Myrtle Beach Real Estate Information Archive

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Communities in Myrtle Beach SC

Have you ever been in your car singing along to your favorite song, driven past an open plot of land in a neighborhood and thought to yourself how perfect it would be to build a house on it? Well if you have, you are not alone! A question we get asked all the time here at Jerry Pinkas Real Estate Experts is: “if I buy a piece of land, can I build a house on it later?” And the answer, simply put, is yes! And as you may have guessed, that is exactly where today’s blog is going to take us.

You are absolutely able to purchase a plot of land and build your dream house on it later, and there are actually many communities around the Myrtle Beach, SC area that we can show you, and parcels of land we can help you envision building on. So if you have ever thought of buying land, mapping out your dream home and building it when the time is right for you, then you do not want to miss today’s post. We will be talking about some of the perks of buying land and building on it, some of the factors that go into what type of home you can build and what you can do if you are looking for a trusted and experienced contractor in Myrtle Beach, SC to use that will be the best fit for you and your needs. Let’s jump right in!

New Homes Myrtle Beach

What are the perks of buying land and building on it later?

As you could imagine, there are many perks that come with purchasing a piece of land, planning out your dream house and building it on your terms and timeline. And one of the main perks is that last part: your timeline. If you are going to take the time, energy and money to build a home from start to finish, the last thing you want to do is feel rushed with the process. Having the flexibility of when you want to start building on the land will allow you to do research, make plans and ensure that everything is how you want it prior to starting the build out. Taking your time and starting when you are ready is a good way to help ensure that things will go smoothly and you will love the end result of the project.

 

Another (obvious) perk to building on a piece of land is that everything will be new and you will be the first person to live in the home. This may not be a big deal to some, but most people love the idea of no one living in the space prior to their arrival. There will be no stains on the carpet, no holes in the wall or chipped paint around the door frames. And while these are all small things that can easily be fixed in an older home, the freshness and newness of a just-built home is a huge draw for most families, and is a large factor in them choosing to go this route. And on that same note, another perk to buying a piece of land and building on it later is that you have time to research everything you want to incorporate into your house.

Home Builders Myrtle Beach SC

Close your eyes and think what your dream home looks like. What color are the walls? What appliances are in the kitchen? What do your countertops look like? What finishes do you want to incorporate? Do you have wood floors or tile throughout? These are all aspects that you will most likely be able to pick and choose from when building your home on the piece of land you purchased. Having the house built to your exact wants, needs and taste can end up saving you time and money as opposed to buying an older home and having to update and/or fix things around the house. And that is always a win in our book!

What factors go into the type of house I can build in a specific area?

There are many factors that can contribute to the type of house you are able to build in a specific area and neighborhood. A few of these factors include geography, where the land is located, the type of homes that are being built, as well as what is allowed and what is not allowed. If the neighborhood has an HOA (Homeowners Association), then there may be specific guidelines that you have to adhere by for the look of the exterior of the home, like paint color and design for example. There are many questions that are sure to arise in this department, but our experienced team of realtors will help you answer each one that comes up and navigate the waters.

Myrtle Beach New Home

Can you help make recommendations on contractors in the Myrtle Beach, SC area for after the land is purchased?

From a builders standpoint, here at Jerry Pinkas Real Estate Experts we get asked a lot if we can help to point people in the direction of a good contractor to help them build their dream home in Myrtle Beach, SC. And the answer to that, again simply put, is yes. Why is it so important to find the right contractor you ask? Well, it is important to understand that every community has a different dynamic to it. There are certain communities in which we would recommend a specific contractor, and other communities in which we maybe would not recommend that specific contractor.

This goes to further point out how important it is to work with a team that not only knows the local real estate comps, but also is in tune with the communities themselves, the build outs of these communities and the right contractors to connect you to. And we can help you avoid getting into bed with contractors that you should stay away from. This will help to save you time, money and aggravation down the road. And when you are taking on a large project, every saved penny and nerve is a good thing!

Myrtle Beach Contractors

What should I do if I am interested in buying a piece of land in Myrtle Beach and building on it later?

