Beach House By Dawn

This the year of the condo value in Myrtle Beach, SC. If you are looking to by an investment unit, vacation home or make a unit your primary home we have the inventory for you to consider!

Myrtle Beach has a variety of condo styles to choose from. Some of our resorts are oceanfront and offer efficiency to 3 bedroom units with many amenities to choose from. Most of them offer various pools, like lazy river, hot tub, ocean view and indoor pools for year around enjoyment.

If you’re considering buying condos for sale in Myrtle Beach, I have some considerations for you. Read on!

Condo Property Management in Myrtle Beach

Your first consideration is the property management. Some condo resorts require on site property management of your unit. This means, if you are renting it out, your guests will check in in a hotel like atmosphere and contact the front desk for issues and information throughout their stay. The resort will provide cleaning, linens and maintenance of the unit. Typically there is a split and fees associated with managing and booking your unit. A split can be as good as 75%/25% and vary from there, either higher or lower. This is typically negotiable. The same applies for off site management, but your renters will be picking up a key off site and checking in prior to arriving to the resort. The advantage to having off site property management is that you can shop costs and services comparatively and switch companies to your satisfaction.

HOA, Amenities and Insurances for Condos in Myrtle Beach

Your next consideration is the fees associated with owning a condo in Myrtle Beach. All of our condo communities are procedurally managed by homeowners associations that are comprised of elected/appointed condo unit owners and financially managed by management associations.

Depending on how the resort is built, your monthly HOA fees can include many of your utilities. I’ve seen where in unit electric, cable, internet, water/sewer and trash are all included in your monthly HOA fees. It is wise to do your due diligence on the unit you are considering purchasing.

You’ll carry two insurances for your condo unit. One is your HO6 policy that will be your inside walls for your unit, basically your homeowners insurance policy. The next policy is a premium paid to your HOA for the entire building policy. We’ve seen in recent years where this policy was paid separately for the building due to increased deductibles. We’re hoping that this premium will decline as buildings meet their deductibles.

Financing a Resort Condo Purchase with a Mortgage Loan

Finally, if you are purchasing a condominium in Myrtle Beach, you’ll want to explore financing options if you’re not paying cash. Depending on the way the condo building is managed will determine the parameters for financing it. Resort condos are typically considered “Condotels” and are non warrantable mortgage loans. This means that your condo will probably not qualify for conventional loan financing and this means it will not be able to be sold on the federal mortgage loan open market, which lenders like to do. Not to worry though, we just need to refer you to a lender who will do a portfolio loan and hold the loan following closing. You’ll also want to discuss the down payment options available for your condotel loan and the rate involved, these loans differ from conventional mortgage loans in this way. I have condotel lender referrals for you!

Let’s Tour Condos in Myrtle Beach!

So when you are ready to view condos in the Myrtle Beach Area, be sure to come visit for home tours during our off season. If a for sale condo listing is vacation rented, real estate agents not allowed to put the vacationers out to show you the unit! We can get you more condo tours in the off season. Let me know when you’re ready to tour condos for purchase in Myrtle Beach!