Among the top forms of real estate investments today are houses and Myrtle Beach condo. Many people are considering property investments because of the many possibilities to earn more money and obtain a higher yield. Plus, most successful investors will say that real estate is a safer investment than any other forms of investment.
Despite these, there are differences when investing on houses and on condos. Both will bring you money in more ways than one but how much you will earn will depend on which between the two you choose and how you manage your investment.
Houses versus Myrtle Beach condo
In most cases, houses will be more expensive to purchase than condominiums. The primary reason for this is that houses are built on their own plots of land. Hence, when you invest on a house, you are not only purchasing the actual house itself, but also the entire land on which it sits, including the front yard, back yard, and sometimes even the curb.
On the other hand, the purchase doesn’t include some essential facilities such as fully equipped fitness centers, swimming pool, spas, and entertainment centers, which is the case in a Myrtle Beach condo investment. These facilities are often the deciding factor for many investors and condo buyers. These individuals are after convenience and instant access to facilities they frequently use. Having these facilities in the same building where they live or rent is a big plus.
Tips for first time investors
If you are a first time investor, here are some tips that might help you start on the right track and ensure you make profit.
- Before actually purchasing and investing your money, look around the neighborhood where the house or condo that you want to buy is located. Compare prices of recently sold properties and find out whether or not you are given a reasonable offer.
- Check out the rental statistics in the area where you are looking to buy. Are there lots of renters? Are there lots of individuals looking to rent? Find out how much is the average rental fee and calculate how much you will receive in terms of rental fees in a year. From the sum, remove all the costs you spent on – including repairs, other necessary fees, etc. and you’ll get an estimate of how much you can earn in a year.
- Look for off-plan projects as these are often offered at lower prices, which is one of the keys to obtain an admirable return of investment and a much higher profit.
- If working with a real estate agency, make sure they are legal and verified. To determine this, do a quick research and find out whether or not the agency you will be working with is a trusted source. You can tell they could not be trusted when they refuse to provide references.
Contact Jerry Pinkas Real Estate Experts now for more details on renting a Myrtle Beach condo unit.
The Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your only source of quality information on Myrtle Beach condo units.