If you or someone you know is interested in buying a piece of land in Myrtle Beach, SC now and building on it later, be sure to give our experienced team here at Jerry Pinkas Real Estate Experts a call today! We understand the potential hesitation of taking on such a big project and realize that questions are sure to arise before and during the buying process. And that is where we come in. Our team is here to help guide you every step of the way to ensure you have the best and most successful buying experience possible. 

As we discussed above, buying land and building on it has many perks and is a great option for those looking to customize and build their dream home, when the time is right for them. Allow our experienced team to sit down with you and understand your wants and needs, and show you potential areas and plots of land that may be suitable for what you are looking for. We have helped many individuals, couples and families find their perfect land to build on, and we know we can do the same for you. This is what we do, we do it every day and we are good at it. Give us a call today, we look forward to hearing from you and working with you soon!

 

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Search all Condos available in Myrtle Beach, SC


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Asbestos in Your Home

by Jerry Pinkas

 Eighty percent of homes in the United States built before 1980 are said to have asbestos fibers present. Asbestos is a group of six naturally-occurring mineral fibers and was initially thought to be a great building material due to its chemical-resistant and fire-resistant properties. However, the mineral has been known to cause a number of illnesses, including different types of cancer and asbestosis. When purchasing a home, being mindful of asbestos can mitigate health implications and prevent the high cost of abatement.

 

Where is Asbestos in the Home?

 

Prior to being linked to several diseases, including mesothelioma, the toxic mineral was a popular choice used in millions of American homes during the mid-20th century. The government began instituting restrictions in the 1970s, but prior to  that asbestos was used for insulation, soundproofing, and fireproofing. It can still be found in those capacities today. The toxin was also often mixed with cement, making it harder to identify.

 

Basement

Asbestos could be lurking in the basements of older homes in the following places:

 

●          Water heaters

●          Coal stoves

●          Wood burning stoves

●          Furnaces

●          Cement bases

●          Pipe insulation

●          HVAC duct and ventilation insulation

 

Main Home

It can be difficult to spot asbestos with the naked eye, but the mineral was used throughout the home in products and materials like these:

 

●          Old caulking

●          Flooring

●          Ceiling tiles

●          Plaster

●          Paint

●          Linoleum tiles

●          Light fixtures

●          Window glazes and putties

 

Outside the House

Your home's exterior can also harbor asbestos-containing materials, including:

 

●          Shingles

●          House siding

●          Roof tiles

●          Fiberboards

●          Insulation

 

It’s important to note that while asbestos may not be present in every one of these products, it’s still best to be mindful of the possibility when you’re considering purchasing a home or planning a renovation project.

 

Dealing with Asbestos

 

Knowing when your house was built should give you an idea of whether or not your home is affected by asbestos. If your house was built before the 1980s but was significantly remodeled since then, your chances of dealing with asbestos decrease. However, if you suspect the toxic mineral is in your home, these three simple rules will prevent you from being exposed.

 

  1. Do Not Disturb It - Although asbestos-containing materials, known as ACMs, are considered safe when left alone and fully intact, they may release fibers when they become damaged. Don't ever attempt to remove ACMs on your own because you can accidentally expose yourself or others to the toxic fibers.

 

  1. Test It - If you decide to go ahead with a home renovation project involving potential damage to older materials or the foundation, it’s important to contact a licensed asbestos inspector to test the area first.

 

  1. Have It Removed - If the area tests positive for asbestos, find and hire a qualified asbestos abatement contractor to have it removed safely and properly disposed.

 

Misconceptions Regarding Asbestos

 

Now that you know where you can find asbestos and how to properly take care of removing the toxin, here are a few other common misconceptions about the mineral and the effects it can have on your health.

 

 

 

  1. Asbestos only impacts the lungs - MYTH

If asbestos fibers are inhaled or ingested, the particles can cling to the linings of the lungs, heart or abdomen, causing different forms of mesothelioma cancer. Mesothelioma is diagnosed in approximately 3,000 Americans each year.

 

  1.  Mesothelioma is the only known disease caused by asbestos - MYTH

While asbestos is the only known cause of mesothelioma, other diseases can develop over time due to exposure, including asbestos-related lung cancer and asbestosis. Symptoms can sometimes take 20 to 50 years to appear after someone has been exposed to the carcinogenic mineral. A typical mesothelioma prognosis is usually poor and patients are commonly aged 55 or older when diagnosed.

