Is a condo in Myrtle Beach, SC a good investment?
We may be biased, but Myrtle Beach, SC is one of the best places in the country to live. The beautiful weather combined with breathtaking beaches, endless entertainment, and delicious restaurants is just a few reasons why the area has become so popular and people are flocking from across the country to live here. Not to mention, it is a great place to spend your retirement years, as the area has seen steady growth in the population of retirees coming to Myrtle Beach, SC. And who could blame them!
One question we get asked quite frequently here at Jerry Pinkas Reality is can you buy a condo in Myrtle Beach and have it be a good investment? And we can tell you for a fact, yes you can! There are some condos that are money machines, and will constantly be sending you checks month after month, and at the same time, we can assure you there are others that are alligators and will eat you alive. But not to worry, that is where our team comes in to help you tell the difference and decipher which are good and which are not so good!
If you currently live in Myrtle Beach and are looking to move into a condo, or maybe you live out of state and crave the Myrtle Beach lifestyle, there are many condo options in the area that are a great investment. But not all condos are created equal, and there are some that should be avoided at all costs. In this blog post, we will be covering why condos in Myrtle Beach have the potential to be a great investment and what to look for (and what to avoid) when starting your search.
Can a condo in Myrtle Beach, SC be a good rental property?
Absolutely! If you are thinking of purchasing a condo in Myrtle Beach, SC as a rental property, you may be surprised at the amount of rental income you can bring in on a monthly basis. Especially with Myrtle Beach being such a hot destination for individuals, couples, and families from across the country, there are many people moving to the area that are looking for a place to settle into. You should also take into account the vacationers who visit the area year after year, and their interest in renting the unit for days, weeks and even months depending on the time of year. You just need to make sure that the specific unit you purchase is a good investment (which we will cover later in the post) to ensure that you will make a return on your investment. There are also many stunning condos that are located on the water, creating breathtaking views and providing an ideal location for residents of the unit. You can also typically charge more for these units as they are a hot ticket item in Myrtle Beach, SC, and can, therefore, bring in more rental income for you and your family each month.
What should I look for when buying a condo in Myrtle Beach, SC?
Throughout this post, it is important to keep in mind the idea that all condos are not created equal. Even if they are located on the most beautiful beach or in an ideal part of town, you can still run into a condo that (surprisingly) is not a good investment. You can have two units located side by side and there is a possibility that one is a great investment and one will end up being a money pit. There are a lot of things that determine if a condo ends up to be a good investment or not, but we want you to keep in mind as you are reading that each unit is different and to keep an eye out for the details that we touch on today as they can end up saving you a lot of stress, time and money.
One factor to take into consideration when looking for a rental property in Myrtle Beach is the HOA (Homeowners Association) fees. While many people can typically be turned off by the sight of an HOA fee, it is important to understand everything that is included in the cost each month. Things such as insurance, internet, cable, and maintenance are all items that are commonly covered under your HOA fee. And can you really put a price on peace of mind knowing that the common areas and maintenance of the building are all taken care of without you having to lift a finger? Especially if you are using the condo as a rental property, you would not have to keep such a close eye on things knowing the upkeep and maintenance are being handled by the management.
Another item to keep in mind as you start your search for a condo in Myrtle Beach is its location. You are more likely to see a return on your money and have the condo be a good investment if you pay attention to the part of town the unit is located in. Areas that are popular or up and coming in Myrtle Beach, such as close proximity to the beaches and entertainment destinations, have a greater chance to be a good investment as the location of the unit will always be in demand. And as we touched on earlier, you can possibly charge more for these units if you are using them as a rental due to the demand of the area from renters.
What should I stay away from when buying a condo in Myrtle Beach, SC?
When starting the search for your perfect Myrtle Beach condo, there are a few things we want you to keep in mind that can help you avoid falling into the trap of a bad investment. The first item we are going to touch on is management, as it has the potential to affect the investment value of the condo and your overall satisfaction with the purchase. You want to make sure that the management is on top of things and putting money towards things that need to be repaired and not waiting or putting things off. Another item you want to keep an eye out for is if the building has any pending litigations, as that can be a red flag when looking to purchase. You should also do your best to research if the unit needs any major repairs, as that can end up costing you a lot of money and stress down the road. Simple things such as new flooring or a fresh coat of paint should not be a cause for concern, but any structural damage within the unit should be discussed prior to purchasing the condo to ensure it doesn’t end up being a money pit.
What should I do if I am interested in buying a condo in Myrtle Beach, SC?
As you can imagine, it can be very difficult to determine if a condo is a good investment or not simply by looking on the internet. The seller, understandably, will only highlight the good and shiny parts of the condo, not any potential downfalls of the purchase. You need to deal with an experienced team that not only knows the area but has a track record for helping individuals, couples and families find their dream condo in Myrtle Beach, SC. Our team here at Jerry Pinkas Reality does this every single day – and we are very good at it. We can help to keep you away from the things that you want to avoid when purchasing a condo in Myrtle Beach and lead you towards the things that will be the best for you. We work with many people and we do hundreds of deals a year. Why pick average when you can have the best? We know you have questions and are here to help. Give us a call today, we look forward to speaking with you!
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