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! Buying a condo in Myrtle Beach can be a good investment in 2023. 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 buying a condo in Myrtle Beach has the potential to be a great investment and what to look for (and what to avoid) when starting your search.
The important thing to remember is that whether or not a Myrtle Beach condo is a good investment in 2023 depends on a variety of factors, and you’re going to need experts—people who are on the ground in Myrtle Beach dealing with buying condos every day—to help guide you through the process. Buying a condo in Myrtle Beach, SC, is our specialty, and we can help you know the best investment properties here and which properties to pass on.
Can a condo in Myrtle Beach, SC be a good rental property?
Absolutely! If you are thinking of buying 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 property in Myrtle Beach (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. Buying a condo as an investment property in Myrtle Beach in 2023 is absolutely a hot possibility.
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 not all condos are 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 property and one will end up being a money pit. There are a lot of things that determine if buying a Myrtle Beach condo ends up being 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 or investment 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 an investment 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 property 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.
You know what they say about real estate: location, location, location. That’s true in the Myrtle Beach condo investment market just as it is anywhere in the world. There’s more to it, as we’ll discuss below, but when deciding what is a good investment property in Myrtle Beach we can help you make the right location choices because we live here and know what’s hot and what’s not. Plus, we have insight into what’s coming down the road in property investing, so we’ve got an inside track: what’s a good condo investment in Myrtle Beach in 2023 may not be the place you think. We know what’s up and coming.
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 Myrtle Beach 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 as an investment in Myrtle Beach and lead you toward 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!
You have questions, we have answers. Give us a call at 843-839-9870
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Why pick average, when you can have an expert?
Give us a call at 843-839-9870
Is It Better To Buy A 1, 2, Or 3 Bedroom Condo In Myrtle Beach For Investment?
It may come as no surprise that we get a lot of questions here at Jerry Pinkas Realty surrounding condos and investments, as there are a lot of buyers that are interested in breaking into the investment property market here in sunny Myrtle Beach, SC. The question we get asked quite frequently is ‘If I’m buying a condo on the beach, is it better to buy a one-bedroom, two-bedroom, or three-bedroom in Myrtle Beach?’ We have clients that want direction on which one will be the best investment and which one will give them the most return. And while it’s a tricky question, as there are a lot of factors that play into the decision, we are here to answer it in today’s blog post and hopefully will provide you with some helpful insight as you start your search.
Should I only look at condos that appeal to my personal taste?
While you may expect us to say yes to these criteria, the answer is actually no.
A lot of time people want a 2 or 3-bedroom condo on the beach because it may fit their specific needs and maybe the way they would like to live themselves. Many times we see people that are drawn to purchasing a condo based on what they personally like and not thinking too much about the rental potential, which is actually backward! Buyers should be thinking about what gives them the best return on their investment, not checking off the criteria of what they personally like upfront. Because when you break it down, you’re going to be spending very little time in the unit anyway. You always want to look for a place that is going to give you the maximum amount of dollars back in your pocket.
What factors should I consider when starting my search for an investment condo in Myrtle Beach, SC?
There are a few factors that we want you to keep in mind when starting your search for a condo in Myrtle Beach, SC that will aid in the unit ending up being a good investment. A few of these factors include the purchase price of the unit, the potential HOA fees, the prime rental season, and the total expenses of the unit. When it comes to HOA fees(Homeowners Association fees), it is important to not shy away from the unit because of these fees and to fully understand what is included in the cost each month. As we have discussed in a previous post, HOA fees have the potential to cover things such as insurance, cable, internet, maintenance, and upkeep of common areas. Especially if you are using the unit as a rental, having all these items (and more) covered for one fee each month can help ensure that the unit and building are being kept up and allows you one less thing to worry about when it comes to renting each month.
It is also important to keep in mind that not every complex or area of the beach will give the same return. Just because the building may be overlooking the glistening waters of beautiful Myrtle Beach, it does not guarantee that all the units in the building are equal. You can have a unit that is in a prime location but can be extremely outdated which will make it difficult for you to find interested renters. By the time you put in the necessary funding behind getting the condo updated, you may be in over your head with the investment and end up losing money on the unit. Once you have had the unit rented for some time, it is also important to consider your rental history year over year and adjust accordingly if you are not satisfied with the outcome of the income you are bringing in.
So when prioritizing what you should be looking at in a unit that will give you the best return on your investment, it is the one that has the potential to give you the highest rental price. The next thing you should be looking at is what the homeowner’s association includes, and then, finally, if you personally like it yourself. If the steps are followed in this order, we are confident that you will find a good investment condo in Myrtle Beach, SC. Sometimes you will find that the one-bedroom, when you put a pencil to paper, will come out to be the better investment, and other times it’s the two or three-bedroom. And what exactly is the best way to figure out what is the best situation for you? Well, that is where we come in to help you!
What season will I most likely see the most rental income from my condo?
This is a great question, and one we see frequently, as not all seasons in Myrtle Beach, SC are created equal when it comes to rental income. So here’s the deal: as we all know, there are only 52 weeks in a year and, therefore, you are limited to how much rental income you can acquire during one calendar year. And if you have ever visited Myrtle Beach, SC in the summer, you are sure to understand the draw to the area during that time. The beaches are buzzing with locals and vacationers alike eager to soak up the warm South Carolina rays, the boardwalk is alive and action-packed, and the delicious restaurants and overflowing with hungry patrons.