 

  1.  Asbestos has been banned in the United States - MYTH

Although asbestos use has been banned in countries like the UK and Australia, up to one percent of asbestos is still legally allowed for use in building materials in the United States. An important truth to understand is that there is no safe amount of asbestos to be in contact with.

Buying A New Construction Home In Myrtle Beach

by Jerry Pinkas

Model homes Myrtle Beach SC

Are you starting your search for a new home in beautiful Myrtle Beach, SC and find yourself wondering if purchasing a new construction home is the right path for you and your family? Do you ever wonder about the perks that accompany a new build versus a slightly older home?  We get a lot of questions here at Jerry Pinkas Real Estate Experts, and one theme we see all the time centers around new construction and new home communities. And as you may have guessed, that is exactly what we are going to be talking about in today’s blog. If you have ever wondered what all the hype around new construction homes is, or have any questions about the topic, then you do not want to miss today’s post. Let’s jump in! 

 

Are new construction homes around Myrtle Beach, SC expensive and located far from the beach?

Because Myrtle Beach, SC is such a popular destination for many people around the country, you may assume that any new construction homes or neighborhoods come with an extremely high price tag and are probably located in a secluded part of town. And while this can be true in some cases, there are new construction areas where you will find reasonability priced homes that are also not a haul when you want to spend some quality time with family and friends at the beach. You can find new build homes that start at just under $200,000 and are located just a mile away from the beach. So just to recap: you can potentially (based on availability) purchase a brand new build, without breaking the bank and be situated just a hop, skip and a jump away from the beach. That is what we call a win-win-win!

New home builders Myrtle Beach SC

Why can’t I find these new construction listings online?

While the World Wide Web is a very useful tool, it is important to understand that you should not solely rely on the internet when conducting your search for a new home. Especially if you are interested in buying a new construction home. Because these are brand new houses, many are not even listed on the MLS during the beginning stages of construction. And while we are talking about it, is important to also understand that the MLS is only a small portion of what is really going on around town when it comes to inventory. There is a lot of new construction going on, and our experienced agents here at Jerry Pinkas Real Estate Experts can take you to these properties and talk about price points, as well as show you the different layouts and styles that are available for you to choose from. So, what you see on the internet can be a good place to get you started, but you want an experienced real estate agent by your side to show you what is going on and give you the opportunity to view these communities in person so you can make an informed decision based on what you see in real life.

New Construction Condos in Myrtle Beach SC

What are the perks of buying a new construction home in Myrtle Beach, SC?

There are many perks when it comes to buying a new construction home in Myrtle Beach, SC. The first, and most obvious to many people, is that no one has lived in the house prior to you. No one has set the fire alarm off when cooking a meal in the kitchen, no one has dented the walls, no one has cracked a tile in the bathroom and no one has spilled any liquid on the carpets. And while all these are minor things, they are still signs that the house has been lived in before you got there. There is something to be said about starting fresh and knowing that everything in your home is brand new. And for many people, that is a huge draw to purchasing a new construction home.

Myrtle Beach New Construction

Customization is also a huge potential perk. In some cases, the builder will allow the buyer to have a hand in customizing and designing the space. Things such as hardware finishes, flooring, built-ins, and exterior paint color can be chosen by the buyer, which allows the home and space to be tailored to their specific wants, needs, and taste. Another perk of a new construction home is that you will find fewer repairs than you would in a home that was previously lived in. Buyers will not have to replace old, stained carpet, purchase new updated appliances, patch any holes in the walls or repaint any of the rooms as everything is brand new when you move in.

On that same note, new construction homes can potentially also end up being less maintenance down the road as many new homes are built specifically to minimize maintenance requirements. With an older home, you may have to replace things more frequently and keep an eye on updates and maintenance that needs to be performed. Fire safety is another perk with a new build home, as builders today often incorporate fire safety features that may not have been developed in years prior. Things such as hard-wired smoke detectors and fire retardant in insulation and carpeting are features that you may see. With the new, evolving technology that is present, you can feel safe and sleep soundly knowing that your home has the proper fire safety features in place.

