Myrtle Beach Condos For Sale And The Baby Boomers

Myrtle Beach Condos For Sale And The Baby Boomers

Myrtle Beach Condos For SaleMany baby boomers who are in their retirement years are looking to buy Myrtle Beach condos for sale either as a form of investment or their own retirement pad. Many experts will agree this transition is beneficial to the elderly as the condo could be their source of income – should they choose to rent it out – or a practical and convenient dwelling where they can spend their retirement years.

However, before jumping into the wagon and spending money on the first condo unit offered to them, it is important that baby boomers spend time considering certain factors and learning everything they can about living in a condo unit. Keep in mind that this is not a cheap investment and, thus, safety and precautions should be observed when in the purchase process.

Here are some of the top things baby boomers should know about Myrtle Beach condos for sale.

1. There are homeowners’ association rules that should be strictly followed. Condo buildings are operated and managed by a governing board or a homeowners’ association. They implement sets of rules to ensure organization and peace throughout the condo. Some of these rules may seem limiting or restricting to the baby boomers. Thus, it is important to review the rules that each condo building has. Remember that these rules may vary depending on the governing board and homeowners’ association.

2. Hardwood floors should be covered. Living in a condo means living above and below another family or individual. To maintain peace among condo unit owners and residents, some condo associations require each owner or resident to cover at least 80% of their hardwood flooring to minimize the noise.

3. Parking space might only be used for parking. Many Myrtle Beach condos for sale come with their own parking space. Although every condo owner has all the rights in their own personal parking space, they cannot use it for other purposes. If they don’t have a car, the space will still be reserved for them but it cannot be used for storage or other purposes.

4. There are certain hours when noise is restricted. For baby boomers, this is excellent news as they will have their peace and quiet some hours in the morning and in the evening when they are preparing for bed. With regard to this rule, it is also important to consider the condo building’s construction, whether or not the walls are made of concrete or wood. Keep in mind that concrete blocks noise better than wood.

5. There may be restrictions about bringing in and living with pets. Many condo building associations do not allow bringing pets inside the building and condo unit. This is primarily for the safety of other residents in the building. There are associations that allow pets inside although they may have restrictions regarding size, weight, and number of pets for each condo unit owner.

For more information on Myrtle Beach condos for sale, contact Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870
https://myrtlebeach-condosforsale.com

Your partners in choosing the best and most suitable Myrtle Beach condos for sale.

Essential Guide When Buying Myrtle Beach Condos For Sale

Essential Guide When Buying Myrtle Beach Condos For Sale

Myrtle Beach Condos for SaleThere are lots of things to consider, assess, and keep in mind when buying Myrtle Beach condos for sale. It’s easy to just give up and throw the whole idea out the window. If you are looking to purchase condos – whether as a form of investment or a place of residence – it is important that you learn a few things about the condo building and the association or the governing board before you actually make the purchase. This will help you more effectively prepare for all the turns and bumps that you are sure to experience as you go through the condo purchasing process.

Below is an easy guide you can follow to help you assess Myrtle Beach condos for sale.

1. Look at the condo association rules

One thing you should know about living in a condo is that you have limited control over how you want to use and decorate the condo. There are specific rules and regulations set by the condo association that you will have to follow if you want to live in the condo unit. These rules are specifically created to help maintain a peace and organization throughout the building as well as to ensure the safety and security of every condo unit owner and resident.

Each condo building association may implement different sets of rules. So you might want to continue looking for Myrtle Beach condos for sale until you find one with rules and regulations that you can live with.

Some of these rules may include:

  • Modification limitations – particularly on the exterior of the condo unit
  • Number of individuals to live in the condo unit or stay overnight
  • Use and maintenance of common areas including swimming pool, gym, and spa
  • Living with pets

2. Look at the building’s master insurance policy and requirements

You need to look at the building’s master insurance policy to verify what other types of insurance policies you need to get if you decide to buy a unit. And if you will have to get additional insurance, you need to know about the building’s requirements.

