5 Tips For Buying A Home In Myrtle Beach, South Carolina
The Grand Strand and Myrtle Beach are a great place to own real estate. Whether deciding to live the dream and retire or to find a rental investment (that can double as a vacation home for a few weeks every year), there is not a better place to own real estate than Myrtle Beach. For those thinking about buying a little piece of Myrtle Beach, here are five essential tips for making a sound decision, and for helping the process go as smooth as possible.
Getting Finances In Order
The first step in buying any real estate anywhere is getting finances in order. A Myrtle Beach real estate buyer should start with a detailed picture of their credit. It’s easy to get copies of a credit report. A Myrtle Beach real estate buyer can get free copies of their credit report from all three of the major credit bureaus every 12 months at AnnualCreditReport.com. Homebuyers should review the reports to be sure the facts are correct and fix any inaccuracies. With an accurate credit report in-hand, a prospective homebuyer can find a suitable lender and get pre-approved for a loan. Whether using a low down-payment option, paying all cash, or using a HECM reverse mortgage, a pre-approval shows the seller that the buyer is serious. It also puts the seller in a stronger position when it’s time to make a serious offer. Many sellers will not consider an offer without the buyer’s pre-approval.
Find a Home That’s Affordable
Yes, the $600,000 home has more to offer than the $300,000 home, but what’s affordable? When buying a home, a general rule of thumb for an affordable home is two-and-a-half times an annual salary. There are also several tools and calculators online that can help understand how income, debt, and expenses affect what is affordable. Remember that there are many considerations beyond the asking price, including property mortgage type, taxes, energy costs, etc. Using a financing option like the HECM mortgage can even make the $600,000 affordable with no monthly mortgage payments!
Hire a Real Estate Professional
Buying Myrtle Beach real estate has changed over the past decade. The days pouring over all the real estate magazines offered outside every convenience store or spending hours studying the real estate section of the local Sunday paper are long gone. The internet and websites, like Zillow, give buyers unprecedented access to all Myrtle Beach homes for sale. But many aspects of the buying process require a level of expertise that the average homebuyer can’t access by surfing the web. Homebuyers using a real estate professional has a definite advantage over those going it alone. There are many scenarios when buying Myrtle Beach real estate and financing Myrtle Beach real estate that requires unique expertise. Buying a home in Myrtle Beach is different than many areas around the country, especially with all the oceanfront properties, riverfront properties, and new construction available.
Doing the Homework
Before making an offer, a homebuyer should do their research to determine the state of the market at large. Keller Williams The Trembley Group Real Estate Professionals always provide their clients with the information needed to make a sound decision, like area trends and a home’s price history. By using a property’s most recent tax bill, HOA information, and insurance considerations, the Keller Williams The Trembley Group Realtors can help their clients come up with an offer that’s competitive and realistic. Without expert advice, a homebuyer may only irritate the seller and risk losing their dream home.
Think Long Term
Remember that most homebuyers will stay in their home for more than a few years – in some cases, they may be in their new home for decades. Beyond that, homebuyers should buy in a neighborhood with good schools. Whether they have or plan on having children or not, buying a home in an area served by excellent schools will have an impact on the home’s resale value down the road. And considering the house itself, a homebuyer should hire their own home inspector who can point out potential problems that could require costly repairs in the future.
At Keller Williams The Trembley Group, we pride ourselves on being the experts at more than just selling real estate. We are local residents, some of us have been here for a lifetime. The rest of us will be here until the end of time. We love living, working, and playing in the diverse backyard of Coastal Carolina, and look forward to helping you live and love your dreams soon too. Please reach out to us by phone or email for personalized service and one-on-one advice.