Second homes are classified as either vacation homes or investment properties depending on whether you purchase them solely for personal use or intend to employ them as a source of rental income. Oftentimes, a second home can become both a source of income and a vacation getaway for the owner.
We’ve put together some interesting statistics and practical tips about second homes. We also have a video interview with a couple who own a second home on the Isle of Palms. They share their firsthand experiences with owning a vacation/investment property in the Charleston area. If you are considering a second-home purchase in the Charleston area, this article contains excellent resources and insights into owning a vacation home or investment property here.