Among the additional insurance that condo owners commonly get for their condo units is the physical loss and liability insurance, which may cover your entire unit along with all your belongings and possessions. Make sure you are working with an independent agent to help you obtain the necessary insurance for your condo purchase.

3. Don’t forget about lender required insurance

If you are getting a mortgage for your condo purchase, you will also have to consider the particular requirements of your mortgage lender. They may require certain types insurance coverage, such as flood insurance, if the condo building is located in a flood-prone area. Keep in mind, however, that some flood insurance premiums could increase every year, which you will have to pay as long as you are using the mortgage. Your best option would be to buy a unit that is not located in a flood-prone area.

For more information on Myrtle Beach condos for sale, call Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870
https://myrtlebeach-condosforsale.com

Working with you to ensure you are buying the right and most appropriate Myrtle Beach condos for sale.

What To Research When Choosing Myrtle Beach Condos For Sale

What To Research When Choosing Myrtle Beach Condos For Sale

Myrtle Beach Condos for SaleBuying Myrtle Beach condos for sale – whether for investment or personal use – is not an easy process. It can be an exhausting and stressful process if you do it on your own without professional assistance and if you don’t know what you’re doing. However, it can also be an exciting and simple process if you choose to work with a professional and have all the support that you need.

There are some important considerations you will have to make before deciding to buy and before signing the purchase contract. Among the primary factors that you should consider are the condo unit’s and condo building’s insurance policies and the history or background of both the condo building and the condo association as well.

Condo unit and condo building insurance

This is one of the primary differences of buying a single-family home and a condo unit. When you buy a house, you will need to insure not only the house, but also everything inside the house and the entire property including everything in and on the lawn. Myrtle Beach condos for sale, on the other hand, already have policies covering the entire building. The costs are then divided among all the residents in the building. So you pay lower insurance fees as compared to the fees you pay for complete real estate insurance.

You also have the option to add other types of insurance to your condo unit. Keep in mind that while the building is covered, everything inside your condo unit is not insured. Thus, you need to buy policies to cover your furniture and other belongings. Other types of insurance that condo owners and buyers may need are disaster and flood insurance. Confirm with your condo building association whether or not they already have these for the entire building.

History and background of Myrtle Beach condos for sale

It is important that you learn and find out everything you can about the condo unit and the governing condo building association before you close the deal. Some of the ways you can easily do this include:

  • Requesting copies of the condo association’s books
  • Talking to potential neighbors and inquiring about their experiences with the unit and building
  • Asking the real estate agent who is on-site when you first visited the building

You would also want to know more about the condo building’s management system. More specifically, find out how the condo association is managing and maintaining the building. This will help you better know the condo association, particularly on how they resolve issues and residents’ concerns. Plus, they should be active enough that every owner knows a lot about them.

Looking for more information? Speak to a Myrtle Beach condos for sale professional by calling Jerry Pinkas Real Estate Experts.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870
https://myrtlebeach-condosforsale.com

Providing you with high quality information and services on Myrtle Beach condos for sale.

Assessing The Board When Buying Myrtle Beach Condos For Sale

Assessing The Board When Buying Myrtle Beach Condos For Sale

Myrtle Beach Condos For SaleThe governing board in Myrtle Beach condos for sale plays a critical role in the success of your condo purchase. It is important to make sure that the condo board association is not experiencing any problems with regards to managing the building. Or if they are experiencing problems, they are able to resolve the issues quickly and efficiently.

According to experts, buying a condo unit from a smooth running and financially healthy governing board association will ensure that you as a condo owner will not have any problems while living in the condo unit. Plus, you can be rest assured that they are financially able and efficiently capable of resolving any issues that could arise with condo owners and tenants.

Here are some of the common issues that you might experience and will have to resolve with the governing board association after buying Myrtle Beach condos for sale.

