Condo or Condotel? That’s the question that many people as us.
As far as the technical difference goes, if there’s a nightly rent and there’s a check-in desk, it’s a condotel. The condo can even be 5 miles from the “check-in desk”. But it boils down to whether or not you can rent the condo for 7 days or less, and it’s a daily rental. Most of the Myrtle Beach oceanfront high rises are condotels.
When lenders do the condo questionnaires, they want to know how many units are investor-owned, and how many are primary residents. There are very few condos in Myrtle Beach that are occupied mostly by primary residents. Condotels are much harder to get financed.
We’re happy to help you sort through all the details. It can be hard to find all the details, such as the classification on which Myrtle Beach properties are considered condotels or just residential condos. A Realtor can find detailed information through the Myrtle Beach Multiple Listing Service, but what really makes a difference is the knowledge and experience that an agent has working with Myrtle Beach condos. Sometimes condo classifications can change overnight. So we recommend consulting an expert in Myrtle Beach condos. Even though the internet is a great resource, it still won’t answer all the questions an agent can.
The one thing that is true is that a lot has changed in the past 7 years. From the sales perspective to absorption rates and changes in financing rules, you need to keep up with the latest information. And of course, not everything you read on the internet is accurate. And if you base your decisions on bad information, it can cost you a great deal. It’s also important to make sure to use the correct lender and coordinate with the correct condo complex.
The bottom line is that even though this can seem like a daunting decision, choosing between a Myrtle Beach condo or condotel doesn’t have to make you pull out your hair. We certainly have the expertise in Myrtle Beach condos and can help you sort through all the details. Feel free to contact us and let us help you make the best choice.