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Hi, my husband thinks with the real estate market the way it is, now would be a good time to buy a condo/townhouse in Myrtle Beach, rent it for the next 5 or 6 years until we are ready to retire.
I'm more on the cautious side and see 100's of condos for sale so it has me wondering what the vacancy rate is for condos available for rent..I don't want to be paying a mortgage and HOA fees for the next 5 or 6 years on something vacant.
Is there anywhere I can go to find this info??
I am not comfortable with a vacancy rate above 5-7 % or is that unreasonable.
Checking into the vacancy rate would certainly be recommended. I'm just not sure who you'd contact. I imagine that property management companies in Myrtle would be happy to help, especially if you're planning on letting them manage the condo after purchase.
My only caution, and perhaps it's just me, but the Myrtle Beach population drops to almost nothing during the "off-season". There are certainly 3-4 months of the year in Myrtle where nearly everything's vacant I'd wager.
Checking into the vacancy rate would certainly be recommended. I'm just not sure who you'd contact. I imagine that property management companies in Myrtle would be happy to help, especially if you're planning on letting them manage the condo after purchase.
My only caution, and perhaps it's just me, but the Myrtle Beach population drops to almost nothing during the "off-season". There are certainly 3-4 months of the year in Myrtle where nearly everything's vacant I'd wager.
Thanks....I've been looking for data.
I think I would want year round resident tenants not the vacationers
Prices for condos and SF homes are still headed down I wouldn't buy right now. The best bet is to watch the market there will be plenty of good deals as the slide continues. The Sun News did a feature about two weeks ago on the drop in condo prices over the last year or so, As for vacancy rates I agree that the property management companies would know best.
I would suggest buying something near the college because the rentals over there don't seem to sit for long. I agree with buying now and have been looking into it myself as a long term investment. I would be careful though if you are looking for condos, especially near the beach because of the insurance issues. I'm looking 5 to 10 miles inland and at houses, you might want to consider doing something like that. As far as the vacancy issue, friends of mine own three rental properties and have had only one month without a renter in only one of the homes. They have owned them for several years now and have never advertised.
I would suggest buying something near the college because the rentals over there don't seem to sit for long. I agree with buying now and have been looking into it myself as a long term investment. I would be careful though if you are looking for condos, especially near the beach because of the insurance issues. I'm looking 5 to 10 miles inland and at houses, you might want to consider doing something like that. As far as the vacancy issue, friends of mine own three rental properties and have had only one month without a renter in only one of the homes. They have owned them for several years now and have never advertised.
Thanks Rapture..and no I don't want to be beach front all though nice it does have it's pit falls
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