Now is a great time to buy Myrtle Beach condos for sale with the continuously dropping market prices and increased condo foreclosures. Lots of individuals are making money and profiting from their condo investments. This is why it is currently considered as among the best money making real estate investments that even an average individual can accomplish.
Despite these assurances, you can never be too sure of your condo investments. There are lots of things to consider before you can be sure you are making a great deal and that you will not waste your money, time, and effort in this investment. Some of these important considerations that you should make include the location of the condo, the type of buyer you want to target, and your marketing strategies.
Aside from these, though, there is one thing that you should NOT neglect to look into when buying condos for sale – the condo building’s vacancy rate.
Why should you consider the building’s vacancy rate when buying Myrtle Beach condos for sale?
The primary reason for this is that the vacancy rate will affect your monthly dues and condo fees. If the vacancy rate is low, expect to have increases in your monthly dues and condo fees since you will be sharing the building maintenance expenses with only a few unit owners.
Keep in mind that owning a condo unit is like owning a piece of a pie. All of you who own a piece of the pie are responsible for maintaining the entire pie plate. In purchasing a condo unit, you agree to pay condo fees every month, which mostly covers costs for building maintenance and upkeep. These fees also include other daily costs and reserve costs. A portion of this fee is also kept and saved for future unexpected repairs.
A low vacancy rate may be due to several reasons. One of these reasons is when condo unit owners are unable to continue making payments, letting their units go into default. When these units are foreclosed on, the building association will resell the unit in an attempt to continue receiving funds for the upkeep of the building. If these units fail to resell and new building assessments have been completed, the current condo unit owners will become responsible to pay for the building maintenance and upkeep of the building facilities.
This is why, if you are not careful in choosing which Myrtle Beach condos for sale to buy, you will end up paying monthly dues and condo fees that are bound to increase after several years. So the next time you plan to invest on a condo, choose one with a high vacancy rate.
For more tips in buying Myrtle Beach condos for sale, call Jerry Pinkas Real Estate Experts now.
The Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your only source of helpful information on Myrtle Beach condos for sale!