Hi Eric
We have a vacation rental in Kissimmee, Florida so not sure we can give you any advice!
What I always say to prospective purchasers are the following:
- buy what you want for your family
- work out a budget and stick to it (!) - don't let yourself get sold up
- do they sell you on guaranteed rentals as they do in the Orlando area? Contract is not worth the paper it is written on, believe me we have the t-shirt.
- never, ever underestimate how much time it will take you to rent out your home. This will be a second job and take over your life. You need computer access all day as the early bird catches the worm (this is particularly true in Orlando where there is now an over-abundance of rental property)
- you will never have a holiday again! You will spend your time at the Home Depot / Lowes or Walmart, and everytime you go SOMETHING needs doing.
- Don't forget taxes - in our county we pay 13% to the state and county on all rental income, and houses are inspected prior to a licence being granted (well they are meant to be). You will also have an annual Property Tax which is based on the value of your house, so when property rises, so does your tax
- can you afford for your home to be empty for 6 months of the year? (this is based on the the Orlando area where it is 52 weeks rental, so don't know what it is like in S Carolina), because it could be, anyone can let the peak season (Christmas, Easter) about 200 times over and high season (summer) slightly less. Half terms and US breaks are popular, other times can be deadly.
- we have seen unheard of and spectacular growth in property prices in Florida, partly due to the influence of TV programmes who tell everyone you can cover your costs renting
- don't have a clue about S Carolina!!
- If after all that you are still keen, go for it!
Hope this helps and do let us know what you decide.