Moving to a new city can be an exciting time, especially for younger families—but there are some important things a web search just can’t tell you. Here’s what first-time home buyers need to know about Charleston, straight from our local experts.
1. Charleston Can Be More Expensive Than People Think
While everything is relative, Movoto Certified Agent Andrea Parler offered her assessment of Charleston’s current single-family home market:
“A lot of people move to Charleston from the Northeast, and to them, the cost of purchasing a home is affordable, and they are especially pleased with the low taxes. But people who move here from the smaller cities are often shocked at how expensive it is here,” she said.
According to Parler, a lot of families moving to Charleston want to be a few streets from the ocean and under $200,000, which she says this isn’t always feasible. For that price, families need to live about an hour from the coast.
The minimum price of a home within a commuting distance from downtown Charleston is about $150,000, and those are the cheapest, least desirable homes.
To put that into perspective, Palmer said an 800-square-foot home built in the 1950s on an inexpensive coastal island runs about $400,000.
Most people who buy homes really close to the coast are retirees—or near retirees—or wealthier vacation home owners.
2. Available Homes Are Scarce, And Prices Are Still Going Up
There’s been a lot of new industry moving into the area (Boeing just announced an expansion, adding thousands of new jobs), which can make finding that perfect, affordable home even tougher. It’s a seller’s market right now. Our suggestion: Get pre-qualified so you can jump on that perfect home when you find it.
3. Charleston Has Lots To Do—If You Don’t Mind Waiting
If you’re looking to bask in the sun on the beach, or for boating excursions, or you’re more into shopping, arts, and music, this city really is perfect for you. Charleston is consistently recognized by national publications as one of the top places to live in the nation, and as one of the top travel destinations in the world.
Parler says the traffic is heavier, there’s a lot more construction—and parking downtown can be a challenge. “It’s almost too popular here now,” she said. “I’m actually hoping it slows down a bit.”
4. The Schools Are Hit Or Miss Here
According to several Movoto Certified Agents, buyers should do significant homework on an area’s school scores before they fall in love with a neighborhood. (Movoto’s Charleston Chalk Score is a big help.)
You can find good public schools in the wealthiest neighborhoods, but they can be few and far between. The agents suggested private schooling for families who are overly concerned about a great education—which comes at an added price.
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5. Flood Insurance Can Be A Deal Breaker
Because of Charleston’s unique landscape, a lot of the area is in or near a flood zone. The cost of flood insurance can be a tough pill to swallow for a family in love with a residence.
Flood insurance alone can make a $250,000 home more like a $325,000 home over the length of the mortgage, and can routinely add $300 per month to a mortgage payment. Remember, a good agent will disclose potential flood insurance costs up-front.
6. Watch Out For Termite Damage And Mold
Part of Charleston’s charm is its age. It’s a very old city, and many homes here date back to the late 1800s. But that age and charm come at a price.
Movoto Certified Agent Bradley Thompson says that, without a termite bond, a home can really have some hidden damage that a buyer may pay for eventually. “Some contractors will put lipstick on a home, and not address the termite damage in the crawl spaces and other areas. And then, a lot of these older homes have hidden mold. Those catch up with you, and those checks are not fun to write.”
Thompson suggests to always have an independent home inspection done, and to specifically ask for termite and mold inspections.
7. Charleston Is Very Walkable—Some Neighborhoods More Than Others
Because a lot of the city is surrounded by water, there are peninsulas and walkable streets everywhere. Neighborhoods such as Old Village, Byrnes Downs, Avondale, Wagener Terrace, Hampton Park, James Island and Mt. Pleasant are some of the better neighborhoods to live near downtown, if you can afford it.
8. Life Is Slower Here, And So Are The Commutes
If you wind up living in the outer suburbs of Charleston, plan on taking it slow. “Because of the culture here, people drive a little slower,” Movoto Certified Agent Shawn Pillionsaid. “They talk to you in the stores. From an outsider perspective, this can be a lot more different than in other towns.”
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