What is included in the Home Owners Association Fees (HOA)? – On the multiple listings service, you will see a section for HOA amenities. These include amenities and common ownership expenses. Each HOA is different from each other. The best advice would be to contact each complex HOA and ask questions that will help you decide on which location will fit your needs.
I do not want a resort with high HOA fees? I always encounter people wanting low or NO HOA fees. And my common question is, Why? For me, educating buyers on the importance of the HOA fees is two part. One involves what the fees cover. The other involves understanding the benefits based on the type of ownership you wish for the property. Value is created once you lay out the typical expenses as an owner of property. Insurance, cable, wifi, electricity, pools, trash, water will be an expense to you either as an individual property owner or if paid by the HOA. HOA serves a purpose to insure the upkeep of the properties and that things are taken care of. Having a well-lit parking lot, replaced roofing and siding, an keeping neighbors from hoarding “stuff” outside of their residence helps in maintaining property value.
What amenities are included in the resort? Pools, spas, conference centers, water parks, security, bowling, restaurants, elevators, laundry, parking, beach access, common electric, cable, wifi, in unit electric, discounts to Myrtle Beach attractions, events coordinator.
Which resort is better? Buyers want to know which resort is better than another resort. You should have already researched the amenities. Market values of properties sold and for sale are another indicator of resort (contact me if you would like a list of listings and sold for a specific resort). Using tripadvisor.com gives an overall view of the resort based on visitors experiences. It ranks the resorts based on a reviews by the guests.
How would I rent the property? Always, the concern revolves around rental management fees. There are 3 options in creating income from your condo. Rent it yourself (0 fees), use the resort’s management company (40-50% of gross rental income), or use a third party (10-30% of GRI). I have 2 questions to ask when determining which to use. How much time do you have to market, deal with repairs, and find renters? How much of a daily or weekly rental discounts will you offer in order to offset renters from scheduling their vacation through the resort? These 2 easy decisions will make the rental options more clear.
If you have questions about oceanfront condo ownership, please contact me. I own 2 properties that is solely rental and investment condos. I would share my experiences regarding these with you.