So you are thinking about buying a resort condo in Myrtle Beach?Before buying read this.
As a real resort condo owner and real estate agent who has helped many buyers and sellers of ocean front resort condos in Myrtle Beach I have learned quite a bit:
Our ocean front condo properties are primarily Condotels. Condotels are any resort condo with an onsite check in desk, daily maid service and are operated like a hotel. Hence forth the name Condotel.
Get the minutes from the previous POA meetings and call the home owner's association rep to see if there are any special assessments (OUCH) on the books or any areas the home owners are concerned about.
Get a copy of the master deed. It spells out what you can and can not do with the property. Why is this important you ask.... Do you have a pet you can't bear to spend the night away from? Do you have a motorcycle? The ability to bring fluffy the dog and the ability to park your favorite iron chariot will be spelled out in the master deed.
Go to a website like Hotels.com which offer critiques on the property you may be interested in. Be sure to take one bad review with a grain of salt as long as there are a number of positive reviews.
You may even want to stay in the property prior to making the offer....Nothing worse than stopping in for a fun filled weekend in your newly acquired condo to find it overrun with varmints or vagrants or vice versa or both.
Pick a good rental management company. They should keep your unit rented, help take care of the unit and make fast cost effective repairs when things break. The onsite rental companies I used did a good job of renting my units which helped out because I needed the rental income to help offset some of the costs of ownership. Typically onsite companies keep your beach get away rented better than offsite companies. Of course the onsite companies keep a higher percentage of the rental income than offsite companies.
Financing is typically from private money with adjustable rates and is not usually available from your local lender. Myrtle Beach has several lenders who have this portfolio money available for most ocean front condotel purchases.
Feel free to call me anytime. I'll be happy to fill you in on all aspects of resort condo ownership.
So, come on down, take off your shoes, get some sand between your toes and have fun. With foreclosures and short sales along our ocean front there are currently deals to be had.
Ashley Harper 843 251-3118
Re/Max Southern Shores