Speaking of new and evolving technology, you are more likely to find new construction homes that are built to be more energy efficient. Things such as heating and cooling, insulation, air sealing, and appliances are some of the variables that can be optimized for energy efficiency in a new construction home. Ensuring that your cool air is not escaping during the warmer summer months and your warm air is not escaping during the cooler winter months can help to keep your energy bills lower, and thus more money in your pocket. Many residents and homeowners do not realize the amount of money that (quite literally) goes out the door with poor insulation around doors and window frames in older homes. 

Pre construction homes Myrtle Beach

What should I do if I am interested in purchasing a new construction home in Myrtle Beach, SC?  

If you or someone you know is looking to purchase a new construction home, be sure to give our experienced team here at Jerry Pinkas Real Estate Experts a call today! As we discussed above, many of these new construction homes and communities are not listed online or on the MLS. So if you are wanting to secure one before it hits the market you have to work with a team that knows the ins and outs of the area. Allow our team to take you to these neighborhoods and show you around so you can really get a feel for what you will be purchasing. We will answer any questions that come up and show you all the different options that are available to you.

We understand that buying a home can seem like a daunting task, especially when it comes to new construction homes. Our experienced and knowledgeable agents here at the Jerry Pinkas Team will guide you every step of the way and ensure that your new construction home buying experience is second to none. Why have average when you can have the best? Give us a call today, we look forward to hearing from you and working with you soon!

 

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Top Things To Avoid When You Are Purchasing A Condo

by Jerry Pinkas

Myrtle Beach Condos for Sale

Have you or someone you know been thinking of buying a condo in beautiful Myrtle Beach, SC? Are you excited about the possibilities of condo living, but have questions or concerns about the buying process? Do you stay awake at night wondering about all the things you should/need to avoid when looking to purchase a condo, and wish you had an experienced and knowledgeable real estate agent to help you navigate these potential pitfalls? If you answered yes to one or more of these questions, then this blog post is for you! Today we are going to be talking about all things condo and give you information on how to avoid the buying mistakes that are costly. So without further ado, lets jump in!

Is the internet a good place to find information on condos?  

Now more than ever, we know there is a lot of information available to you at your fingertips via the World Wide Web. And while this is a luxury in a lot of ways, it is also important to understand that not all the information that you find online is accurate. There is a lot of misinformation that people are taking in, especially when it comes to buying and selling real estate. So while it is okay to browse online, the best way to get information is to talk to a knowledgeable and experienced real estate agent in your area. Not only will they be able to answer all your questions, but they should have a great handle on what is going on with properties in the area and give you advice accordingly.

How to buy a condo for the first time

What are some of the main things to avoid when looking to purchase a condo?

It is no secret that condo living is a great way to go for a lot of people, especially millennia’s and seniors who may be retiring and looking to downsize their living space a bit. But there are a few things to keep an eye out for when you start your search. Understanding that things have changed a bit can give you a leg up. What do we mean by that? There are buildings that have had past and/or present litigations, slip and fall defects, construction defects and other similar things can be considered minor, but are still things to look out for. You want to be aware of the condition of the building you are buying into so there are minimal surprises down the road.

You will also want to keep an eye out for the HOA (Homeowners Association) budget. Does it have reserves? Do they have money in the bank or are they losing money? Do they have a cash call? These are all very important things to know and questions that should be asked. Also, you want to know about HOA meeting minutes and what is going on. When it comes to big projects, you want to see if they have been completed, if there is some other project that is going on that needs to be finished up and any potential future projects they have planned. For example, if there was a damaged roof from a storm, you want to know if there is any mold that has subsequentially arisen from the water damage. Another big area you want to look into is any balcony issues, as these can be costly. You want to know all these things before you get involved and invested in the property. Lastly, we want you to understand that the skill of the agent you are working with is a direct relation to how successful your experience will be. So finding a great real estate agent that is knowledgeable and will work hard in your best interest will give you the best chance of success in your buying experience.

 

Are you buying a condo or a condotel?