Summer is definitely the high season when it comes to rental income flowing into the bank, which is good because you may find yourself tapping into that bank in the winter to pay for the condo. Now don’t get us wrong, there is still plenty to do in Myrtle Beach, SC in the winter and the area does draw in renters. But if you are trying to plan on which season will allow you to charge the most and will bring you the most income, summer is your main goal.
And on a side note, if you are looking for tenants for a year-long lease, we would recommend you start the lease in the summertime. One reason this could work to your benefit is that the number of available units will most likely go down during that time due to an influx of visitors to the area, therefore creating higher demand. You are then able to turn around and charge a little more per month which will guarantee you that income each month for the entire year. On the flip side, if after the year lease is up your renter decides to not renew the lease, you will find yourself smack dab in the middle of the busy season again allowing the demand for condos to fuel your search for a new renter. It ends up being a bit of a win-win in our opinion!
What should I do if I am interested in learning more or purchasing a condo in Myrtle Beach, SC?
We know you have questions about purchasing a condo in Myrtle Beach, SC, and we have the answers! Everything from price, location and layout can be topics of concern and uneasiness for potential buyers. We have helped numerous individuals, couples and families find the perfect condo and we can do the same for you. Allow our team of experts to understand your situation, go over your options and settle on what will be the best condo for your specific criteria. Why have an average when you can work with experts? Give us a call today!
You have questions, we have answers. Give us a call at 843-839-9870
Why pick average, when you can have an expert?
Which Are The Best Properties For Investment In Myrtle Beach?
What are the best properties for investment in Myrtle Beach?
If you buy a property by filtering through the highest gross rental properties, find what you can buy for the least amount of money, and has an efficient homeowner association you will usually have a very good long-term property.
Here are 4 examples of deals that Jerry Pinkas’s Team has personally negotiated for our buyer clients!
- Oceanfront efficiency condo sold for $102,000. That has gross rental dollars of $18,000/year – Those numbers work!
- Oceanfront 1 bedroom condo sold for $147,900 That has gross rental dollars of $27,500/year– Those numbers work!
- Oceanfront 1 bedroom condo sold for $204,000 That had gross rental dollars of $34,600/year– Those numbers work!
- Oceanfront 2 bedrooms 2 bath condo sold for $379,000. Gross rental dollars of $52,700/year– Those numbers work!
Myrtle Beach, SC area has over 60 miles of beach, so there are a lot of geographies, many different buildings, and complexes. To be most successful in your home search you’ll need to consider more than rental history, price, decor, amenities, cash flow, and POA fees.
What else should you consider when making an investment in a Myrtle Beach condo? Check for current or future assessments, pending litigation, rental occupancy rates, and if the cost of the rentals is moving up or diminishing. People vote with their dollars so if the rentals are strong the renters keep coming back year after year!
Do I need the services of a qualified Real Estate Professional?
Many properties may be average. But it’s all about buying the ones that are way above average to get a great return on your investment. If you are self-represented, consider the services of a seasoned real estate pro who knows the local area and can get you into the BEST properties available! The internet is a good tool, but it certainly doesn’t answer all your Myrtle Beach condo investment questions. Always consider the source of your information. If someone from the internet sent you the information you need to think about their own motivations. Are they working for the home seller? Are they the listing agent for that condo? What is their motive for pitching you on a particular project?
The best way to get everything you are looking for in an investment is to hire a Buyers Agent to work for you in all relevant areas of the transaction. The Best Free service you can get is Hiring a Pro to go to work for you. If you were on trial for a crime, would you consult a lawyer that gives info over the internet? Or one that has been in court twice and refers to the books he used in college? Absolutely not! This is an investment property that you need to return a great ROI!
Doing your preliminary homework is excellent, but take time to work with a Realtor on one. You will get a ton of information that just can’t be covered in an email or by phone. You will learn the good…. the bad…..and the ugly. (Every property has good, bad, and ugly) When you take the time to learn the aspects and dynamics of investing in your Myrtle Beach condo, you can make an educated decision.
When you hire an agent it’s about them going to work for you so they can match you with Condo properties that closely match your investment objectives.
There are 4800 agents on the Grand Strand. You can choose any agent to work with, however, skill level, knowledge, and dedication to doing the very best for a client are what should be their #1 priority. www.HomeGuideMyrtleBeach.com
Is This the best time to buy?
You’ve seen the stats above, a Myrtle Beach condo is an exciting investment! Great deals are currently being made! Even if you buy an average condo today at today’s prices, you’ll still probably make money long-term. But don’t settle for average!
The Jerry Pinkas Home Selling Team – is your local expert in all your Real Estate needs for the Myrtle Beach Area. Our Team is dedicated to informing our clients on how to be a pro in the local real estate market and avoid common pitfalls that are costly to you! You will have access to the most comprehensive MLS Listing Service in the area with Free access and lots of tools for both Buyers and Sellers.
To learn more about the best Myrtle Beach properties or schedule a tour of this beautiful community call us today.
Jerry Pinkas Real Estate Experts