What every prospective buyer should know before buying a beach house in the Myrtle Beach area.
true American dream! You work and you save your entire life so that one day you
can buy your own slice of beach front property. Every year more and more people
are turning this dream into a reality. If you’ve ever thought about buying a
beach house, then Myrtle Beach is the place for you.
In a recent
report by Vacasa, North America’s largest vacation rental company, the Myrtle
Beach area was named as the second-best place in the United States to buy a
beach house. Vacasa
looked at vacation rental markets based on capitalization rates which factors
in gross rental income, operating costs and historical costs. Myrtle Beach
earned a cap rate of 7.4% with a median annual gross rental revenue of nearly $33,000.
Buying a house
at the beach is one of the most exciting and daunting things you will ever do
in your life. At Better Homes and Gardens Real Estate Elliott Coastal Living,
we are committed to making the home buying process a little less intimidating.
We want to help you find the home of your dreams and make this experience as
easy as possible.
buying a beach house to live in full-time or just rent out as a source of revenue,
here are a few things that every prospective home buyer should consider before
buying a house at the beach.
Why do you want a beach house?
seem like a glib question, but the truth is it’s the first question you really
need to answer if you want to have a successful experience buying a house at
the beach. Are you buying this house to rent it out as a means of generating
revenue? Are you going to use your beach house as a vacation home? Do you
actually want to relocate to the area and live in this house full-time? You
need to make sure all parties involved in the home buying process are clear on
how the house is going to be used, particularly if you are buying a property
with a co-owner. Once you have a firm grasp on why you want a house at the
beach it will be easier for you and your realtor moving forward to find a house
that perfectly meets your needs and desires.
How close do you want to be to the
prospective buyers, proximity to the water is the single most important factor
when buying their beach house. Before you buy, however, make sure you weigh the
pros and cons of living near the water carefully. For example, living close to
the water is convenient, great for resale value and will generate more income
if you chose to rent the house out. However, living close to the water also
increases your flood risks and your insurance rates. As you go through the home
buying process be sure to check to see if the property you’re looking at falls
within a flood zone.
How was the house built?
A house is
only as good as the building materials and foundations. The potential for
inclement weather in a beach town is a serious concern. Ensuring that your new beach
house is as weather-proof as possible should be priority number one. According
to FEMA, concrete and naturally durable wood
are considered the best building materials for beach houses . Houses made with
these materials can withstand strong winds and heavy rain better than most
wood-framed houses. If the area you’re looking at also has a high flood risk or
storm surge potential, consider purchasing a beach house built on stilts to
minimize the risk for water damage. Be sure to also check on the roof of your
prospective beach house before you buy. A beach house’s roof undergoes more damage
than the average house. Buying a beach house with a relatively new roof made of
durable, weather-proof materials will save you money in the long run. Try
looking for a house with a metal roof as these roofs are not only durable but
also highly wind resistant.
What kind of outdoor space do you
If you are
looking at buying a house at the beach, then you probably want to be able to
enjoy the area’s natural beauty. When shopping for a beach house be sure to check
the outdoor space to determine if it meets all your wishes. Does the house have
an outdoor pool or hot tub? Is there a patio or porch area? Is there a grilling
area for family barbeques? How private is your outdoor space? Does your house
have an ocean view? Whatever your outdoor wishes are, make sure your
prospective house meets them so that you will be fully happy with your new home.
What’s the full cost?
comes to buying a beach house there’s more to consider than just the asking
price. If you’re beach house isn’t going to be your primary residence or if
it’s located in an HOA community, you may have to pay some sort of property
management service fee. These fees can be expensive and should be considered
when budgeting for your beach house. If you’re buying a house at the beach you
need to also factor in higher homeowner’s insurance premiums as well as the
cost of flood insurance. If you are going to be renting your property out, you
need to also weigh your initial cost and maintenance fees against the revenue
you make renting the house to ensure a good return on investment. Fortunately,
the Myrtle Beach area consistently ranks as one of the most affordable metropolitan area’s
in the country.
Where can you find a realtor you can
For 60 years,
Better Homes and Gardens Real
Estate Elliott Coastal Living has been the name you can trust in the Grand Strand for all
your real estate needs. BHGRE Elliott Coastal Living prides itself on its
commitment to its core values of integrity, honesty, and diversity. Our
friendly staff and real estate professionals are always ready and willing to
help you with all your realty needs and questions.
ready to turn your dream of owning a beach house into a reality, give us a call
or stop by our office today!