The real estate market has been on fire for a historically long time in the Charleston area. With inventory remaining lower than we’ve ever seen it, prices are driven higher. If you cashed in on the craze and made a good bit of money selling at the high, you might have put yourself in a position that might not be ideal in trying to find a new place. You might want to consider the potential of furnished home rentals while you wait on the sidelines and see how it all plays out! These are just some advantages that furnished short-term rentals provide.
If you had to pack up your things to move and store them, a furnished short-term rental is ideal. That way, you don’t have to unpack and then pack and move again. While you are waiting out the seller’s market, you can live comfortably with someone else’s stuff and not pay the additional cost to move it twice – or have to deal with the pain of moving twice and all the labor that entails!
Wait Out the Market
With interest rates on the rise, there is a good likelihood that if you wait just a bit, conditions might change and we might go from a seller’s to a buyer’s market. Sure, you cashed in selling your home at the high, but it doesn’t make much sense to buy now at the height; you will trade in the equity gained by paying more. In the worst case, you might also put yourself in a position where you are upside down on what you owe if the market crashes.
The most obvious reason to get a short-term rental while you are considering your options is that it is convenient. All you have to do is pack a bag for a month or two, keep looking for your new home, and the rest is turnkey. Living out of a suitcase isn’t so bad when you get to use someone else’s things, live in a nicely furnished home, and have all the conveniences you need at your fingertips!
Live Where You Are Looking
If you are new to Charleston and looking to relocate, living in one area to get a feel for your surroundings is always a good idea. Moving is a big investment and a big deal. Make sure that you are in the area of Charleston that is most convenient and matches your lifestyle best before you pull the trigger to buy. If one spot isn’t quite right, you can try somewhere else because you won’t be stuck making a decision before you know all about a particular area!
If you were lucky enough to cash in on your home and make some real equity in this seller’s market, congratulations! The key to profiting on your sale is to make the most cost-conscious decisions going forward, and waiting it out might be your best option. Although no one has a crystal ball, we can learn from previous markets and mistakes made. Short-term rentals are a great way to stay on the sidelines watching for a while until you are sure that it is the best time to pull the trigger and buy your new home. If you are in the market for a short-term rental, Southern Charmed Hospitality is your go-to source. Contact us today and let us be your guide!