Owning a Myrtle Beach Condo – Back to the Basics

In the dictionary, one will find the meaning of condominium (condo is the accepted term) as a building or complex, in which individuals own units of property, such as apartments. The unit owners don’t just own their individual unit, though, they own the common areas of the condo building complex as well, such as the grounds and building structure, jointly. Myrtle Beach condos, in terms of real estate, have been growing by leaps and bounds for the last five years particularly because of this business strategy of selling real estate (including the building) as a part of the condo. Developments are also sold with a HomeOwners Association (HOA) who then provide means to take care of common services and maintenance to the common areas and facilities.

Condos are becoming more and more popular, especially amongst vacationers. With prices of an oceanfront condo rental comparable to a hotel, Myrtle Beach rental management companies are able to provide great rentals at a great price, which is a huge reason why so many condo owners purchase their new oceanfront unit – to rent for income, not to live in. Purchasing a condo, no matter what the intent, is still a serious affair and not as simple as buying any other asset. The purchase requires an investigation of previous ownership, a clear title investigation and other legal and statutory checks. So everyone takes the (labor) pains to assure that there is no obstacle in the process, and the normal worries of legality, finance, insurance and other miscellaneous issues is done with.

Myrtle Beach real estate thrives on a circular trend. It has a target market consisting of tourists and holidaymakers looking to own their own little spot in the action. Thus together, they make a good team and have successfully ventured into making Myrtle Beach both a prime source of tourism and a real estate investors dream.  You now find visitors that not only visit Myrtle Beach to enjoy the nature and luxuries provided by the Myrtle Beach condos, but also visit Myrtle Beach, South Carolina to invest in and own a part of the vacation premises.

So, want to own a condo? Where should you start? Well, you will need a lot more information than just this blog post. Probably the best bet would be to talk to a real estate agent specializing in oceanfront or oceanview condos in Myrtle Beach. That way you can ask questions that fit your specific needs. Tell them up front how much you are looking to spend and what you investment goals are. Have a 30 minute meeting with them and see if owning a condo is right for you.  If not, just thank them for their time, and let them know you are not interested.

Everyone is saying that “now is the time to buy.” Well, it’s true.  Foreclosures and short sales are huge right now. If you are wanting to make a leap into real estate investing, CondoLux has both the qualified agents, and a huge list of Myrtle Beach condo foreclosures waiting to be purchased. You can contact the sales department at 843-272-2073 x4 or email sales@condolux.net.