Hello John,
I was raised in a real estate family that has been investing in the Myrtle Beach area since 1955 !!
We have owned many condominiums throughout the years. The best success that I personally had in owning an oceanfront condo was that we rented it ourselves. If you are not in the position to do this, then I suggest "supplementing" your rental company. By this, I mean, to advertise your place at the beach on one of the vacation by owner websites. This comes in handy because you can upload photos of your property and give a great description. When someone sends you an inquiry, you can simply have them contact your management company to book the reservation. I will be glad to provide you with more data if you are interested, just contact me.
Now on to the finances of the matter when it comes to ownership.
HAVE ALL THE ANSWERS TO YOUR QUESTIONS UP FRONT... Ask these specific questions:
What are the monthly association dues?
Are there any special assessments in place NOW, or are there any planned for the immediate future...as in : building repair, elevator replacement, insurance special costs... etc.
Do the monthly association dues include INSURANCE. (This is building insurance.) You will need to also obtain contents and liability insurance for the inside of your unit... - This contents insurance is much cheaper than building insurance and usually runs under $500 per year, depending on how much you want to insure the inside for. Some buildings have the exterior insurance as part of their monthly association dues, some are paid separately.
If you are needing to rent your condo out to help pay your expenses, then what does the income show for the unit you are purchasing?
What are the charges for the management company to rent out the units?
Are there additional charges such as: phone, cable, inside electric, credit card charges, maid services, carpet cleaning, replacement costs... etc.
Take a good look at the building to see if it has been well taken care of.
Always remember: LOCATION LOCATION LOCATION...
And think resell !!
Now in our area is a buyer's market... later, you will want to sell in a Seller's Market, if and when that happens again as it did for the last 2 1/2 years, we are unsure of when it will BOOM for the Seller's.
Hope this all has helped -
Call if I can be of service.
Willing to help...
Pam Guthrie
Seaside Realty Company
http://SearchTheMLSinMyrtleBeach.com
http://RealEstateForSaleinMyrtleBeach.com
http://PamGuthrie.com - Mon Jul 30 2007, 11:04