First off, you may be asking yourself what exactly a condotel is. A condotel, while it is not a condo, usually has a vacancy sign outside and is typically rented by the night, by the week and/or by the month. Does the property you are looking at have a rental desk, a central phone system, daily maid service, and valet parking? If so, these are all signs the property may be a condotel. It is important to understand the difference so you know exactly what type of property you are looking at and do not invest your time looking into in a building that ultimately will not fit your needs. Our team here at Jerry Pinkas Real Estate Experts will be able to walk you through more of the differences and be sure to steer you clear of these properties if you are looking to purchase a typical condo unit. And on a side note, if you ever do find yourself looking to purchase a condotel, we have some unfortunate news for you. You will find that 99 percent of banks will actually not finance a condotel.

Tips to buying a condo in Myrtle Beach

Why is it important to work with a good lender when looking to purchase a condo?

There are a number of reasons why it is so important to work with a good lender when purchasing a condo. One of these reasons is because, if you are working with a good lender, they will be able to help you review any litigations on the property, as well as review the home owner’s documents on your behalf. Why would they do this you ask? Because as much as you do not want to put money into a bad property, they do not want to loan you money on a project that is going to get them in trouble either. So using the correct lender is definitely a bonus on your end. It also never hurts to have an extra set of eyes on things to help ensure you are making the best decision given your current situation, as well as your wants and needs in a property.

Myrtle Beach SC Condo Life

What should I do if I am interested in buying a condo in Myrtle Beach, SC?

If you or someone you know is looking to purchase a condo in sunny Myrtle Beach, SC, be sure to give our experienced team here at Jerry Pinkas Real Estate Experts a call today! As we have touched on throughout this blog post, while the condo buying process can be an exciting time, there are also a few pitfalls that you want to be sure to avoid as they can be very costly, frustrating and time-consuming. Making sure that you have a knowledgeable and dedicated real estate agent by your side can help ensure that you have a successful and stress-free buying experience. We understand that you have your choice of real estate agents to choose from in the Myrtle Beach, SC area, and you may be wondering what sets our team here at Jerry Pinkas Real Estate Experts apart from the rest?

Buying condo vs house for investment

For one, we have a separate team of agents that are solely dedicated to our buyer clients, and a separate set of agents that are solely dedicated to our seller clients. So when starting your condo buying journey, you can be confident and sleep easy knowing that your real estate agent is extremely skilled and knowledgeable about the buying process and will always work hard in your best interests. We have helped numerous individuals, couples, families, and retirees find their dream condo in Myrtle Beach, SC and we know we can do the same for you. Why settle for average when you can have the best? Give us a call today, we look forward to hearing from you and working with you soon!

 

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Search all Condos available in Myrtle Beach, SC


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Do you need a termite inspection on a condo

Have you or someone you know ever had to deal with termites at your/their home or condo? If you have, then you understand not only how costly it can be, but also how it can turn your life completely upside down for a good amount of time. Termites attack thousands of homes and buildings each year in the United States, and homeowners fork out millions of dollars annually to repair the damage they cause and treat the termite problem itself. And if you think that just because your condo is on the ninth floor of a concrete building that you are exempt from this potential issue, you are sadly mistaken. And as you may have guessed, that is exactly what we are going to be discussing in today’s blog post!

Termite Inspections in Myrtle Beach

What are termites and how can you identify them?

Before we get into the meat and potatoes of today’s post, we wanted to give a brief overview of what termites are and how you can possibly detect them. Termites are often referred to as the “silent destroyer” as they do not come out into the open which makes them very difficult to detect at times. In some cases, termites can be secretly thriving and hiding in your home, condo or yard and do not show any immediate signs of the damage that is being done. If you are looking for information on how you can detect these pesky creatures, termites usually have straight, beaded antennae, their wings are equal size, they have uniformed waists and measure approximately 1 cm to a few millimeters in length.

Primarily, termites feed on cellulose (which is a part of wood), but they are also known to damage books, insulation, paper and even filtration system and swimming pool liners. Additionally, while there are different types of termites, they all feed on detritus which include dead trees and plants, as well as dead parts of living trees including wood. And unfortunately, regardless of their construction type, all homes have the ability to provide cellulose food which in turn harbors termite infestation. So while you may think this issue may never present itself in your living space, all house foundations, shelves, furniture and even books can draw in termites and provide a cozy place for them to stay and live. Now, this information is not meant to scare you, but rather provide you with the knowledge and tools to be aware and alert to catch it fast if you see any signs of termites in your home or condo. 

