One of the easiest types of real estate investment these days is a Myrtle Beach condo. Not only is it great for individuals who don’t have time for constant maintenance, it is also perfect for those who are looking to have a second home or investment property.
When considering purchasing a condo unit, there are lots of things you need to consider. One of these is the necessary fee you will pay upfront on a monthly basis. These fees include HOA fees.
What does a Myrtle Beach Condo HOA fee include?
HOA fees are paid to the condo building’s homeowner association. Every condo complex has a governing homeowners’ association, which is formed by local residents that enforce condo rules designed to maintain the appearance and value of the buildings. The HOA fees are used to fund the expenses necessary for the association to implement these rules. Included in the fees are the following:
- Building Maintenance – One of the primary uses of the HOA fee is the maintenance of the entire Myrtle Beach condo building. As a condo unit owner, you are responsible for the maintenance of your interior condo unit. The maintenance of everything outside the walls of your unit fall into the responsibility of the homeowners’ association. Part of the HOA fee that you pay is used for building maintenance.
- Master Insurance Policy – While you may get your own insurance for your unit and its contents, you are required to pay HOA fees for the master insurance of the entire condo building. This usually includes coverage for fire, storm damage and liability of the property.
- Special Assessments – This is usually paid to condo buildings that are a few years old. These special assessments will usually be for older units to pay for large upgrades or repairs to the buildings. These could be paid one time or could be included in the HOA fee.
Condos are indeed a good form of real estate investment. However, you need to equip yourself with sufficient information before investing, so you know where your money will go.
Contact JP Real Estate Experts now to assist you in your Myrtle Beach condo investment.
The Jerry Pinkas Real Estate Experts
604 N. 27th Ave
Myrtle Beach, SC 29577
Your Myrtle Beach condo experts!