Myrtle Beach real estate is a wonderful place to invest! With the Grand Strand area being among the best vacation destinations in the country, there are always plenty of condos to buy in Myrtle Beach. Since 2000, several condo buildings have been built and have a great rental history for those looking to invest in vacation rental properties. When you buy a condo in Myrtle Beach, you can choose to live there, retire there, use as a second home or vacation home, or be a vacation rental property for investment purposes. Whatever you choose for your condo that you buy in Myrtle Beach, working with a qualified real estate agent can help you pick the right condo to buy in Myrtle Beach for your wants, needs and budget.
When you buy a condo in Myrtle Beach, there are several locations to choose from. Of course the most popular and plentiful of all the condos to buy in Myrtle Beach are those that are oceanfront. When a condo building is oceanfront, that doesn’t always mean that the condo you buy in Myrtle Beach will be oceanfront. Perhaps the condo is located on the side of the building with southern ocean views. The condo can also be located in an oceanfront building, yet be facing the city or “street side” with views over the entire city, therefore not be oceanfront. This is one thing to consider when buying a condo in Myrtle Beach. If you buy a condo in Myrtle Beach as a vacation rental property, the location is important for your rental income return. While a condo maybe less expensive when located with just an ocean view or city view, the highest rental amount will come from those condos that are truly oceanfront. Most people that come to the beach for a vacation are willing to pay a little extra to be oceanfront. They want to wake up to a beautiful sunrise over the Atlantic Ocean.
Size is another important factor is determining what condo to buy in Myrtle Beach. You will find a wide variety of sizes in the condo market in Myrtle Beach. When you buy a condo in Myrtle Beach, the number of bedrooms will also determine the price of the condo. While an efficiency might be the lowest priced condo that you can buy, if you are again looking for a vacation rental with good income, a 1 or 2 bedroom might be a bette option for your investment. 1 and 2 bedroom condos are popular, but the 3 and 4 bedrooms are probably the most plentiful and offer a greater rental income than the smaller condo you can buy in Myrtle Beach. Of course, there are condos to buy in Myrtle Beach that are even larger, with some that are 8 bedrooms or more! While the rental income may be highest among the larger condos, the investment and maintenance in them also come with a higher price tag as well.
The last thing to consider when buying a condo in Myrtle Beach is the HOA dues. Most if not all condo buildings have a monthly fee for maintenance, building upkeep, insurance and or amenities that each homeowner in the building pays. This will be a factor when deciding to buy a condo in Myrtle Beach. Your real estate agent will help you navigate through the maze of HOA dues and will let you know the amounts for each building that you look at, as each monthly fee varies with the building.