Are you looking to invest in a Myrtle Beach condo? There are a few factors to consider that will help you in making smart investment choices.
Things to Consider When Buying Oceanfront Condos in Myrtle Beach
Myrtle Beach is a city and tourist destination on South Carolina’s Atlantic coast that serves as a center for the Grand Strand, a 60-mile long sandy beach. It is also well-known for its golf courses, which have been built by celebrities.
Arcades, souvenir shops, and restaurants can be found along the boardwalk, the Family Kingdom amusement park, and the famous SkyWheel, one of the country’s tallest Ferris wheels can be found here too.
There is a fun fact about “The Grand Strand.” The title does not refer only to the towns of Myrtle Beach. Accompanying Myrtle Beach, many smaller communities to the north and south known as “en masse” are known as the “The Grand Strand.”
Another factor is that Myrtle Beach is highly developed and overcrowded than other Southern destinations like the Outer Banks of North Carolina. Myrtle Beach is a popular vacation spot for tourists and families, especially in summer.
The development of new highways, such as Highway 22 and Highway 31, has reduced traffic congestion. Recently the authorities have opened new opportunities for visitors to explore Huntington Beach State Park’s undeveloped beaches.
Now we know a little about Myrtle Beach; let us go for the condominium or, in short, the condo.
What is a Condo?
A condominium or a condo is a structure split into many individually owned apartments surrounded by jointly owned common areas.
Condos for residential use are often built as apartment structures. However, there are also “detached condos,” which look similar to the single-family homes but share the ownership and maintenance of the yards, corridors, building exteriors, streets, and recreational facilities.
In comparison to apartments, which are rented, condos are owned. Also, the individual unit owners jointly control the property’s common spaces, like walkways, corridors/hallways, laundry rooms, and common utilities and services, such as the elevators, HVAC system, and so on.
Several industrial buildings have been renovated as shopping malls. The organizations that occupy the individual office and retail areas are the owners of those.
The mall’s public areas are jointly owned by all of the companies that lease individual spaces. There are numerous Myrtle Beach condos for sale on the oceanfront, as the place is opening up for visitors.
Like the homeowner association (HOA), the owners control the common spaces, amenities, and utilities together.
Homeowners Association (HOA)
So now, let us discuss what the homeowners association (HOA) is.
The homeowner’s association (HOA) is a non-profit organization located inside a neighborhood, condo, or planned community that develops and maintains regulations controlling its residents’ properties.
Anyone who buys property within the jurisdiction of an HOA immediately gets a membership and is obliged to pay a fee, known as HOA fees. Specific associations can be quite restrictive in terms of what their members can do with their assets.
Homeowner associations (HOAs) are usually managed by a board of directors and collect monthly or yearly fees to cover the cost of standard area maintenance and facility upkeep.
In addition, homeowner associations (HOAs) have the authority to impose fines on homeowners who are not in compliance.
Now that we know about Myrtle Beach, its condo’s and the homeowners association, let us discuss if it is beneficial to buy or invest in condos in Myrtle Beach.
Myrtle Beach Condo
Myrtle Beach is well-known for its lovely beach homes, resorts, oceanfront and ocean view condos, and excellent hotels. If you are looking for a permanent residence to spend vacations with or without your family in a beach location, then Myrtle Beach is the perfect place for you.
Oceanfront vs. Oceanview
There are two types of condos available: oceanfront and ocean view. Oceanfront condos have balconies that face directly toward the ocean without you having to look around. That is why oceanfront condos are typically more costly than other condos.
On the other hand, Oceanview is less expensive since the balcony will face either left or right of the ocean, rather than directly facing the ocean.
You will still have a view of the water, but it will not be close enough. Also, ocean view condos are usually situated a little far, requiring additional walking to reach the beach.
Is It A Good Investment?
What criteria do you utilize while looking for an oceanfront condo? The salty scent of the seaside, the soothing sound of the waves – all of this is available from the seclusion of your oceanfront balcony. However, what about money?
