Dreaming about your vacation to Hilton Head Island this Spring and Summer of 2022? How about owning your own beach vacation home?
If you're like so many who've visited the beaches here in South Carolina and have fallen in love with the lifestyle that the Lowcountry offers - Pursuing ownership might be a great next step. We believe you'll find it more simple and rewarding than you think. (You can skip ahead to finding your Hilton Head Island Beach Home HERE.)
Here's our Top 10 Tips for Buying Your Hilton Head Island Beach House This Spring
1. GET MENTALLY PREPARED AND ON THE SAME PAGE WITH YOUR SPOUSE OR FINANCIAL PARTNER
Step #1 is an important one that will help the ship launch or keep it on the launchpad. Be sure to communicate well and make sure you're both on the same page when it comes to why, when, where, and how you'll buy your Hilton Head Island beach home.
2. ESTABLISH CLEAR COMMUNICATION WITH YOUR HILTON HEAD ISLAND REALTOR (AND HAVE THEM ON SPEED DIAL)
Right now, the Hilton Head Island real estate market is extremely active (hot) and properties move quickly. You'll want to be able to communicate with us quickly and efficiently to let us know your offer.
3. GET YOUR FINANCES IN ORDER
It is very important to get your finances in order to be able to purchase a property on Hilton Head Island this Spring of 2022. Go ahead and connect with a local lender (or one back home, but a local lender is preferred) and get a "pre-qualification" letter in your hands. The Cobb Group has top-notch connections and can put you in contact with the right lender for the type of property you are pursuing. You'll also want to move toward getting "pre-approved" for a loan. Many sellers are requiring a pre-qual/pre-approval letter or proof of funds letter if presenting a cash offer. The last thing anyone wants is to put a property under contract, only to find out you're unable to get financing.
4. GET TO KNOW THE HYPER-LOCAL MARKET OF THE LOWCOUNTRY
Hilton Head Island, Bluffton, and Beaufort are such beautiful places. Each have their own distinct personality and "feel". Just as different as each one of them are - they each present a hyper-local real estate market where each community is a little different with price per square foot averages, days on market, construction quality, average age of home, lot sizes, amenities, and more. Be sure to ask for the appropriate market data for your favorite communities.
5. KNOW WHAT TO LOOK FOR IN A GREAT HOME
Know your "why"! Why are you purchasing your Hilton Head Island beach home is an important question, and the answer will determine what makes it the right choice for you. For example, if you're looking for a private beach retreat for you and your family, a home in Port Royal, Hilton Head Plantation, Indigo Run, Long Cove, or even Wexford may what you're looking for. If maximizing rental income and using the property a few times a year is your thing - a Sea Pines, Forest Beach, Palmetto Dunes, or Shipyard home with five-or-more bedrooms and a pool is likely a better fit.
6. LEARN HOW TO SPOT POTENTIAL
When looking for homes online (which most people do), it can be easy to skip passed the ones without the fancy interior design or the best photos. However if you have the eye and a little handiness (or a Realtor with great connections), you'll be rewarded in the long term if you can consider things like a functional layout, natural light, good bones, lot size, and of course - location. Taking a home that's a little bland and making a few key designer updates can make a house a really cool home. The Cobb Group has many connections. We are happy to coordinate with a builder or designer while you are in the early negotiations to give you inspiration.
7. KNOW WHAT QUESTIONS TO ASK
While you're caught up in the excitement of thinking of more family vacations or diversifying your portfolio with a really cool house, there are plenty of questions along the way that we'll help to answer. Here are a few you'll want to ask: Can you show me the most recent comparable sales (comps) for this house? Can you share Covenants/Bylaws? Is there a management company in place? Has it already been rented forward? Are there rental restrictions? What's the market like right now - can you show me some data? Based on all that you know about what I am looking for, where do you think will be the best fit for us? Based on comparables, is there room for negotiation? How are resales in this area compared with other areas? Are there any anticipated special assessments or hidden fees? What are the regime and transfer fees? If the home is rented, what are the rental projections? The Cobb Group works hard to make sure that buyers have all the facts moving forward. We will connect you with board presidents and regime companies. We want to make sure that all your questions have been answered moving forward.
8. KNOW WHAT TO DO IN A MULTIPLE OFFER SITUATION TO WIN
Buying a home can be super exciting and sometimes... emotional. When great houses hit the market and lots of people love it, it's very likely that you may find yourself in a multiple offer situation even if you act quickly. In this situation, it's not the time or place to put in lower offers or to ask the seller to make concessions. If you love the home, and it's a good fit for you and your family - now's the time to clean up your offer and give it your best. The Cobb Group is well versed in Escalation Clauses that can offer some protection while systematically increasing offers. The key to winning at multiple offers is to remember the big picture. Think long term and about lifestyle. If this is the "perfect" home, will you be happy with your second choice? Be in it to win it! The Cobb Group Realtors are negotiation experts.
9. EXPECT THE EXPECTED AND DON'T WAFFLE OUT
Finally owning your beach house on Hilton Head Island is amazing. Hilton Head Island is a special place for so many reasons, and the lifestyle, homes, community, etc. are incredible. Even so, purchasing real estate anywhere (even here) can be a little stressful. Expect a little discomfort to come along the way and even a little initial doubt after you go under contract. That's normal and OK - don't WAFFLE OUT. A good thing to do during the process is to dream about all the ways this home can be a blessing to you and your family. Most people don't primarily purchase beach houses solely for the rental income potential... it's about the family time, the never-to-be-forgotten memories, and finding a peaceful place at the beach.
10. KEEP YOUR MIND ON THE REWARD AND THE THINGS THAT WILL MATTER MOST
While you're searching and while under contract there are plenty of milestones, papers to sign, reports to review, and deadlines to meet. The Cobb Group will help you through this process so you can keep your mind on the rewards of owning your own beach home on Hilton Head Island -- extra vacations for family and lucky friends, beautiful memories with the ones you love the most, and creating a legacy.
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Photo 1 by Sandra Seitamma on Unsplash, Photo 2 by katie manning on Unsplash
Posted by The Cobb Group on
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