Who is responsible for termite repairs when in a condo association

What types of termite’s attack condos?

We may be giving you more information than you originally thought you were looking for, but we figured we would educate you on everything related to termite and condos so you can better understand how everything is related. Subterranean and drywood termites are the two specific types of termites that frequently attack condos. Subterranean termites are known to attack buildings from underground by entering through cracks in concrete slabs or from flowerbeds through tunneling under siding that is close to the soil. On the other hand, while drywood termites do not live in the soil, they tend to attack condo buildings in the spring and summer during their mating flights. They also tend to land on the wooden trim around windows and doors and make their nests in small cracks in wood to start new colonies.

Home inspection for new construction condo

Can termite’s travel from one unit to another in a condo building?

Now don’t freak out, but the answer is yes. It is no secret the damage termites can do to a single-family home, but when it comes to condos, termites can be downright destructive and can easily travel from one condo unit to the next. Of the two, subterranean termites are the worst because they often enter the building through expansion joints between two slabs, allowing them to easily and swift fully inhabit two or more units at the same time. On the same note, if these subterranean termites were to invade one unit, they can enter the neighboring unit by traveling through the common wall. Due to the fact that these types of termites are able to stay hidden, they tend to cause damage to multiple condo units before they are even discovered or detected by the residents.

At the same time, drywood termites are also able to move freely between condo units. You will see this especially if they have inhabited exterior wooden trim, a wooden fence, or a carport, as drywood termites then gain access to the several units that these areas are attached to. Now you may be asking yourself what happens if a unit in a condo building is affected by termites. And, as you can probably tell by now when termites invade condo buildings the exterminating process can prove to be extremely challenging. This is especially true if there are several units in the same building that have termites.

New construction condo inspection checklist

Why do I have to pay for a termite inspection, even if my condo is located on the 9th floor of a concert building?

Hopefully, by now we have equipped you enough information for you to understand why you need a termite inspection, even if your condo is located in the upper levels of your condo building. It is always better to be safe than sorry, and just because your building is made from concrete does not dismiss it from the potential of a termite infestation. And as we spoke about earlier, even if the unit does not outwardly show any termite damage, you never know what is going on within the walls and unseen areas of the condo unit. The termites may have spread to your unit from a neighboring unit and you want to bring in a professional so they can assess the situation. Additionally, some pest inspectors will also look for leaks, beetles, mold and water damage within the unit when they come out for the termite inspection. This is a huge bonus as it will give you a better overall picture of the status of the unit, and allow you to fix any potential issue before it gets worse down the line.

How to treat termites

What should I do if I am looking to buy/sell a condo in Myrtle Beach, SC?

If you or someone you know is looking to buy or sell a condo in sunny Myrtle Beach, SC, be sure to give our experienced team here at Jerry Pinkas Real Estate Experts a call today! We have seamlessly helped numerous individuals, couples, families, and retirees through the buying and selling process and we know we can do the same for you. Our real estate team is different from most in our area because we have a separate set of realtors that are solely dedicated to helping and serving our buyer clients and a separate set of realtors that are solely dedicated to helping and serving our seller clients. So you can trust that your Jerry Pinkas real estate agent will not be educated and well versed in the buying or selling process, but also that they will work hard in your best interests. We know you have your choice of realtors in the Myrtle Beach, SC area, but why have average when you can have the best? Allow our dedicated team of agents to serve you today. We look forward to hearing from you and working with you soon!

 

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What does it cost to sell real estate in South Carolina

Have you been thinking of selling your home in Myrtle Beach, SC and find yourself wondering all the potential costs that are associated as a seller? Do you find yourself scratching your head whenever someone starts talking about the selling process and all it entails? If so, today’s blog post is for you! While some may find themselves overwhelmed by the thought, the selling process does not have to be a daunting experience. Once you understand how it all works and who is responsible for what, you may just find yourself getting excited to sell your current property and daydreaming of all the potential that your next chapter can bring. So without further ado, let’s jump into today’s topic and discover what costs the seller is responsible for!

Home Sellers closing cost calculator for SC

What are closing costs?

