Match Day 2023 !!

congrats on matching in charleston

Now you need to find a place to live

We’ve worked with dozens of residents over the years and am very familiar with what residents want.

Does this sound right in what you’re looking for in a place to live ?

• Be within 20 minutes of your hospital

• Priced under $400k

• There’s a good chance you’ll be selling it in 3 or 4 years & you want to make money on it

• Be a low maintenance place since you’ll be working long hours

• You’ve only got one or two visits to Charleston find a place to live

• You need to move here around June

• Be in a good & safe area

• Be close to the city & the beaches

• Be close to stores, restaurants, gyms etc ?

That’s the usual wish list from all the residents I’ve worked with, so I hope it sounds familiar.

Here are the questions I am usually asked by residents :

• Does it make sense to buy if I’m only here for a few years ?

• What area of Charleston is best for me ?

• Can I find a place to buy in one weekend ?

• eh, who are you, why should I trust you & how much do this cost ?

Let’s answer those questions for you.

Does it make sense to buy if I’m only here for a few years ?

Simple answer : Absolutely Yes.

Let’s say you rent a place for $2000/month which is typical for a nice 3 bed home here at the moment.

Over 4 years, you’ll have paid $96,000 in rent which is all money completely down the drain, you’ll never see again, get no tax benefits, you don’t own anything and you have to ask the landlord for permission to paint a wall.

If you bought that same house for $300k and put 0% down, this would be your monthly mortgage.

So your mortgage is $1700, you save $300/month v rent there. Over 4 years, that is $14,000 in savings.

Included in that mortgage payment is the loan repayment, you can look at this as a savings account, since you get that money back when you sell the house.

Over four years, you’ll repay $23,000 of the loan which you’ll get back upon sale.

You’ll also pay $45,000 in interest, that is tax deductible, so you’ll save approx $10,000 in taxes over four years.

So $14,000 + $23,000 + $10,000 = $47,000 in guaranteed savings.

Now add in house price appreciation, which has historically been 3% per year. This means when you go to sell, your house could be worth $337,000. So that is another $37,000 in potential value.

Add it all together and it’s a possible $85,000 benefit by owning rather than renting.

As a resident, you can get 100% financing, so you need no downpayment at all. We can even get the seller to pay your closing costs too. I’ve had residents literally bring no money to closing and become homeowners.

What Area of Charleston Is Best for Me ?

On a resident salary at MUSC, you’re realistically looking at Johns Island, West Ashley, James Island & Park Circle.

If you’re in Trident, all the above places work, plus Hanahan and Summerville.

All of these areas have houses within your price range and are really nice areas.

You can read more about each area here. Personally I think Johns Island is a good option for MUSC folks, it’s twenty minutes away, very affordable and there’s a lot of growth there. It’s the most popular area for residents in the last few years.

If you’re in Trident, then Park Circle is a great option. It’s a super hip place and close to everything. MUSC folks, this is a good option for you too.

Can I find a place to buy in one weekend when i come to visit ?

Yes you can and I’ve done it lots of times with residents in the past. Charleston is not that big, you can drive from one side to the other in about 45 minutes. As I’ve mentioned above, on a resident salary, you’re really focusing your search on a few areas, so if you come into town, I can drive you around and very quickly, you’ll have a really good feel for those areas and seen plenty of houses.

I put myself at your disposal for the entire time you’re here in town. Once you go home, I can always do FaceTime showings over the phone too.

Every single year, I help many residents find a house in one weekend.

Buying a house is not difficult, it’s really not. You can own a house and have the keys within 30 days. Read more about the buying process here

eh, who are you, why should I trust you & how much do this cost ?

Fair question ! I was fortunate to meet a doctor at MUSC about ten years ago who started sending his residents to me and I got familiar with the nuances of the residency program and what residents want. Over the years, doctors & residents have grown to become a large part of my business.

Who Am I ? You can read my story here

Why Should I trust you ? Read my reviews and take note of how many of them are by doctors & residents.

How Much Does This Cost ? This is the best part, it costs you nothing. In SC, the seller pays the realtors, so it comes at no cost to buyers.

If all this sounds good to you, the next step is to contact me.

Send me mail and we can have a chat, I can tell you a bit more about Charleston and the house buying process. It’s a no obligation call, I don’t bite, I’m a friendly guy and will do my best to help you and answer all your questions. After our chat, if you decide to go a different direction or rent, that’s no problem at all.

darragh@empirecharleston.com