South Carolina is currently a popular destination for those who are looking to relocate. From properties in the beautiful historic city of Charleston to the coastline, South Carolina welcomes newcomers with a lot to offer.
Experts spoke in a Schneps Media webinar, “Thinking of Moving to South Carolina?” on March 19. The panelists were Jana Bantz, realtor at Jana Bantz & Associates; Beth Greenlee, senior loan officer at Southern Trust Mortgage; Michael Browder, Esq., of Charpia & Hammes Law Firm; and James Coppola, moving consultant from Men on the Move.
“You’re within 30 or 40 minutes within a beach wherever you live here,” said Bantz, who specializes in selling homes throughout South Carolina, reaching from Charstleton to the coast.
Bantz went into detail describing the benefits of many homes in South Carolina being the vast amount of ocean-front properties, the highly rated school districts, and the historic areas that stem back to the late 1800s and early 1900s.
Another factor that has made South Carolina a popular destination to New Yorkers is the state’s tax rates.
“Taxes are the driving factor when moving down here,” said Browder, who specializes in presiding realtor transactions. “Taxes in South Carolina are much much lower property taxes than in New York. South Carolina has some of the lowest property taxes in the country.”
According to Browder, South Carolina has two separate tax rates. There is a six percent tax rate for investment property, which is the state’s default rate. The second rate is only a four percent tax rate, which is for primary residence. In order for an out-of-state resident to receive the primary resident tax rate, it is required that they apply for it.
When it comes to planning out financials for relocating, South Carolina’s mortgage industry has a lot of opportunities to offer. Greenlee, who has worked in the state’s mortgage industry for about 17 years, discussed the ways in which she helps New Yorkers, as well as other out-of-state movers, plan their relocation to South Carolina.
“There are different ways to really help families to structure a financial goal or new mortgage with as little cost as possible,” said Greenlee.
Greenlee noted that many of her out-of-state clients are families who want to relocate or those who have retired. Different ways that Greenlee assists families and retirees with inadequate income include presenting options that use assets for income, 401Ks for income, or creating a plan to structure lower down payments for their South Carolina home.
The process of moving your belongings to your new home is yet another important factor that needs to be carefully planned when moving states.
Coppola is a consultant of Men on the Move, which is a moving company that has been helping families relocate all around the East Coast since 1985 and has won numerous awards.
Coppola stressed the importance of clients doing research before picking a moving company in order to have a smooth transition into their new home. He made note that clients who are moving states should look for licensed interstate movers and to make sure the company has a reputable history.
“South Carolina is becoming popular because prices are very reasonable and taxes are very low compared to Long Island. Most Long Islanders love the water and they love the city, so when you move in those areas, you have both,” said Coppola, “It’s the perfect place for Long Islanders.”