Have you or someone you know been thinking of buying a condo in beautiful Myrtle Beach, SC? Are you excited about the possibilities of condo living, but have questions or concerns about the buying process? Do you stay awake at night wondering about all the things you should/need to avoid when looking to purchase a condo, and wish you had an experienced and knowledgeable real estate agent to help you navigate these potential pitfalls? If you answered yes to one or more of these questions, then this blog post is for you! Today we are going to be talking about all things condo and give you information on how to avoid buying mistakes that are costly. So without further ado, lets jump in!
Is the internet a good place to find information on condos?
Now more than ever, we know there is a lot of information available to you at your fingertips via the World Wide Web. And while this is a luxury in a lot of ways, it is also important to understand that not all the information that you find online is accurate. There is a lot of misinformation that people are taking in, especially when it comes to buying and selling condominiums. So while it is okay to browse online, the best way to get information is to talk to a knowledgeable and experienced real estate agent in your area. Not only will they be able to answer all your questions, but they should have a great handle on what is going on with properties in the area and give you advice accordingly.
What are some of the main things to avoid when looking to purchase a condo?
It is no secret that condo living is a great way to go for a lot of people, especially millennia and seniors who may be retiring and looking to downsize their living space a bit. But there are a few things to keep an eye out for when you start your search. Understanding that things have changed a bit can give you a leg up. What do we mean by that? There are buildings that have had past and/or present litigations, slip and fall defects, construction defects and other similar things that can be considered minor but are still things to look out for. You want to be aware of the condition of the building you are buying into so there are minimal surprises down the road.
You will also want to keep an eye out for the HOA (Homeowners Association) budget. Does it have reserves? Do they have money in the bank or are they losing money? Do they have a cash call? These are all very important things to know and questions that should be asked. Also, you want to know about HOA meeting minutes and what is going on. When it comes to big projects, you want to see if they have been completed, if there is some other project that is going on that needs to be finished up and any potential future projects they have planned. For example, if there was a damaged roof from a storm, you want to know if there is any mold that has subsequentially arisen from the water damage. Another big area you want to look into is any balcony issues, as these can be costly. You want to know all these things before you get involved and invested in the property. Lastly, we want you to understand that the skill of the agent you are working with is a direct relation to how successful your experience will be. So finding a great real estate agent that is knowledgeable and will work hard in your best interest will give you the best chance of success in your buying experience.
Are you buying a condo or a condotel?
First off, you may be asking yourself what exactly a condotel is. A condotel, while it is not a condo, usually has a vacancy sign outside and is typically rented by the night, by the week and/or by the month. Does the property you are looking at have a rental desk, a central phone system, a daily maid service, and valet parking? If so, these are all signs the property may be a condotel. It is important to understand the difference so you know exactly what type of property you are looking at and do not invest your time looking into a building that ultimately will not fit your needs. Our team here at Jerry Pinkas Real Estate Experts will be able to walk you through more of the differences and be sure to steer you clear of these properties if you are looking to purchase a typical condo unit. And on a side note, if you ever do find yourself looking to purchase a condotel, we have some unfortunate news for you. You will find that 99 percent of banks will actually not finance a condotel.
Why is it important to work with a good lender when looking to purchase a condo?
There are a number of reasons why it is so important to work with a good lender when purchasing a condo. One of these reasons is because, if you are working with a good lender, they will be able to help you review any litigations on the property, as well as review the home owner’s documents on your behalf. Why would they do this you ask? Because as much as you do not want to put money into a bad property, they do not want to loan you money on a project that is going to get them in trouble either. So using the correct lender is definitely a bonus on your end. It also never hurts to have an extra set of eyes on things to help ensure you are making the best decision given your current situation, as well as your wants and needs in a property.
What should I do if I am interested in buying a condo in Myrtle Beach, SC?
If you or someone you know is looking to purchase a condo in sunny Myrtle Beach, SC, be sure to give our experienced team here at Jerry Pinkas Real Estate Experts a call today! As we have touched on throughout this blog post, while the condo-buying process can be an exciting time, there are also a few pitfalls that you want to be sure to avoid as they can be very costly, frustrating and time-consuming. Making sure that you have a knowledgeable and dedicated real estate agent by your side can help ensure that you have a successful and stress-free buying experience. We understand that you have your choice of real estate agents to choose from in the Myrtle Beach, SC area, and you may be wondering what sets our team here at Jerry Pinkas Real Estate Experts apart from the rest?
For one, we have a separate team of agents that are solely dedicated to our buyer clients, and a separate set of agents that are solely dedicated to our seller clients. So when starting your condo buying journey, you can be confident and sleep easy knowing that your real estate agent is extremely skilled and knowledgeable about the buying process and will always work hard in your best interests. We have helped numerous individuals, couples, families, and retirees find their dream condo in Myrtle Beach, SC and we know we can do the same for you. Why settle for average when you can have the best? Give us a call today, we look forward to hearing from you and working with you soon!
Why pick average, when you can have an expert?
Give us a call Jerry Pinkas Real Estate Experts 843-839-9870