3 Things To Remember When Buying A Myrtle Beach Condo

3 Things To Remember When Buying A Myrtle Beach Condo

Myrtle Beach CondoIf there is one thing that most Myrtle Beach condo investors have in common, it is to invest on something that will surely increase in profit. This is not too difficult if you know what to look for and what to buy when it comes to Myrtle Beach condos for sale.

In this article, we will discuss tips on what type of Myrtle Beach condo to buy to ensure increasing profits down the road:

  • If you have the money, buy the biggest condo you can afford.

Keep in mind that most condo investors will put their money on one-bedroom units and will be targeting practically the same market. As a result, competition will be tighter and it will be more difficult for you to find a renter or sell the condo unit. If you have the money, buy one big condo unit instead of several smaller ones.

In doing so, you will have lesser competition with regards to the market you are targeting. Plus, you will be able to tap into a larger market consisting of empty-nesters and individuals looking to downsize their living conditions. These mostly include the elderly and retirees, which are a growing segment of the population.

  • Look for and buy from up-and-coming areas.

These areas will definitely have lower-priced condo units. An average size condo unit will more likely be cheaper in up-and-coming areas than well-developed areas. By putting your money in these areas, you are ensuring your position in an area that will cost a lot after several years. The best thing about this is that you were able to buy something that is worth more and be able to sell or rent it for a larger cost.

  • Go for the unique units.

In any kind of investment, it is important to stand out among your competition. Not only will your Myrtle Beach condo investment be more appealing to your target market, but you will also be able to easily catch the attention of individuals who are looking for something interesting and exciting.

To do this, you can opt to buy a loft where you can easily change the layout and floor plan. Keep in mind that the changes you make should not end up in a condo unit that is similar to your competition.

For more tips on your Myrtle Beach condo investments, call Jerry Pinkas Real Estate Experts.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870

http://myrtlebeach-condosforsale.com

Your Myrtle Beach condo investment professionals!

Should You Consider Myrtle Beach Condo Co-Ownership?

Should You Consider Myrtle Beach Condo Co-Ownership?

Myrtle Beach Condo For SaleA fun and exciting way of Myrtle Beach condo investing is sharing ownership with friends and relatives. Many investors are considering this type of ownership because of the many benefits it can provide.

Among these benefits are earning additional income, even if you invested a small amount of money. Sharing ownership with your friends and relatives would mean you are all owners and have investment in the condo. Regardless of how you divide up the investments – including time, effort, and money – you will all earn additional income in the long run.

If you want to consider this new way of purchasing a Myrtle Beach condo, here are helpful tips to ensure you will make the most out of your investment.

  • Agree on a specific set of rules – You and all co-owners should agree on a specific set of rules regarding the required investments, maintenance, and use of the condo. If you purchased the condo as a source of additional income, you can agree on renting out the unit for several months, reserving a few months for personal use. On the other hand, you can also equally divide the months in a year when each of you will have equal number of months of living in, renting out, and maintaining the unit.
  • Talk about sharing risks and rewards – Because you are all owners of the Myrtle Beach condo, you should establish at the early part of your partnership, even before you have purchased a condo, that all of you will share risks, rewards and responsibility over maintaining the condo. You can opt to pay a certain amount each month for the maintenance and upkeep of the unit.
  • Establish a contingency fund – To prevent sudden expenses on maintenance and upkeep, it is highly suggested that you and all partners set up a contingency fund. Set aside a contingency fund for at least 6-12 months worth of maintenance costs at the beginning of your partnership.
  • Get a partnership or life insurance policy for each of the owners – This will help protect each of you and your investments in the condo unit should one of you pass away or experience an accident. You should set up the cost, terms, and payment for the insurance with all other owners of the condo unit to protect every owner from possible future real estate issues.
  • Plan an exit strategy – Every business should have an exit strategy. This is also the same in condo investments. You and all owners of the condo should plan and agree on an exit strategy that will protect and benefit each other.

Call Jerry Pinkas Real Estate Experts now for more information on Myrtle Beach condo investments.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870

http://myrtlebeach-condosforsale.com/

Your Myrtle Beach condo experts!

