It’s the ultimate dream—lying on your beach chair with a cold drink at your side and a gentle breeze playing through your hair. Just picturing it makes you more relaxed. Getting there is a different story. You start calculating how much it’s going to cost. You search on the web for deals. You talk to your friends for advice. You look for the right person or company to contact with. And still, you’re just not sure you’re doing it right.
In reality, it doesn’t have to be that hard. With some well-calculated steps, you can buy your own dream property just as thousands of others do. Let us help you from the first step to the last.
Common Mistakes to Avoid
When you’re aware of the pitfalls you may encounter along the way, your road to success becomes much easier. So let’s establish the things you need to avoid and you’ll see better where you want to go.
Get the Correct Lender
The very first thing you need to consider is that things have changed a bit over time. Some buildings have developed problems or undergone litigation, which can cause you major issues in the future. To avoid these problems, you need the right lender who can review the history and past homeowner documents for you.
Many buyers get caught up in the dream of owning a condo, exceed their capacity, and keep extending their line of credit. By the time they realize their mistake, they’ve already been hit with expenses that they weren’t anticipating. You need to fix a budget in the beginning and don’t allow yourself to give in to temptation and go over it.
Counting on Rental Income to Offset Your Costs
Some people mortgage their primary residence to buy their dream condo thinking that they can rent it out to cover their costs. What they don’t anticipate is times when rentals go down or there is a sudden depression in the local economy. This kind of situation can leave you destitute.
Skipping Out on the Proper Insurance
Many people use their condos as just a short-term vacation rental and don’t bother getting the proper insurance. Speak with your agent about how you are going to use your property so that you can cover your losses. One of the most important things to consider is disaster insurance.
Condo vs Condotel
While condominiums are separate units, condotels are more like hotels where the apartments are individually owned and operated but share common rules and facilities like front desk check-in, lounges, on-site restaurants, and gift shops. What you need to know is that 99 percent of banks will not finance a condotel.
Other Things to Consider
Location—the Prime Consideration
The location of your property is probably the most crucial factor. Before buying, stay in the area for at least a few days to get a good idea of the pros and cons. Is it convenient to get to the beach, grocery stores, airport, hospital? Are there gift shops, restaurants, museums, and movie theaters nearby? Just reading statistics about crime rates, traffic, and the weather is not enough.
Get to Know Your Neighbors
Neighbors are important because they can be a resource when problems arise. Are there other kids to keep your children entertained? Or is the neighborhood prone to crowds and parties that will keep you and your family up all night and ruin your vacation?
Working with A Local Realtor Is Wise
Your week-long inspection of the property and neighborhood may not be enough. If you don’t have friends nearby, a local realtor is probably the best resource to find out about the ins and outs of the area. Based on the past business history of the area and the weather patterns, they can advise you if you can use your property all year round or the best way to advertise and get quality renters on a consistent basis.
The best thing your realtor will do for you maps up the season’s rental plan. The best time for Myrtle Beach rentals is June, July, and August. Most people coming from the north look for beach houses during this season. Your realtor will also tell you when the off-season (Generally November through February) is and the best time to stay there yourself. Some condo owners, however, balance by using their condos for one month and rent them out for the rest.
An Expert Can Help you
A home inspection expert will give you a report on the total condition of your property. He’ll tell you if your condo is strong enough to withstand a hurricane. He’ll look for flaws in construction, sewage extraction, water, and gas supply and propose the best way to repair them.
Beachfront Vs Off-Beach Property
Needless to say, the demand and price will differ widely between beachfront and off-beach properties. You need to decide which one will fit your expectation and budget. For instance, you can check out the oceanfront condos for sale in Myrtle Beach to have a clear idea about how much that would cost.
Why Myrtle Beach?
Yes, there are great beaches all over the world. Why would you choose Myrtle Beach? There are a number of very attractive features nearby. Let’s look at some of them.
Every year more than 18 million people come to this area for the more than 60 miles of beaches, with the Surfside Beach at the south end and the Cherry Grove Beach at the north end. Both of the beaches have their own reputation: In the 2019 “TripAdvisor Traveler’s Choice Awards,” Cherry Grove was named the 11th finest beach in the United States, and Surfside Beach was named the 10th finest family beach.
Located south of Myrtle Beach, this garden offers more than 2000 American sculptures among the natural beauties of the botanical gardens. You can spend a full day exploring the eventful history of South Carolina.
In an area of 61.56 square kilometers, there are more than 50 mini-golf courses. Heaven for the mini-golf enthusiast.
An amazing artificial water world where you’ll find yourself swimming with stingrays and diving with sharks. The underwater view of the Dangerous Reef will stay with you forever.
Myrtle Beach SkyWheel
Not your average carnival ride, this is a great opportunity to have a full view of the town and the sea from about 200 feet above the ground. The enclosed gondolas with glass doors allow you to watch and photograph with a sense of security and safety.
Hollywood Wax Museum
The fourth wax museum in the USA, this can be a whole day’s visit with lots of fun, especially Hanna’s Maze of Mirrors and Outbreak, which takes you through a zombie-infested area.
This is an excellent kingdom of family fun suitable for all ages and featuring 38 rides, carnival-style games, an arcade, tasty treats, entertainment, and more.
No less entertaining than it sounds, you will zoom from one side to the other using wire-mounted trolleys. It provides the perfect adrenaline rush.
This is an excellent mix of education and fun covering about 50,000 square feet and featuring over 100 exhibits. It is an edutainment experience that will stir your mind and spark your imagination. The Extreme Weather zone, Space Discovery zone, Physical Challenge Zone, Light and Sound Zone, Wonder Art Gallery, Imagination Lab—all are ready to take you to a world that will provide you with education and just plain fun.
And that’s not all. Pirate’s Voyage, Duplin Winery, Wild Water & Wheels Water Park, T.I.G.E.R.S., Myrtle Beach Pelicans Baseball Game, and Dolphin Cruises are available to show you why Myrtle Beach is really special.
The bottom line is very simple: Plan carefully, talk to people you trust and count on, hire the right people, and seek help from the right company. The internet is open to you and none of the data and information is hidden out there. Get the most out of it.
Good luck with your beachside property!