will bring in | | | | renting out provides, this is certainly a good option |
| around 70% to 80% of the overall cost of the | | | | for you to consider. |
| property given that you put 20% down on the | | | | 2) More wear and tear: You'll have to replace |
| property. If the property that you are purchasing | | | | furniture, etc. more often because the house gets |
| doesn't already have a good rental history, we | | | | used more throughout the year. But even with |
| can usually find similar properties to get some idea | | | | replacements every so many years, renting the |
| of what you can expect to earn in rental income. | | | | home should more than cover the replacement |
| 2) Tax write offs: You can write off the | | | | costs you'll pay. And, as an investment property, |
| expenses on any second home/rental investment | | | | remember that you can write off furniture and |
| up to the amount that you make in income from | | | | other house needs on your taxes. |
| its rentals. This means that you can make the | | | | If you're looking for a full time residence (instead |
| income virtually tax free, or another way to look | | | | of a second home/investment property), Folly |
| at it is that the property will practically pay for | | | | Beach is still an excellent choice for buying a |
| itself. | | | | home. Even if you never rent out your beach |
| 3) Getting to spend time at Folly Beach: What | | | | home, you'll still be indirectly benefiting from |
| other investment option allows you to lay out in | | | | renters and investors who put such a large |
| the sun, swim in the ocean, or watch a sunset on | | | | demand in the real estate market for Folly Beach |
| your own porch? You certainly won't get as much | | | | homes. |
| enjoyment directly from stocks or CDs! You can | | | | Regardless of how you plan to use your Folly |
| set aside as much time as you want to spend at | | | | Beach home, be sure to talk with your Realtor to |
| Folly for you and your family. Whether you want | | | | get statistics and estimates that pertain to the |
| to be in the beach house for just a few weeks | | | | type of home you plan to buy! |