One of your life’s most important decisions needs serious reflection. Here you are, with a practical guide to own your second home in Myrtle Beach.
Why owning a second home?
You can plan on buying a home at the beach basically for any reason.
You may want recreation and pleasure, and a complete retreat, far away from the din and bustle of urban life. Furthermore, you can get out of harsh winters up north. You can spend a summer with your grandkids. Having a quick trip during short-term weekends is also a good idea. Having a place to retire can be another good reason for a house at the beach.
Another reason maybe you want to rent it for short-term or long-term to earn some extra income.
There can, however, be another type of plan which may be called a hybrid plan that combines all the above.
Whatever your objective is, you need a prudent and well-thought-out plan. Here are some essential tips that will help you make the right decision:
Ask Yourself Some Questions:
This is one of the best and easiest ways to decide. Just ask yourself some essential questions:
Question 1: How Much Can You Afford?
The mortgage payment is not the only consideration involved, many more reasons need to be taken into account. There is the question of a down payment. Where will you get it? Have you ever thought that you are going to need two sets of utilities? What about the extra HOA (Homeowners’ Association) cost? How will you pay for the second home in case of a lost job or other extra income?
Question 2: How Often Will You Use It?
You might also think about how often you are going to use it. Is it every weekend, summer, or winter? What will you do when the house is not in use? Do you want to put it to rent it? Or do you like to make it your permanent residence after a certain period of your life? Every one of these questions will lead you to different plans.
There so many people who sold out their second home just because they realized that the house is not(or, more precisely, they can’t) used the way they envisioned it.
Question 3: How Will Your Life be affected by This Decision?
There will essentially be some new maintenance necessary, calling for an extra cost, time, and labor. Some of those are regular work and most of those cannot be fixed for you. You may need to hire professionals like a plumber, carpenter, or electrician for a wide variety of regular and periodic maintenance. And sometimes you need to be present there.
What is your benefit in return for all the extra money, time, and labor? Are they worth it?
These are some of the most essential factors needed to be considered. Though sounds negative, these are your basis for a prudent decision. Beware of emotional mistakes.
There are, however, positive sides as well. One of them can be your chance to get a second citizenship.
Question 4: How Far is It From Your Present Home?
The distance and location of the property should be thought of. It is a COVID-19 world and people are not flying. So a long drive would mean fewer visits to your second home.
There are two things that you need to review when evaluating a location. First, the type of location you want when you are using the property. And second, what are the renter’s demands? So it becomes really important to do your research and figure out which location you like best especially if you decide to spend a long time there.
Question 5: Do You Plan to Rent It Out?
This may be one of the major parts of your plan. And this includes some further scrutiny like:
- A House or a condo: Generally, a house is for a single-family independently structured on the land it is grounded. A condo, in contrast, is a part of a large building (sometimes called a society) consisting of several apartments for multiple families.
If you choose to put your place for rent, a condo is preferable to a house because most people opt for it, and condos are occupied by renters more often than single houses.
If you have the hybrid plan, i.e., use it for yourself and rent it out when not used. The arrangement may become a little complex.
- Beachfront or nearby: You might ask the simple question, ‘Do I just need a property at the beach or enjoy the scenic view whenever looking out the windows?’ This question will lead you to the inevitable query of your pocket or bank. There is no right or wrong about it. It rather depends on which one you prioritize, what your budget is, and also your investment objectives.
- Luxury or cozy: There are houses at a wide range of prices, that can roughly be divided into two categories: luxury or cozy. Luxury ones are meant to attract wealthy vacationers and people with special tastes and abilities. Cozy properties ignore the opulence and focus more on those who choose to enjoy their vacation with affordable and yet decent homes.
What about Myrtle Beach?
These are some of the most essential points you must contemplate before buying your second home in any beachside area. Now let us take a look into the great Myrtle Beach and try to understand these specialties that attract us so dearly.
First, let’s talk about the 10 activities to do in Myrtle Beach.
- Go to the beach. The great sand features 60 miles of sand and sun.
- Play mini-golf. About 50 courses make this the “miniature golf capital of the world”.
- Visit Broadway at the Beach. SC’s largest entertainment complex offers 350 acres of fun. It has got loads of ways to amuse any visitor.
- See the critters at Replei’s aquarium. 10,000 sea creatures dwell in this aquarium. It is open to visitors for endless fun from 9.00 am to 7.00 pm. Along with exhilarating fun like stingray experience and live penguin cam, there are lots of educational materials too.
- Indulge in golfing at your favorite golf course. Playground at the “seaside golf capital of the world”.
- Stroll through Brook green Gardens. See the largest collection of American figurative sculptures in the country. That’s never the end of it. Low country history, botanical gardens, and low country zoo are some other attractions.
- Find fun at the family kingdom. Located on Ocean Boulevard, in the heart of Myrtle Beach, 35 rides make this amusement park a favorite with families.
- Make a splash at the water park. Choose between the three parks for fun in the sun.
- Head to Barefoot Landing. Shop and dine along the intercoastal waterway while laughter and music fill the air at the Alabama Theater. Then there are the fireworks and the nightlife sites where you can enjoy live music, relaxing with your friends and family.
- Hit the Boardwalk. Ride the Ferris wheel or take a walk along the 1.2-mile promenade.
* One of the above, Splashes is temporarily closed due to the COVID-19 situation.
Myrtle Beach Homes— Specialities
There are several reasons your decision to settle in Myrtle Beach will not be a losing deal.
It’s easy to find homes of your choice
Hundreds of condos and houses at a different range of prices are there ready for you. Myrtle Beach Townhouse or Townhomes, for example, are a certain type of housing that can offer the most suitable house for you. Townhomes for sale in Myrtle Beach can make your dream come true at any moment.
Yet you need to be well-informed about the Latest News and Updates on the Real Estate Investment Sector.
Easy Rental Income
Every year there is an influx of outsiders— tourists and vacationers in South Carolina and Myrtle Beach is their first choice. Generally, the weather is perfect all year long. But during the summer and the spring it’s heaven with an average temperature of 800 Fahrenheit. Even the average condos and homes are all booked from April through August. Either it’s your part-time rental property or a full time, this place will never disappoint you.
You can rent your home for no more than two weeks in a year just without paying any tax. This is one of the reasons you can think of having a property here. Other taxes for your property like the mortgage, property taxes, and interest are deductible from your gross income.
There are several places from where you can decide on. But Myrtle Beach has got some specialty that few others could offer. With its glamour and grandeur, peace and plenty, color and beauty this is one of the most suitable places for your second home.