Are you thinking of purchasing a condo in Myrtle Beach, SC and find yourself wondering what you should be looking for to ensure you are making a good investment? Have you ever wanted to purchase an investment property in Myrtle Beach but find detached homes to be out of your price range? If you answered ‘yes’ to any of these questions, today’s blog post is for you! There are so many stunning condo buildings in the Myrtle Beach, SC area to choose from, many with breathtaking oceanfront views and in close proximity to world-class shopping, dining and entertainment options. In this blog post, we will be answering a few questions that we get pretty regularly, as well as providing you with some tips and what to look for when looking to purchase a condo in beautiful Myrtle Beach, SC.
What are the benefits of purchasing a condo?
Before we jump into the meat and potatoes of today’s post, we wanted to first touch on some of the benefits buyers will see if they are to purchase a condo versus a detached, single-family home in Myrtle Beach, SC. Not to say there are equally as many benefits to a detached home, but we wanted to highlight a few for condo living and see if they resonate with what you are looking for. The first benefit is that you don’t have to worry about maintenance or upkeep of a yard or common areas, as the HOA fee will most likely cover all of those for you. If you travel a lot for work, have a busy schedule, or simply just don’t want to have to think about upkeep, this benefit is huge for you. The second benefit is affordability, as condos are usually priced lower than detached homes. And for a first time home buyer, or someone looking to purchase an investment property, this is a very appealing quality. A few other benefits that condos owners enjoy is the security of living in a building, a sense of community that you will find in most residences and the amenities that many condo buildings offer.
What type of condos should I be looking for in Myrtle Beach, SC?
The first thing you will want to look for when starting your condo search in Myrtle Beach, SC is what property will give you the best return on your investment. No one wants to purchase a condo only to find out in a few years that the unit was not a smart move financially. And on that note, if you are looking to purchase the condo as an investment property, you will want to make sure to look at and purchase units that will give you the highest return on rental income, which we will touch one a bit later.
The second thing you will want to look at when looking to purchase a condo is the Homeowners Association (or HOA) fee. This is an important area to be knowledgeable on as we find many people say that they do not want to pay a high HOA fee each month or quarter. And while we understand why you may think that, we also want to be sure to point out and help you realize the comparison of how much you are paying to what you are getting in return. There are some Homeowners Associations in Myrtle Beach that cover everything. And what do we mean by everything you ask? Everything from electric, insurance, flood insurance, water, internet, cable TV and pool service are all things that can be included in the HOA fee you would be paying.
It is important to see the benefit to this because if you were to add up all those expenses we just listed and try to get those services individually for a detached home on the beach you were to purchase, chances are you would end up paying much more on a monthly basis than most any HOA fee you will find. Our point here is that Homeowners Associations are very efficient with the money that comes in from those fees and you are not paying a fee just to pay a fee. You are putting out money for good use and in turn do not have to worry about taking care of things such as maintenance of common areas and trash. And that means one more item you can check off your ‘to-do’ list!
The third (and final) thing you will want to do when looking to purchase a condo in Myrtle Beach, SC is to look at what you personally like. You are going to be the one coming home and settling into the condo each day, so it is crucial that you find a property that you like and are proud to call your own. Everything from the neighborhood to the layout of the condo are things to take into consideration and make sure they are to your liking. Things such as paint color, flooring and kitchen finishing’s can always be updated or replaced, but liking the structure and surrounding area should be taken into consideration and hold a lot of weight in the decision to move ahead with the purchase of the unit.
We are very confident that if you are to follow these three steps (in this order) that there is a good probability that you are going to find and secure the best investment that you can make. We know there are a lot of choices out there when it comes to condos in Myrtle Beach, SC, but keeping in mind return on investment, HOA fees and making sure the unit is to your liking are great ways to find the best unit for you. And while all this may sound a little daunting at first, we can assure you we have helped many individuals, couples and families find their perfect condo in Myrtle Beach, SC, and we know we can help you do the same!
Is a condo in Myrtle Beach, SC a good investment property?
If you ask us, a condo in Myrtle Beach, SC is a great investment! One reason is pretty apparent if you are to visit the area in the summertime, and that is that Myrtle Beach, SC is a very popular vacation destination and also one of the top cities in the country to live and retire to. The climate is mild, there are a lot of sunny days, you can golf pretty much year round, there is always something to do in the Grand Strand and well, lets face it, Myrtle Beach, SC has some of the most stunning beaches in the country! For these reasons (and many more) are why the Myrtle Beach area is becoming more and more popular and therefore making it easier for you to find a renter for your unit. Another reason that a condo is such a great choice for a rental property is that much of the maintenance and upkeep of the surrounding property is usually covered in the HOA fee. This means that you can be sure the common areas will always look nice and tidy, and, as we spoke about earlier, the possibility of other things such as insurance, cable and internet being covered under that HOA fee as well.
What should I do if I am interested in purchasing a condo in Myrtle Beach, SC?
As always, give our experienced team at Jerry Pinkas Real Estate Experts a call today! We know you have questions surrounding moving to or investing in property here in Myrtle Beach, SC and we are here to help make the process as smooth and seamless as possible. Allow our team to walk you through different neighborhoods and answer any questions that come up – we will tell you the good, the bad and the ugly to ensure you make the best choice and avoid costly pitfalls. Our team can’t wait to help you find your perfect condo in this incredible city today. We look forward to hearing from you!
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