Oceanfront condos are an excellent investment since they produce rental revenue just for the view.
People will gladly pay for it since the condo offers an uninterrupted view of the stunning ocean, magnificent dawn, and a peaceful sunset every day from the comforts of the balcony.
These condos attract many tourists from across the globe, who pay extra money to rent the place for a few days.
However, some individuals may worry whether it is a brilliant idea to invest here. Yes, it is indeed. Numerous real estate investors appreciate the fact that an appropriate tourism destination will draw hundreds of tourists, each of whom will need a reasonable accommodation.
You may own a condo and rent it to tenants, making money to flow in while you sleep, or you can use it for yourself to avoid the hustle of city life. It is a win-win scenario in any case.
Attractions in Myrtle Beach
Not only does Myrtle Beach have the finest views of the ocean, but it also offers several entertainment spots with a variety of activities.
They offer various concerts, conventions, and events, though these are currently suspended because of the coronavirus pandemic. They have, however, opened up their beaches and recreational facilities like famous golf courses, multi-cuisine restaurants, and amusement parks.
This city has numerous golf and mini-golf courses. As a result, Myrtle Beach has earned the title “Golf Capital of the World.” Also, there is Myrtle Beach Speedway, which hosts NASCAR races and held a “UOA Nationals” in 2010.
Other entertainment options include children’s amusement parks and the country’s second-largest Ferris wheel.
Myrtle Beach’s Covid-19 Situation
Though all areas were shut during the lockdown, Myrtle Beach is gradually reopening them by ensuring that necessary measures are taken and maintained. Facemasks are a mandatory accessory that must be worn by everyone who stays or visits the area.
People are especially vulnerable when they visit highly populated areas like supermarkets and convenience shops, gyms, pharmacies, beauty salons, and restaurants.
Individuals found without a face mask or not following appropriate safety guidelines may be prosecuted and fined $100.
It is very commendable how they ensure the safety of not only themselves but also of others.
You may be considering investing in rental condos in Myrtle Beach. However, as the world gradually adapts to this coronavirus catastrophe, everything will return to normal in some way or the other. All that is required is to stay safe and maintain proper hygiene.
Things to Consider
Consider the following before purchasing a condo.
Oceanfront condos in Myrtle Beach are ready for sale, and property acquisitions are now ongoing. If you are searching for an oceanfront condo, you should do your research. Rather than depending on the photos in the brochure, go there and personally check the condos you are interested in.
Purchasing a condo is a lifetime decision. When purchasing an oceanfront condo, the most important factor to consider is the location.
Choose the ideal location where you can enjoy the view from your balcony. If you get the perfect condo that soothes your soul when enjoying the view, that is the perfect one for you.
Do not forget about the facilities that come with a condo, like guest rooms and parking, a concierge, a gym, and a swimming pool. Keep in mind that the more facilities are included, the more expensive the condo.
Besides the condo price, maintenance or repainting may be necessary. You must ensure that enough funds are ready to mitigate these issues.
Another factor to check is the condo’s size. It is important because you must arrange your furniture so that it does not look overcrowded or empty.
It is preferable to determine the size of the condo while it is still under construction so that you can add or remove spaces to fit your furniture. Otherwise, you will be forced to give up some of your furniture.
While oceanfront condos can be pricey, they can also be the most profitable, considering the number of tourists visiting Myrtle Beach every year.
Conclusion
With proper precautions, you can enjoy the salty ocean and summer breeze anytime you want, keeping your body, mind, and soul calm and healthy.
Because of the inherent nature of these condos to generate money, you can enjoy life while expanding your bank account, without worrying about your future.
On the other hand, if you feel the need for a break, you can stay in the condo and spend time with your family. It is the best way to maintain relationships with nature, and family.
However, always remember to be cautious and use safety measures while enjoying the sea.
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