The air smells of salt, and your heart is excited to eat more fresh fish. If you are obsessed with buying a beachfront property in Myrtle Beach (South Carolina), there is a good reason behind it.
Myrtle Beach (South Carolina) is one of the leading golf resorts in North America. However, it is also an excellent place for families to enjoy the beach and parks, including the famous Myrtle Waves Water Park. Moreover, nothing will match the seafood here, for sure.
Oceanfront real estate is something many people dream of. However, do you know how to make your dream come true? Here are 10 tips for buying beachfront property in Myrtle Beach (South Carolina).
So, without further ado, let’s get started.
First, make sure Myrtle Beach is right for you
It may sound easy, but before you start looking for a home in Myrtle Beach (South Carolina), do some research. Have you visited this area? Do you really know your surroundings when you drive near the community? This is not a holiday; you will be living here for a long time, so you need to think differently.
Myrtle Beach (South Carolina) has some drawbacks, just like any other property. For example, due to spring pollen, South Carolina is considered one of the most allergenic places. Usually, it begins in April/May and can last until September.
Therefore, if you are allergic to pollen, you may experience severe problems this time of year. Of course, there are workarounds; you can track pollen predictions and adjust your lifestyle accordingly.
When conducting a property search, make sure you have thoroughly researched the potential property.
Due to the high groundwater level in the area, water can seep into the basement of your prospective home. The exterior of the house can corrode due to the salt spray. Perhaps it is because of the ocean air’s high moisture content that mold and mildew can plague your home.
An expert’s review will help you identify any problems you may encounter. It is also helpful to conduct a water quality survey and test before closing the deal.
Take some time to walk around the potential beachfront properties and imagine yourself living there. Do you really want it?
In answering this question, do not worry about the construction of the house; just feel the overall vibe of the area. For example, what do you expect from the view of the Atlantic Ocean?
You can change your home at any time, but you cannot change your location that easily. So make sure you buy a property that genuinely meets your internal and external needs.
Execute an Insurance Check
It may be fun to live near the water. However, it also poses certain risks, such as the possibility of storm destruction or flooding.
So make sure to cover yourself by reviewing the insurance provisions on your house. Be prepared to purchase flood and storm policies separately from insurance for homeowners.
Without specific insurance plans, consider owning a house and then catching yourself in a storm. Suppose your insurance broker cannot determine whether your home was damaged by water or wind. In that case, you may not be able to obtain compensation.
Do some Historical Research
The past of the coastline where you are planning to purchase a property is worth learning. Coastal towns, after all, are clearly the victims of storms and erosion.
If the coastline eventually changes and the water level rises, you may lose your property. Simultaneously, if the water is ultimately lost, the waterfront property may no longer technically be a waterfront.
If you are aiming for the region of Myrtle Beach (South Carolina), go for it. In 2017, Myrtle Beach (South Carolina) initiated a beach nutrition initiative to secure the shores of the area and reduce the impact of damage from hurricanes.
You will be pleased to hear that the community is taking action to shield your prospective home from future storm surges in Myrtle Beach.
Check the Local Market
When considering buying beachfront property anywhere, focus on the entire local market, not just the property itself.
If you sell too many houses at low prices, it could be a weak market.
Luckily, this does not appear to be a significant concern in Myrtle Beach (South Carolina). Last season, the city’s property values were at their peak in a few decades. As the number of people retiring continues to rise, this trend is likely to continue this spring.
And, these tips will surely help you to buy your first home.
Make an Exceptional Strategy
Make sure you fully understand why you want to buy a property.
Will this be your primary residence? Or use it as a vacation home?
If you plan on using it as a vacation destination, consider renting it while you are away. This will help lower your total cost of ownership.
Check the loan as soon as possible
If you plan to purchase a waterside property using a loan, start the loan search process as soon as possible.
You may need a massive loan as oceanfront houses tend to be more expensive than other houses. For these types of loans, the lender will only consider these eligible buyers. Also, the loan process can take longer than a typical loan.
Research the arrangement of property
Is your asset prepared for the next major natural disasters? It is not that we want it to happen alone, but we know it can happen.
Look for homes that have taken extra steps to protect them from the elements. For example, shutter ownership with hurricane-prone areas is a huge plus. Stainless steel locks can also help prevent salt and air corrosion.
Choose the right agent
The right agent can help you navigate the buying process by understanding the questions to ask and whom to transact with.
The broker you choose can make a huge difference in making your dream come true.
A successful real estate agent would aim for a property that fits your needs and lead you through the negotiating and closing process. Get the recommendation of brokers from other recent buyers.
Interact with at least a few people and inquire for comparisons. When talking to prospective brokers, inquire about their history in serving first-time homebuyers in your area and how they expect to help you find the right home.
Based on your lifestyle and budget, consider the advantages and disadvantages of different types of homes. Flats or townhouses may be cheaper than single-family homes, but sharing walls with neighbors means less privacy.
When buying condos and townhouses, planned homes, or gated communities, do not forget about the homeowner’s association fee.
Another option to consider is the purchase of permanent equipment: single-family homes that need updating or repair. The price per square meter sold by a repairman is usually lower than the price of an apartment.
However, you may need to increase your repair and modification budget. The renovation loan finances the price of the apartment.
Think about your long-term needs and whether permanent housing can best meet your needs. If you plan to start or expand a family, consider buying a house with additional space for development.
Research potential neighborhoods and communities carefully. Choose a convenient facility that is important to you.
Collect an Approval Letter
Mortgage pre-approval is a lender’s proposal to provide you with a specific loan amount under certain conditions.
Receiving a pre-approved letter can give you an advantage over homebuyers who have not yet done so.
When you are ready to buy a home, ask for pre-approval. The lender will withdraw your loan and review the documents to verify your income, assets, and debts.
Suppose you are applying for a loan for a limited time (such as 30 days). In that case, you can request pre-approval of store interest from various lenders without compromising your creditworthiness.
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When you buy a home, the lender will do a final check on all matters related to you and other borrowers on loan.
When applying for a loan, you will answer some basic questions about employment, current assets, current debt, and current creditworthiness. Lenders use these numbers to determine if you qualify for a loan.
After you apply, the lender will review these items over the next several weeks to make sure they are telling you the truth.
A few days before all the appraisal and inspection work is completed, the lender will conduct a final check to make sure all the information at the beginning is correct and that there are no significant issues that have occurred since then.