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The Grand Strand is a 60 mile stretch of a pristine beach in Myrtle Beach and is a valuable asset that attracts over 14 million vacationers and tourists each year.
There are lots of activities here, from enjoying the early morning sunrise or the late-night moonrise while strolling the beach.
Water activities range from parasailing to Jet Ski rentals. There’s nothing dull about this beach, and most people would be interested in owning a beach house here.
So you might be wondering how it’s like to buy a beach house in Myrtle Beach. Let’s dive in and see.
Affordable Condos and Homes
Oceanfront condos and houses in Myrtle Beach are relatively cheaper compared to other neighboring estates. There are various options to choose from from luxurious six-bedroom condos, mid-range, to one-bedroom houses.
Everyone can find a suitable beach-front house to buy from millionaires to mid-range earners. Beachfront houses and condo prices in Myrtle Beach range from just under $240,000 upwards depending on its condition, size, and available amenities.
Oceanfront Foreclosures in Myrtle Beach are More Negotiable
Oceanfront foreclosures are properties that lenders have taken back from their previous owners due to debt. These properties have already gone through the legal process of repossession and all legal fees paid by the bank.
One advantage of buying oceanfront foreclosures Myrtle Beach is that lenders such as banks try to sell these properties fast to get their money back. Lenders can even sell these properties below their market value.
Buying an oceanfront foreclosure in Myrtle Beach is one best way to get a cheaper, low-priced beach house here.
You Can Expect Lower Taxes and HOA Fees
HOA (Homeowners Association) fees are probably the first thought that crosses your mind anytime you seek to invest in property.
Luckily, Myrtle Beach’s HOA fees are relatively lower compared to other cities, and you still get to enjoy the same services and facilities.
As for the taxes, you’ll have to pay a bit higher for oceanfront homes and condos that are classified as high-risk properties.
Again, South Caroline has one reassuring thing, and that is taxes are cheaper here compared to other locations in the U.S. This means that taxes won’t be a bother, and you don’t have to pay for annual inspection costs.
You Can Expect High Rental Rates
If you intend to buy a beach house in Myrtle Beach for rental purposes, then it’s a decision you won’t regret. With a high influx of tourists and vacationers in this area, your house will rarely be unoccupied.
Also, a beach house, whether vocational rental or otherwise, will attract a higher rental fee than houses in other neighborhoods.
Most tourists and vacationers can afford beach-front houses, and as long as the house is luxurious and comfortable, you are guaranteed of steady rental income.
This means that you’ll be able to pay for your mortgage if you have any or have supplemental income and a place to stay during your vacation to Myrtle Beach.