SECOND HOME ECONOMICS

The Charleston area is experiencing an unusual trend; many of its finest houses are now owned as second homes by non-resident owners.  More and more baby boomers and retirees are residing part time in the Charleston area because of the area’s many wonderful attributes.  Unfortunately, there are few desirable homes on Sullivan’s Island or downtown Charleston that can be bought for less than $1.5 million dollars.  Because it is waterfront, our Sullivan’s Island house is worth more than this amount.

Sharing our Sullivan’s Island home through a lease arrangement is a phenomenal bargain.  The amortization of a $1,500,000 loan at 6.5% for 30 years would cost in excess of $113,000 per year.  If the  rental payments were applied instead toward ownership, a loan of less than $375,000 could be supported.  Second home ownership also requires expenditures for real estate taxes, insurance (flood, hazard and liability) and maintenance costs. The rental of our  waterfront home presents a rare opportunity to save your capital for other things and to enjoy having a second home in a desirable location at a fraction of the cost,  without the headaches of absentee ownership.  

We want to share our deep water home with others who will love it as their own home and who will come back year after year to enjoy it.  The lease includes an option to renew for the following year and the right to leave personal possessions in the house until the next term begins.