The smell of salt wafts on the breeze, and your heart leaps with joy at the thought of eating more fresh fish. You’ve fallen in love with the thought of purchasing oceanfront real estate in Myrtle Beach. Myrtle Beach is one of the most popular golfing destinations in North America. Additionally, it is an excellent location for families to enjoy time outdoors and in beaches, including the popular Myrtle Waves water park. Naturally, the seafood is unmatched.
Many people dream of owning oceanfront homes. But how do you go about obtaining the ideal one? In this article, we have a few pointers for purchasing oceanfront property in Myrtle Beach — or anywhere else in the world. You can visit homeguidemyrtlebeach.com and pick one for yourself while looking for a home in Myrtle Beach, South Carolina.
Real estate in Myrtle Beach, South Carolina, is a fantastic investment. There is no better place to own home equity than Myrtle Beach, if you want to retire or make a rental investment (that can double as a holiday home for a few months every year). Here are some important tips for making a sensible decision as well as making the process go as smoothly as possible for those considering purchasing a piece of Myrtle Beach real estate.
Let’s get started.
- Consider Your Wants and Needs
- Getting Your Financial House in Order
- Think About Which Type of Mortgage is Best for You
- Inspect the Property
- Take a Walk Around the Property
- Look into the Area’s History
- In South Carolina, You Need Hurricane Insurance
- …and Maybe Flood Insurance as Well
- Engage the Services of a Real Estate Professional
- Focus on the Long Term
- Do Not be Afraid to Bargain
- Dropping Anchor in South Carolina
Consider Your Wants and Needs
There is no such thing as a perfect home, and looking for one can be taxing on your time and money. Instead, start by determining what you really require and what you’re willing to compromise on. For instance, a large family may need a certain number of bedrooms, while a large yard or a beautiful view may not be as important. Having a clear understanding of what you require will help you from being too enthralled by the allure of a lovely home that fails to fulfill your basic necessities.
Getting Your Financial House in Order
Having your finances in order is the first step in purchasing real estate anywhere. A buyer of Myrtle Beach real estate should begin by developing a thorough view of their credit. Obtaining copies of a credit report is easy. Every 12 months, a Myrtle Beach home buyer will get free copies of their credit report from all three major credit bureaus. Homebuyers should go through the document carefully to ensure that the data is accurate and correct any inaccuracies. A potential homebuyer may find a suitable lender and get pre-approved for a loan with the help of a reliable credit report. A pre-approval letter demonstrates to the lender that the buyer is serious, regardless of whether they are financing with a low down payment, all cash, or a HECM reverse mortgage. It also gives the seller a leg up when it comes time to make a serious bid. Many sellers would not accept a bid unless the buyer has received pre-approval.
Think About Which Type of Mortgage is Best for You
When it comes to choosing a mortgage, you need to consider your specific situation. If you just intend to live in a home for 5-10 years, an adjustable rate mortgage with a relatively low fixed rate may be a good option. However, if you intend to stay in the house for a long time, the adjustable rate will cause your payments to skyrocket, so a more traditional fixed-rate mortgage may be preferable. You should also think about how long you want to pay it off. While fifteen years is a decent target, if you spend the difference wisely, 30-year mortgages will save you money in the long run.
Inspect the Property
Always inspect a potential property thoroughly and extensively during your property check. While the water is a relaxing view, it can be difficult on the property. Because of the high water table in the city, water could be intruding into your future home’s basement. The exterior is also susceptible to corrosion from the salty air. You should also watch out for mold or mildew problems due to the latent moisture in the air. A professional inspection will help you figure out what you’re up against. Additionally, having a survey and a water quality test done before you purchase could be in your best interests.
Take a Walk Around the Property
Spend some time walking around your potential oceanfront home and imagining yourself living there. Is that really what you’re looking for? Don’t get too wrapped up in the construction of the house when answering this question, or you’ll miss out on the property. Is the view of the Atlantic Ocean, for example, what you’d expect? You can remodel your house at any time, but you can’t move your place. So make sure you buy a home that fulfills your expectations both inside and out.
