Coldwell Banker Chicora Advantage Blog

Choosing the Best Oceanfront Condo in Myrtle Beach

Posted: September 21, 2016 by Rod Smith

Myrtle Beach is one of the most picturesque locales on the East Coast, and while thousands of people visit its beautiful shores every year, there are quite a few people who have decided to make the Grand Strand their permanent home. As can be expected, oceanfront condos are some of the most sought-after properties for people who are looking for either a primary or secondary residence with easy access to all that Myrtle Beach has to offer. There are scores of oceanfront condos in Myrtle Beach that feature stunning views of the ocean, as well as plenty of convenient amenities that make coastal living so appealing. If you've been thinking about purchasing an oceanfront condo on the Grand Strand, be sure to take the following tips and ideas into consideration to help you narrow down your choices.

1. Carefully consider location.
Any seasoned real estate pro will tell you that buying a quality property boils down to carefully considering three things: "Location, location, location". An oceanfront condo located too far away from where you will spend most of your work or play time is probably not the best idea. Keep your lifestyle in mind when you are condo hunting so that you can be sure to choose a condo in a location that will afford you convenient access to the things that are important to you. When you consider that your oceanfront condo will be your "headquarters", you can then make the appropriate choice based on what makes the most sense in light of your daily routine and lifestyle preferences.

2. Consider insurance costs.
As you can imagine, this is one of the most sobering costs of owning an oceanfront property. Many condos include insurance in the Homeowners Association (HOA) fees, while others will require a separate payment for insurance. Keep in mind that being under-insured is almost as bad as not being insured at all, so ask plenty of questions regarding what type of insurance coverage you will need to provide adequate protection for your new residence.

3. Consider the HOA fees.
HOA fees are paid in addition to your monthly mortgage payment, and they cover the basic expenses of maintenance and upkeep of the property's amenities (e.g., common areas, elevator, pool, etc.). As you can imagine, the oceanfront condos that provide the most convenient access to the beach will carry higher HOA costs. Each condominium complex is different in terms of what amenities are included in these fees, so do your due diligence to discover which properties offer the most value for your money. Think twice before you write off a condo with higher-than-average HOA fees, because you might discover that those fees cover more amenities (e.g., local telephone, electricity, cable TV, etc.) than other comparable properties in the area.

4. Consider the financial condition of the HOA.
Sometimes the HOA will levy a special assessment, which is basically a charge to homeowners for special repair or maintenance projects (e.g., parking lot paving, roof repair, etc.). If you're considering an oceanfront condo purchase, be sure to request a copy of the HOA's financial report to ensure that they are maintaining adequate capital reserves, so that you won't be hit with any unpleasant surprises.

There are many obvious benefits to owning oceanfront condos in Myrtle Beach, but it is not a decision to enter into lightly. If you're looking for some guidance to help you with your condo purchase, Coldwell Banker Chicora Real Estate has a team of real estate professionals that can provide you with all of the information and expert insight you need to make your condo buying process as smooth and productive as possible. Contact us today so that you can start enjoying all of the benefits of oceanfront living!

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