When buying or selling a home, it is crucial to understand not only the process but all the fees and costs associated with the purchase or sale of the property. The last thing you want is to be surprised with having to pull your checkbook out when everything is said and done. With that being said, closing costs encompass all the charges and fees that are related to the sale of a home beyond the agreed upon price of the property itself. Now it is also important to realize that these costs vary based on things such as property type, region, and lender, but you can usually bet on seeing inspection fees, transfer fees, appraisal fees, title search fees, loan origination fees and commissions that are paid to the real estate agents.

Seller closing costs in SC

What closing costs are buyers responsible for?

While this blog post is mainly focused on closing costs associated with sellers, we also wanted to make sure to touch on some of the closing costs that buyers are responsible for as well. And while buying a home can be an exciting time, it is crucial to understand that purchasing a home requires more out-of-pocket money than just what covers the down payment. You also need to take into account the money needed to pay for services rendered, which are also known as closing costs. It is important to understand that if, as the buyer, you do not have enough money on top of the purchase price to cover the buyer’s closing costs, there is a possibility that the transaction may not close at all.

Typically, if you are a home buyer, you will pay between (roughly) two and five percent of the purchase price of your new home in closing costs. So, for example, if you were to purchase your new home for $150,000, you may expect to pay between $3,000 and $7,500 in closing costs. Other potential costs include recording fees, title policies, courier charges and inspections. It is important to note as well that the buyer is required to cover their portion of the closing costs when the property is closed on.

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What closing costs are sellers responsible for?

When it comes to selling your home, you may be under the impression that every dollar from the sale is going to go directly into your pocket. And while you have the potential to make a lot of money from the sale, you also must stop to realize the costs that come with the closing on your property. So before you run off and plan how you are going to spend all your incoming cash, make sure to know exactly what that final number is. One of the larger costs for the sellers in the closing process is the commission that is paid to the real estate agents that are involved in the transactions. And while these commissions are negotiable and can vary to a degree by market, the average/typical commission is six percent of the sale price of the property. That percentage is split between both the buyer’s agent and the listing agent. So, as an example, if a property sells for $350,000 there would be a $21,000 commission that both the buyer’s agent and the seller’s agent would split.

Another cost for the seller during the closing is the loan payoff, which you will often see is slightly higher than the remaining balance on the loan due to prorated interest. It is important to note that, in some cases, you may be forced to pay a prepayment penalty as you are paying off the loan prior to the end of the term. You may also have to pay recording fees or transfer fee/taxes, which are taxes imposed by the local government or state to transfer the title from one owner to another. Next, most sellers typically pay the owner’s title insurance premium, a wire transfer fee, document preparation fee and attorney fees if you were to have your own attorney represent you during the settlement process.

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Other additional closing costs the sellers can be responsible for include unpaid homeowner association dues (and dues included up to the settlement date), any liens or judgments that are against the property and prorated property taxes. Also, depending on how the contract is written, the seller may also have to pay for termite inspection and remediation if there is an issue, as well as repair bills or a credit for potential repairs for things that may come up during a home inspection. It is important to note here that the seller’s portion of the closing costs is deducted from the amount they receive from the sale of their property.

What should I do if I am interested in selling my house in Myrtle Beach, SC?

If you or someone you know is looking to sell their home in sunny Myrtle Beach, SC, give our experienced team here at Jerry Pinkas Real Estate Experts a call today! If this is your first time selling your home, we understand how overwhelming the process may seem. And if you have sold homes in the past, you understand how important it is to have an experienced and knowledgeable real estate agent in your corner throughout the entire process from start to finish. Our team of agents will work hard for you to ensure the sale of your home is as stress-free as possible, as quick as possible and you get top dollar for your property.

Selling your Myrtle Beach Home

If you follow our blog posts then you have seen us talk about the many reasons that set us apart from other real estate teams in the area. One of them being that we have a separate set of real estate agents that are solely dedicated to our seller clients, and a separate set of real estate agents that are solely dedicated to our buyer clients. Why does this matter? For one, you can be confident that your Jerry Pinkas real estate agent is knowledgeable and well versed in the buying or selling process because they do it every day, day in and day out, for our other clients. They will be able to walk you through the entire process, answer any questions that arise and work hard in your best interest every step of the way. Why have average when you can have the best? Give us a call today, we look forward to hearing from you and working with you soon!

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