Why is it common for Myrtle Beach home buyers to look for little or no HOA fees?
When purchasing a home in Myrtle Beach, it is no secret that there are a lot of factors to consider when starting your search. Items such as lot size, neighborhood, and proximity to schools, work, and family/friends tend to be of higher priority when the search begins. Another important item that a lot of buyers look for, and sometimes will divert them from their perfect home, is HOA fees.
It is common for townhomes and condos in Myrtle Beach to have HOA fees, but you will also see many neighborhoods and subdivisions that require these fees as well. A common request we see from buyers when starting their search in the area is for the property to have little or no HOA fees, as they assume it is just an additional monthly cost for them to incur. What many buyers don’t realize is what you get for your money and how the benefits have the potential to outweigh the cost for you and your family. It is essential to take into account what is important to you, what you can afford and everything that is included within the dues when purchasing a property with HOA fees.
Let us give you a relatable real-life example: imagine you just purchased your dream home in Myrtle Beach (YES!). What expenses do you have for that home? Electric? Water? Cable? Internet? Insurance? Chances are you will have most of those bills, and probably a few more. Now, what if we told you that your HOA fee potentially covered all those monthly bills for you? Do I have your attention yet?
Many HOA fees cover those expenses and much more (we will touch more on this below). It is also very important to consider what is involved in those fees, and unfortunately, a lot of that information is either not provided or not easily accessible online for home buyers. It is therefore difficult to distinguish what is covered and not covered in those HOA fees. This is where the Jerry Pinkas Reality Team comes in. We can help you figure out exactly what the fees are and exactly what is included to help you decide if it is worth the cost for you and if it could benefit your family. We also help you avoid the ones that you should stay away from. Our team wants to help you avoid the pitfalls that a lot of people fall into when it comes to HOA fees in hopes to make the home buying process as seamless and painless as possible.
What are the benefits of having HOA fees in Myrtle Beach?
As stated above, when buying a home in Myrtle Beach, some buyers may be cautious of purchasing (and even looking at) properties that have HOA fees as they think it is just another monthly expense. Others may see HOA’s like pain and slightly restricting because they have the ability to control things such as the type of mailbox you can have on your property or the color that you paint the exterior of your home. But what many buyers don’t understand is the larger picture and how these regulations can actually often protect the value of your home. There are also many other ways in which HOA fees can actually benefit and work in your favor and we have listed a few below for you to review.
No matter the property, there is always some type of maintenance required to keep up the appearance and functionality of the home. And if you have ever owned a home, you have probably come to know and appreciate the amount of money spent on this type of maintenance. A benefit to HOA fees is that the dues cover the upkeep of the property, and therefore the homeowner doesn’t have to worry about putting the time or money into maintenance. It can cover things such as pools, elevators, accounting, security and all exterior maintenance. This is a huge relief and perks for homeowners in Myrtle Beach because you own the space, but don’t have to take on the burden or worry of managing the property. That’s what we call a WIN-WIN!
Another advantage to HOA fees is insurance coverage, as many condo fees cover the insurance of the building, including liability and hazard insurance. This is great for owners as it is one less thing for them to worry about each month. HOA fees also usually cover property updates, which gives buyers peace of mind knowing that their property will continue to be updated and stay in good shape. The fees usually go towards a reserve account which is used for potential improvements, as well as to cover damage from unexpected events that may not be planned for in the budget. For example, if a large storm rolled through Myrtle Beach and damaged the roofing, the reserve money would go to repair this and the owner would not need to worry about it. It could also end up saving them money in the future.
Amenities are another benefit and probably one of the most appealing benefits of HOA fees for Myrtle Beach home buyers. Select communities offer conveniences such as gyms, basketball and tennis courts, swimming pools, and clubhouses that are paid for and maintained through HOA fees, and offer additional entertainment that compensates for the cost of the fees. Lastly, and arguably the most important, benefit of HOA fees is that they can help protect the property value of the home by enforcing certain restrictions on residents. Some of these include restricting your neighbor from painting their house a bright, unconventional color and ensuring properties are kept up to avoid them becoming eyesores, just to name a few. This allows homeowners to have confidence that their property will retain its value, and they can also voice their options on community updates and changes by participating in HOA meetings.
What is covered in a Condominium HOA fee in Myrtle Beach?
Condo HOA fees are usually paid either monthly or quarterly to the condo buildings governing homeowner association, which is comprised of local residents that uphold the rules of the condo. These rules are not meant to be irritating for residents, but rather are intended to upkeep the value and appearance of the buildings, as the fees residents submit are used to pay for necessary maintenance around the building.
One of the main uses for HOA fees includes typical maintenance items for Myrtle Beach condos. A few that are covered by HOA fees include upkeep of common areas such as lobbies, clubhouses and elevators, lawn and landscaping care, swimming pool maintenance and trash removal. Pretty much anything outside the walls of your unit, which you are responsible for on your own, are under the watch of the homeowner’s association. This is great for individuals who don’t have time to constantly maintain their condo or for someone who purchased the condo as a second home or rental property, as you can also ensure the property will look good while you are away.
Additionally, many condo fees conveniently include insurance on the building. Other items that are covered under a condominium HOA fee include special assessments (which are usually for older condo buildings) and master insurance policy, which goes towards the master insurance of the entire condo building. Owners may (and typically do) get their own insurance for their unit and their belongings, but the master insurance policy typically covers incidences such as storm damage, fire, and liability of the property.
What is covered in a single-family HOA fee in Myrtle Beach?
HOA fees for single-family homes are usually paid monthly, and these developments are traditionally the typical suburban neighborhood with stand-alone homes. HOA fees for neighborhood maintenance usually include areas such as recreational spaces, parks, playgrounds, parking lots, community swimming pools, sidewalks, and gyms.
How much are HOA fees in Myrtle Beach?
That answer really depends on the property you purchase. Fees can range anywhere from under $100 per month to over $500 per month, and there are many factors that go into determining the cost.
Why should we call the Jerry Pinkas Realty team with our HOA questions?
We know there is a lot of information that buyers in Myrtle Beach need to asses when it comes to purchasing a home, but we want to make sure that you have all the information you need about HOA fees to make the right decision for you and your family. Like we spoke about earlier, a lot of information is not found online regarding these fees, and you need to equip yourself with the correct information. So please don’t hesitate to call us today with questions or for more information. We can help inform you of where your money will go when it comes to HOA fees in Myrtle Beach!
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