You love Charleston, and now, you’re interested in purchasing an investment property in the area. It’s no question the most profitable location in the Lowcountry for a vacation rental is the beach. Lucky for you, you have Folly Beach, Isle of Palms, and Sullivan’s Island to choose from! When making such a big financial decision, you should start by researching the benefits and possible risks of purchasing an investment home. An easy way to do that is by using a vacation rental income calculator. Keep reading to learn where you can find a calculator, what numbers you’ll need for it, and what it means for your investment!
Once you’ve calculated if purchasing a vacation rental in Charleston is right for you, talk to a real estate company to help guide you through next steps. Here at Charleston Coast Vacations and Dunes Properties, we have years of experience and specialize in turning South Carolina beach houses into thriving secondary incomes for our customers!
How to Use a Vacation Rental Income Calculator Before Your Investment
Where to Find a Vacation Rental Income Calculator
There are tons of free calculators out there. You can simply look up the phrase “vacation rental income calculator” in your preferred search engine. BRIC and The Jerry Barker Group have free calculators but two very different interfaces. We recommend one that is easiest for you to use and understand.
What You’ll Need to Calculate Your Income
Both calculators will ask you for the same information. You will need to know your estimated monthly costs for the prospective property you have in mind. Find out what you can afford and the average property worth on the Charleston Coast. These costs include your monthly mortgage rate, property taxes, occupancy taxes, insurance, property management, maintenance, utilities, HOA fees, and landscaping. From there, you’ll want to know income information like the average rental rate for the property. We know it seems like a lot, but the calculator breaks it all down, so you can easily digest and input the information.
Making Sense of the Calculation
After you plug everything in, you should end up either in the positive or negative. Don’t be discouraged if it appears you’ll be losing money. It’s common for it to take some time for an investment property to bring in revenue. If you have any questions, reach out to our real estate team to see if the pros outweigh the costs.
Now that you have an idea of how much money you could bring in with an investment property, you’ll be set to continue growing towards your financial goals. Our team at Charleston Coast Vacations is second to none in the area. We focus on our owners’ goals and optimize our strategies to ensure we align with their vision. We have years of experience providing top-notch customer service and work tirelessly to make your vacation homeowner dream become a reality.