Myrtle Beach is a great area to buy condos because of the lower property prices & costs, various amenities, and huge rental income potential.
Condos are amazing, and purchasing one can be a big step towards private property ownership. However, you have to be careful because condos do not come cheap, and investing in the wrong condo in the wrong place can result in a huge financial loss.
If you are looking for a beach condo or an oceanfront condo, Myrtle Beach is a great choice. It is a popular tourist hub for all the right reasons. The golden beaches, pleasant weather, and affordable properties make Myrtle beach very attractive to visitors and investors alike.
Read on to know the top 8 reasons why you should buy a condo in Myrtle Beach.
1. Low Homeowner Association Fees
Homeowner association or HOA fees is an essential aspect of real estate. This fee is paid by homeowners living in a specific community monthly for repairs, services, and amenities.
Some areas have high HOA fees, which can be a major concern since you will be paying this monthly. Compared to other areas, Myrtle Beach has significantly low HOA fees. You will be able to enjoy plenty of amenities at a very low price.
In most cases, HOA fees are paid monthly, but some condos have quarterly payments as well. This HOA includes maintenance for most of the things outside the walls of your condo. This includes pools, parking lots, garages, elevators, and foyers.
As the HOA is comparatively lower in Myrtle Beach, the Myrtle Beach oceanfront condo foreclosures come at an affordable price.
2. Low Tax
Just like the HOA fees, the tax rate here is also low. Generally, condos, especially oceanfront condos, are considered high-risk properties. Such properties always have higher tax rates.
The overall tax is low in South Carolina, which means the tax for oceanfront condos or condos, in general, will also be comparatively low here. Moreover, you do not have to pay the annual $40 inspection fees in Myrtle Beach.
3. Condos At Comparatively Lower Prices
Since Myrtle Beach is filled with condos, you will find plenty of options to choose from. Even on a tight budget, you will find a suitable condo because the area offers mid-range condos with two bedrooms all the way to condos with six massive bedrooms.
You can visit the area to better understand how the condos in Myrtle Beach compare to neighboring areas. They have all the necessary amenities at affordable prices. For instance, you can buy a beautiful oceanfront condo for less than $250,000.
4. Low Cost Of Living
Since the tax rate and HOA fees are comparatively lower in Myrtle Beach, the oceanfront condos here are 30% cheaper than condos in other areas.
Aside from real estate expenses, other costs are also low in South Carolina.
Transportation is cheap here, and gas prices are 8% lower than neighboring states and the national average. Myrtle Beach is also a small area which means you will be saving a lot more on gas money.
Hospital and health costs will cost you one-third of what it does in areas like Miami and Las Vegas. This low cost of living makes it easy for you to invest more in an oceanfront condo.
5. Substantial Rental Income
There is a chance you will not be living in your condo full time. If that is the case, putting it on rental when you are not there would be a great way to make extra cash.
If you have a mortgage, putting your condo on a rental is ideal to pay off the loan. The good news is that Myrtle Beach becomes packed with tourists looking for rentals during the summer season.
If you have other places to visit during the summer, do so and put the condo on rent. The rental rate during peak season is attractive, and many tourists prefer a private condo to a hotel.
Besides tourists, Myrtle Beach also has a high employment rate, which means you will always find local residents willing to rent your condo. The average rent for a condo can range from $1,000-$1,500.
But before putting your condo up as a rental, be sure to know what the right rent should be and who will use your place. You definitely do not want people with financial problems renting your condo for a long time or have people damage the home during their temporary stay.
6. Abundant Recreational Activities
This may not directly add value to your property, but it is safe to assume that you would want your condo to be in a place where you can enjoy yourself.
You may enjoy the cold ocean breeze, peaceful environment, warm golden rays of the sun, a morning walk on the beach, and a nice relaxing day on the golf course.
Or you might be the one who enjoys the young and free nightlife accompanied by amazing bars, live music, and magnificent restaurants. Whatever the case, Myrtle Beach has all the things.
You can either choose a peaceful locale or a busy area. Since there are plenty of condos, you are bound to find one in your preferred location.
One of the major attractions of Myrtle Beach is its golf courses. There are eighty championship golf courses across Myrtle Beach. Some of them have even been featured in the Golf Digest magazine.
If you love art, you can visit any of the six hundred art events held every year. If you are looking for some high-stakes games, visit the casinos there.
If you are looking for a place to retire, Myrtle Beach can be a great place. You can settle down in an oceanfront condo. Get to know the local people who are super friendly and spend the days taking long walks on the beach and playing golf.
7. Pleasant Whether
During the summer, Myrtle Beach is visited by almost 14 million tourists every year. If you want, you can even set up a shop or run a business here during summer. Since the area is so popular, you are likely to make a considerable profit from your business.
You will not witness scorching heat here in the summer like Florida, neither will you feel freezing cold during the winter. The winter in South Carolina is also short. It only lasts about two months, meaning you will be enjoying the lovely breezes and comfortable weather throughout most of the year.
Despite having fewer tourists during the winter, you will still have lower expenses on utilities. The chances of natural disasters like Hurricanes are significantly lower than in the Northern areas, which is good news for potential property investors like you.
The comfortable weather and low cost of living ensure a higher quality of life.
8. Adequate Education System & Health Facilities
This may seem non-related to condo buying, but if you stay in Myrtle Beach and have kids, you have to consider the education system here.
South Carolina has multiple options when it comes to education at all levels. Coastal Carolina University offers some top-tier MBA programs. Webster University is also known for its graduate degrees. The Loris Elementary School, Whittemore Park Middle School, and Myrtle Beach Elementary, Primary, and Intermediate schools are quite popular.
There are plenty of renowned hospitals like the Grand Strand Medical Center, Conway Medical Center, and Tidelands Waccamaw Community Hospital.
Since health care is comparatively cheaper, you will not have to worry about visiting the doctor when you need it.
What To Look For In A Condo Before Purchasing?
Now that you know why buying a condo in Myrtle Beach can be a good investment opportunity, you should know what you should look for before purchasing a condo.
1. Check Out The HOA Fees
Overall, the HOA fees are comparatively lower in Myrtle Beach, but even here, different areas will have different rates. The rates will fluctuate based on the size and location of your condo.
Before purchasing one, be sure to compare various condos and find one with reasonable HOA fees that includes insurance.
2. Invest In The Right Location
The place should be in a convenient location. The good thing is that Myrtle Beach is a small area, and you will find all the necessary shops and services close by. The site impacts your rent rate, HOA fee, utility cost, and other expenses.
3. Find The Right Realtor With Extensive Experience
Hire an expert realtor to find a condo that meets your needs. They know the current prices, mortgage rates, rental rates, and every other thing you need to know before buying a condo.
Final Thoughts
Buying a property can be an overwhelming process. There are various costs to consider. Buying one in Myrtle Beach is a great option because of comparatively lower prices and huge profit potential.