Flawless beauty spawns the 12 miles of waterfront land known as Hilton Head Island, South Carolina. Though small in size, HHI doesn’t lack in exquisiteness, providing a lavishly relaxing, breathtaking environment that soothes the body, mind, and soul and creates a vision of life that’s worth living.
There’s little wonder why more than 2.5-million people visit HHI annually, ready to embark upon all of the opportunities exclusive to the island. It’s also clearly explains why so many people eagerly rush to purchase their piece of the island found in a fantastic Hilton Head home.
Life on Hilton Head Island is everything that you could imagine, offering world-class golf, amazing art, delightful nature, remarkable dining, lush beaches, year-round gorgeous weather, and so much more. If the ambiance of Hilton Head Island has inspired you enough that you want to experience this life as a resident, consider the five important pieces of information below before rushing to purchase HHI real estate.
Though you’ll love being a part of the community that more than 57,000 people call home, it’s imperative that you make the decision after careful consideration.
A good credit score is vital when buying real estate, though there’s an added level of importance when the property is located on the island. Lenders offer a plethora of financing options for buyers, though rules and restrictions are oftentimes much stricter than you’d find when buying property in other locations. Shop around for mortgage lenders to learn your options and to find the lowest rates. Going into the purchase process with a better than average credit score gives you advantages over other buyers.
Now is the time to learn your credit score, if you lack the current information, and work on improving the numbers if the score is under 675. Although still a good credit score, the higher the better in Hilton Head Island! Obtaining your credit report and credit score before purchasing a home is ideal. The three major credit reporting bureaus offer one free copy of your credit report each year, though there is a small fee to obtain your credit score.
Luxurious living comes with an added cost compared to real estate sold in other communities. Those who’ve made the choice to purchase real estate on Hilton Head Island rarely regret their decision. There’s little chance you’ll regret the decision to purchase great property on the island, as long as you’ve evaluated costs to ensure that you can comfortably afford the purchase.
Average home price on Hilton Head Island is currently $395,595, although that number varies considerably, with factors like the selected neighborhood and home size influencing the rates.
A down payment of 20% is needed to buy a home, though putting more money down upfront reduces monthly mortgage payments, taxes, interest rates, and other fees. Create a net worth statement to determine how much you can afford to put down on the property. Use a mortgage calculator to determine the payments you’ll pay per month to own a home of a specific value. These calculators are free to use and a great asset that helps you avoid foreclosure and other hardships of home ownership.
A total of 13 contingent communities exist throughout Hilton Head, some offering beachfront villas, others offering gated communities or luxurious homes. There’s even low country homes that provide a laid-back lifestyle in the heart of it all. Choosing the right community is an imperative part of your comfort as a Hilton Head resident. Before purchasing a home, check out the communities, the amenities they offer, school information, etc. to ensure it meets the needs for your lifestyle.
Port Royal Plantation is one of the most exquisite HHI neighborhoods. Average home price in the neighborhood is $802,220, though most homes are larger, three – six bedroom properties. Spanish Wells Is a secondary neighborhood desirable to residents. Spanish Wells has an average home price of $465,506.
High-rises, single-family homes, and apartments exist throughout the neighborhood. Many people also enjoy the lavish lifestyle awarded as a resident of the Forest Beach neighborhood. Located beachfront providing simple access to the sandy white beaches day in and day out, real estate prices in the area average $575,455.
As a barrier island, flooding is a concern for any homeowner in Hilton Head Island. Some locations are at greater risk for flooding than other areas. The closer to the tidal waters, the lower your elevation level and greater the risk for flooding. Hilton Head Island real estate is placed into a flood hazard zone according to its location and risk of flooding.
Visiting the Town of Hilton Head website allows you to enter the address of the property you’re interested in buying to learn its risk of flood. There’s also an easy-to view map highlighting flood prone areas on the island. Flood insurance is also available. While the insurance will not prevent your home from flooding, it can sustain some of the financial impact of the disaster, minimizing your hardships.
Many people purchase Hilton Head Island real estate with intent of using it part-time and renting it part-time. Such an idea provides a lucrative way to recoup some of the cash that you’ve invested into the home while still enjoying the luxuries offered. It’s a big decision to rent your property to HHI visitors, however, so weigh the pros and the cons before opting in or out of the rental.
There’s also added considerations to keep in mind during the initial real estate purchase if you plan to rent the home. What is the proximity to the beach? Golf? Dining? Attractions? Though it isn’t’ difficult to rent a HHI property, the closer to main attractions, the more money you can earn and the easier to rent it becomes. Will you handle rental of the property? Who will monitor the home if you are out of town/state?
These are only a handful of the many considerations to make when renting your HHI property.
For help with all of these questions, contact our team. We have the experience and tools you need to make sure you’re ready for an investment on Hilton Head Island!