The Myrtle Beach and Grand Strand, South Carolina are outstanding real estate markets.
There is no better place to own real estate than Myrtle Beach if you want to retire or buy a rental investment (which can double as a holiday house for a few weeks every year).
The turnover of condominium units (condos) along the oceanfront drives most of the real estate investments along the Grand Strand.
Hundreds of high-rise towers, mid-rise buildings, and wood frame low-rise houses make up the area’s skyline, from Little River to Garden City.
Thousands of residential condos can also be located here. Most real estate investment sales in the Grand Strand are from these individual condos.
This year could be an excellent time to make a purchase – just ensure you focus on what’s important first.
For those considering purchasing a piece of Myrtle Beach real estate, here are some helpful suggestions for making a good decision and making the process run as smoothly as possible.
Location, Location, Location!
When buying a home, the most important factor to consider is how it looks however, the location can be just as important before renting a short-term apartment.
You can’t just go out and buy a condo unit in some neighborhood and rent it out on a weekly basis. It must be in a so-called “short-term rental zone”.
This indicates that it’s in an area that’s considered ideal for short-term rentals which the Homeowner Association (HOA) permits.
Check with your realtor about any property you feel could be ideal for short-term rentals and they’ll do the research for you.
In addition, location refers to the actual location of the unit within the building. The difference between an ocean view unit and an oceanfront unit can be a deal-breaker.
Don’t assume that just because the building is on the waterfront that you have a spectacular view.
For example, many ocean view units are on the side of the building without the same magnificent views as oceanfront units.
Therefore, people aren’t willing to pay as much for those.
When looking for a home, keep this in mind! Many investors don’t see the unit in person before buying it because it’s mostly for rental purposes.
So, make your realtor visits and ensure the place is as good as it is advertised.
Remember, bad locations with bad views will equate to low earnings.
Consider the Size of Your Condo
Consider how much space you need when choosing a condo unit or building; a touch of luxury is never a bad thing if you can afford it.
Do some research on the condos you’re interested in to see if your budget can extend to fit anything from a single studio to a sprawling three- or four-bedroom suite.
Management and Security
Taking care of the house and keeping it safe is a major concern for any homeowner.
If you own a home in Myrtle Beach, it’s even more of a problem. With its growing affluence, Myrtle Beach has seen an increase in criminal activity.
According to a report, Myrtle Beach has risen to the third most dangerous city in the United States.
So, given the considerable cost of protection and maintenance for your Myrtle Beach house, you may want to recalculate your actual return.
Bear in mind that if your estate is equipped to be safer, you can draw more visitors and renters.
Remote Work Increasing Demand of Vacation Homes
While the Coronavirus pandemic is diminishing in many countries, its effects will persist for a long time, if not forever.
Working from home is a great example. As a result, it’s no surprise that people are seeking out safer, close-to-nature locations to have nicer workstations as they work from home and manage their jobs.
Many are already on the lookout for vacation homes, particularly those owned by individuals.
In general, Myrtle Beach has a busy summer season and a quiet fall and spring season with fewer visitors and traffic.
Having Your Finances in Order
Having your finances in order is the first step in purchasing real estate anywhere. Myrtle Beach is no exception.
Buyers should begin by creating a thorough image of their credit through a credit report, which is easy to obtain. They should go through the document carefully to ensure that the data is accurate and correct.
A reliable credit report will aid any prospective homebuyer with selecting a decent lender and getting a pre-approved loan.
A pre-approval indicates to the seller that the buyer is committed, whether they are paying in full, using a low-down-payment option, or using a HECM reverse mortgage.
It also gives the seller a hand-up when it comes time to make a serious bid. Many sellers won’t accept a bid unless the buyer has received pre-approval.
Engage the Services of a Real Estate Agent
Purchasing real estate in Myrtle Beach has evolved over the last decade.
The days of reading real estate magazines outside convenience stores or spending hours reviewing the real estate section of the local newspaper are long gone. Buyers have easy access to all Market Commons Homes for Sale via the internet.
However, certain facets of the home-buying process require more expertise than one can find by searching the internet. Homebuyers who work with a real estate agent have an advantage over those who do it on their own.
When it comes to buying and financing Myrtle Beach real estate, there are several situations that require specialized knowledge.
Purchasing a home in Myrtle Beach differs from purchasing a home in many other parts of the region, particularly with the abundance of riverfront, seafront, and new construction options.
Fees for Homeowners Association
This is probably the most common question we get on whether or not to invest in real estate. What are the homeowner’s association fees?
This is vital information!!! If you buy a house and the HOA fee is $500 per month, that’s awesome, but it’s not actually what you’ll pay per month.
Since it is easier to combine your homeowners’ insurance and HOA fee, many of these oceanfront properties include it in the HOA fee.
However, some companies don’t include it in their fees. The majority of resorts do, but there are a couple that charges you in installments or don’t have it at all.
To be safe speak to your realtor and after a quick phone call to the HOA, they’ll be able to inform you whether it’s included, not included, or billed in two or three installments over the course of the year.
Also, take a look at what else is included in the fee. Many payments cover all of your services, such as electricity, telephone, water, and other utilities.
However, some HOAs require you to pay for your own electricity and other utilities.
Shop around with various HOAs to see which one gives you the best price. One thing is certain: HOAs are a necessary evil that will never go away!
Imposition of Taxes
Just in case you’re not aware, I’d like to make a quick but important point. Certain citizens are eligible for tax breaks in South Carolina, but only as primary residents.
You’re not a primary residence if you own an investment property. You will potentially pay more taxes as an investor than you would if you lived in the same estate for a minimum of 6 months of the year.
Now, taxes in South Carolina are low relative to the rest of the country, so it’s not a major problem for some.
However, you should be mindful that your taxes are higher as an investor than a permanent resident.
Also, know that taxes are much higher in high-risk properties like oceanfront apartments or homes. If you have the tax map number, you can easily check the taxes on any house.
For more details, contact your realtor or go to the Horry County Property Tax Records.
Think About the Long Term
Remember that the vast majority of homebuyers will remain in their new place for more than a few years – in some cases, decades.
But apart from that, homebuyers should look for a home in a decent school district.
Buying a home in an area with outstanding schools, whether or not they have or intend to have children, would have an effect on the home’s resale value in the future.
In addition, when it comes to the house itself, a buyer can employ their own home inspector who can spot possible issues that could need expensive repairs in the future.
Investing in real estate has the advantage of rising in value over time.
Furthermore, few coastal and resort areas can match the facilities found in Myrtle Beach’s diverse selection of properties.
With that in mind, only some further study and analysis will clear up any remaining doubt before making a sound decision