Myrtle Beach Condo Living

Myrtle Beach Condo Living

Myrtle Beach Condo Lifestyle

Myrtle Beach Condos For Sale
843-839-9870

Myrtle Beach condo living offers a relaxed lifestyle.  You have fewer worries because your Home Owners Association will take care of the landscaping, exterior maintenance and common areas such as the pool.  You can enjoy a round of golf or relax by the pool with no home maintenance worries.  This also makes for a worry free rental property as there is always someone around in the event of an unforeseen problem.

Utilizing our Myrtle Beach Condos For Sale website gives you the ability to obtain detailed information regarding golf course condos, oceanfront and waterway condos and townhomes. You can even access new construction information from our MLS listing service.

Mark this website and come back often as we will be posting information on Myrtle Beach condos for sale, condo investing and tips on buying and selling your condo.  Whether you live in Myrtle Beach or you are considering a second home, a condo makes a great investment.  The market has never been better for investing in a condo.

Jerry Pinkas Real Estate Experts is one of the top Myrtle Beach agencies in the area.  We look forward to helping you find the perfect investment for you and your family.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave Myrtle Beach, SC 29577‎
(843) 839-9870

http://myrtlebeach-condosforsale.com/

homeguidemyrtlebeach.com

 

Your Myrtle Beach Condo Experts

Pros & Cons of Buying a Myrtle Beach Condo vs a Home

Pros & Cons of Buying a Myrtle Beach Condo vs a Home

In the Myrtle Beach area home shoppers can choose between traditional homes, a Myrtle Beach Condo or townhome.  With the exception of the location, the type of living quarters is the most important decision when buying.  When you purchase a home you are buying the house and the land it sits on. In contrast with a condo you are only buying the living space inside the condo and a portion of what is referred to as the common areas.  Along with the advantages and disadvantages to both types of housing, the cost and your lifestyle are often the determining factors as to which type of dwelling best suites you.

Advantage of a Myrtle Beach Condo Living

Myrtle Beach Condo LivingYounger buyers as well as those nearing retirement are deciding on condos over houses due to their location.  In Myrtle Beach you have oceanfront condos or ones that are very near the beach that are very affordable.  Condos are located in areas that are near restaurants, shops and local places of interest.  Many condos have amenities such as pools, fitness centers and community facilities.  People who live busy lives or want a retreat from the responsibilities of home ownership are attracted to the Myrtle Beach condo lifestyle.  Home owner association fees cover the expensive maintenance of the common areas, the exterior of the building and grounds.

 Disadvantages of Myrtle Beach Condo Living

 One drawback to a condo lifestyle can be the association fees which are in addition to your monthly mortgage payment.  These fees are used toward amenities and building maintenance.  Depending on the location of the Myrtle Beach condo and the number of units, these fees can be expensive and will increase if there is extensive maintenance that needs to be done. In the Myrtle Beach are many homes also have home owners dues and this needs to be taken into consideration when budgeting your purchase.

With a condo you will also need to share the decision making with regards to the actual building itself.  Some people will find this comforting others don’t like the restrictions and rules associated with condo living.  Make sure you fully understand all of the bylaws in the home owner’s agreement.

Myrtle Beach HomeDisadvantages of a Myrtle Beach Home

As a homeowner you are responsible for all maintenance both inside and outside of your home including lawn care.  If you are a new home owner you will need to take into consideration all of the extra equipment and tools that you will need to maintain your home.  Although improvements will increase the value of your home, you need to take future improvements into consideration when budgeting the purchase of a home.

Advantages of home ownership

The biggest advantage of buying a home is the control you have over your property.  This includes the ability to remodel or make changes without having to consult with others.  In most instances, owning a home is more spacious both inside and outside the home which makes it a better choice for large families with children and pets.  Houses usually have more closet space and storage in attics or exterior storage buildings.

Whether you are considering buying a Myrtle Beach condo or home you need to consult with a real estate agent that knows the area and can help you analyze your options.  Call the team at JP Real Estate Experts who have the experience to help you make the best decision for you and your family.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave Myrtle Beach, SC 29577‎
(843) 839-9870

http://myrtlebeach-condosforsale.com/

homeguidemyrtlebeach.com