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4 Common Mistakes You Should Avoid When Buying A Condo

Money mistakes to avoid when purchasing a Myrtle Beach condo

Buying a home in Myrtle Beach is a major investment to be honest. But it can be even more expensive than it needs to be due to costly mistakes. But you can avoid these mistakes if you’re careful. Here are 4 tips that can make all the difference.

1. Not Understanding the Market

Once you find the right condo in Myrtle Beach, you don’t want to pay too much for it. You need to know what other condos are selling for in the Myrtle Beach area and use that info to base your offer price. If you don’t understand the comps, you are bidding blind.

You should also consider the condition of the condo and the demand on the market when you determine your offer price. Does the condo have more than one offer? How long has it been on the Myrtle Beach market? How much work does it need? We can help you sort through these questions and come up with an offer based on these factors.

2. Buying the Wrong Condo

What are you looking for in a Myrtle Beach front condo and what are your plans for it? Are you living in it or are you renting it out? Don’t let the excitement of the process cloud your vision of the real reason why you’re buying the condo and what your needs are. The decision you make could have a long impact.

Take the time to clearly define what you want and need in a condo.

3. Not Getting an Inspection

Although sellers are supposed to disclose all the material defects about their condo, there could still be issues they didn’t know about. Make sure you get a thorough inspection at least a week before finalizing the contract. The inspector can find things you don’t know about and will give you a list of items that need to be fixed. If those items are big, you can use this to negotiate a lower price if needed.

4. Failing to Budget For Unseen Costs

Make sure you know all the costs, no matter how big or small. Ask for all the fees during each step in the process. Also, buy within your means. Remember that your monthly payments include not only the mortgage but interest, taxes, and insurance.

You should also get pre-approved for a mortgage so you know how much the bank will lend you.

If you avoid these mistakes, you’ll avoid wasting a great deal of money and headaches down the road.

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Jerry Pinkas

Greetings! My name is Jerry Pinkas and I am a REALTOR® in Coastal South Carolina. I have been in real estate for the last 36 years and want to share my experience and expertise with you. Me and my teams #1 goal are to help YOU learn more about the Myrtle Beach SC real estate market, the homes for sale, the condos for sale, retiring to myrtle beach, investing in Myrtle Beach, and how to avoid the pitfalls that are costly. Hopefully, you are enjoying this real estate blog. When you're ready to buy or sell, just know, we are here to help YOU! Just pick up the phone and give us a call. Talk soon!

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