1. Maintenance

This is one of the most common issues that arise between the governing board and condo owners or tenants. Basically, maintenance of the common areas including hallways, lobby, conference rooms, ballrooms, spa, swimming pool, gym is the responsibility of the condo association. The governing board of a condo building should oversee regular maintenance of the common areas as well as the necessary repairs. If you notice repairs and maintenance issues being resolved almost every month, it may indicate that the board is ineffective or inefficient.

2. Disputes with residents

Another common issue you would want to take a look at are disputes with residents. Your neighbors have different opinions regarding how the condo building is managed by the board. Talk to them and inquire about how they are finding the board and whether or not they think it is doing an efficient job in managing the building. Also find out if they had any disputes with the governing board and how their issues were resolved.

Similarly with maintenance issues, even though the board is able to smoothly resolve issues and problems with the residents, it doesn’t immediately mean they are effective. You might want to look at what caused the issue and the frequency of the same issue.

3. Homeowners’ association rules

Myrtle Beach condos for sale have different sets of rules that every resident and condo owner should abide with. You will need to learn about and review these rules before you decide to buy a condo unit. You don’t want to get into a dispute with the governing board just because you didn’t know pets were not allowed inside the building. Request a copy of the rules and spend time going over it before deciding to buy. Keep in mind that although these rules may limit how you want to live in the condo building, they are specifically chosen and created to help better protect you and the other residents in the building.

For more information on Myrtle Beach condos for sale and condo building associations, call Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870
https://myrtlebeach-condosforsale.com

Your only source of quality Myrtle Beach condos for sale information.

Buying Myrtle Beach Condos For Sale? Check The HOA First

Buying Myrtle Beach Condos For Sale? Check The HOA First

Myrtle Beach Condos For SaleIt is important that you check the HOA first before you consider deciding which Myrtle Beach condos for sale to buy. It will save you a lot of money and time if you learn more about how the HOA or homeowners’ association of the condo you are considering purchasing are running things and operating the entire condo building.

There might be policies and/or regulations that you don’t agree with. And you don’t want to learn about these after you’ve bought the condo unit. Because you would then have to either learn to live with these rules and regulations or look to resell the unit as soon as after you’ve bought it – which might not look appealing to potential buyers.

What about the homeowners’ association?

A condo’s homeowners’ association is generally the governing body responsible for determining the monthly dues you will have to pay on top of your monthly payment for the condo unit. They are also responsible for allocating the dues they receive from the condo unit owners in different aspects of the building’s maintenance – i.e. insurance costs, necessary repairs and required building upgrades, and expenses on cleaning and maintaining the common areas.

In line with their responsibilities for building maintenance, they are also responsible for setting up rules and regulations that all condo owners and occupants should abide with. This may include restrictions in bringing pets inside the building, curfew hours, and the operating hours for the swimming pool. These rules may depend on the neighborhood where the condo is situated.

The HOA of various Myrtle Beach condos for sale have different rules and regulations and may implement different policies regarding payment of the HOA fees. They may also have different types of reprimands for those who delay their payment of HOA fees.

According to industry experts, it helps if you join the HOA of the condo unit you are considering buying before you actually pay for the unit. This will help you learn more about the governing association. Most condo buildings allow potential buyers to join the HOA in advance or attend one of their monthly meetings.

Here’s a list of things you might want to ask when you attend one of the HOA meetings of the Myrtle Beach condos for sale you are considering buying:

  • What are the monthly dues? Do you accept automatic debit payment?
  • Can I ask for a copy of your CC&Rs (covenants, conditions, and restrictions) and bylaws? – Note that this will help you have a deeper understanding on the rules and policies, allowing you to decide whether or not you can live and abide by them.
  • Have you made any special assessments in the last three years?
  • Can I ask for a copy of the latest budget assessments and minutes of the most recent meeting?

Spending time to get to know the condo unit’s HOA before deciding to buy or not would surely save you lots of money down the road. If you have questions or want to learn more about this, contact a Myrtle Beach condos for sale agent at Jerry Pinkas Real Estate Experts now.

Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
843-839-9870
https://myrtlebeach-condosforsale.com

Your partners in finding the best Myrtle Beach condos for sale.