Look into the Area’s History
It’s a good idea to look at the past of the shoreline you’re considering purchasing. After all, hurricanes and flooding are natural enemies of beaches. You could lose your property if the shoreline shifts and the water level rises. Meanwhile, if your water starts to recede, your oceanfront property can no longer be considered oceanfront. Take heart, though, if you’re looking in the Myrtle Beach area. In 2017, Myrtle Beach finished a beach nourishment project to protect the city’s beaches and reduce storm damage.
In South Carolina, You Need Hurricane Insurance
We understand that you’re eager to fly to South Carolina and begin basking in the heat, but before you load the van, consider the required state-specific policies on natural disasters. Hurricanes have an easier time getting to you because you have such direct access to the ocean. South Carolina is one of the fortunate 19 states where a hurricane deductible is needed as part of a homeowner’s insurance policy.
But what exactly does that imply? Essentially, you must pay a prescribed amount to the insurance company before they can compensate for the harm to your house incurred by a severe storm. Deductibles normally range from 1% to 5% of the home’s insurance value, but this varies greatly depending on where you live. Those who live in low-risk areas in smaller/cheaper homes, for example, would pay $300 against their deductible, whereas those who live in high-risk areas in opulent mansions would pay $30,000.
…and Maybe Flood Insurance as Well
Furthermore, depending on where you live, you can need additional coverage in the form of flood insurance. If you live in a high-risk area, your mortgage lender will require you to buy additional flood insurance. However, even if your home isn’t in a designated high-risk area, you may still need this coverage. What is the reason for this? As the old adage goes, it’s always better to be safe than sorry.
Okay, so you may need it, but what actually is it? Flood insurance, broken down, will protect your property (the physical structure of your home and the things in it – to a degree) if natural water (rain, waves, etc.) causes havoc. In order to qualify for reimbursement, several regulations stipulate that the water must occupy at least two acres of usually dry property.
Natural disasters aren’t fun for anybody, and paying extra money for additional insurance premiums isn’t either. It’s all important information to consider before relocating to a new state.
Engage the Services of a Real Estate Professional
Purchasing real estate in Myrtle Beach has evolved over the last decade. The days of reading all the real estate magazines available outside every convenience store or spending hours reviewing the real estate section of the local Sunday newspaper are long gone. Buyers have privileged access to all Myrtle Beach homes for sale thanks to the internet. However, certain facets of the home-buying process necessitate a degree of knowledge that the average homebuyer cannot obtain by searching the web. Homebuyers who work with a real estate agent have a distinct advantage over those who go it alone. When it comes to buying and financing Myrtle Beach real estate, there are a variety of situations that necessitate specialized knowledge. Buying a home in Myrtle Beach is unlike buying a home in many other parts of the country, particularly with all of the oceanfront, riverfront, and new construction options.
Focus on the Long Term
Remember that the majority of homebuyers will remain in their new residence for more than just a few years – in some cases, decades. Furthermore, homeowners should look to purchase in a neighborhood with good schools. Buying a home in an area with outstanding schools, whether or not they have or intend to have children, would have an effect on the home’s resale value in the future. In addition, when it comes to the house itself, a buyer can employ their own home inspector who can spot possible issues that could require expensive repairs in the future.
Do Not be Afraid to Bargain
It’s time to make an offer once you’ve found the ideal home. Don’t try to undercut the seller, as this can result in an immediate rejection of your bid. However, don’t be afraid to make a fair bid that’s less than their asking price. Take the home’s state into account as well. Repair and replacement costs can be included in the final contract. While the sellers can’t accept your bid right away, it does open the door to more discussions to help you get the best deal possible.
Dropping Anchor in South Carolina
Okay, folks, there you have it: our quick guide to anything related to the housing market in South Carolina. Again, don’t try to make a decision on your own! SC real estate agents have access to a wealth of information that most people do not, as well as business insight and experience. Working with South Carolina professionals would save you a lot of time and effort. Furthermore, Myrtle Beach property allows you to save money and, as a result, get better offers.