The Hidden Costs of Buying an Oceanfront Condo: What You Need to Know 😳

Myrtle Beach, South Carolina is a highly sought-after location for those looking to purchase a vacation property or a permanent residence. However, the cost of buying an oceanfront condo in this area can be quite steep due to the high demand and limited availability of properties with prime beachfront locations. In this video, we'll explore the various factors that contribute to the high cost of oceanfront condos in Myrtle Beach and provide insight into what potential buyers can expect to pay for a slice of paradise in this popular coastal destination. So, if you're considering purchasing an oceanfront condo in Myrtle Beach, be sure to watch this video to learn more about the current market trends and factors that may affect your investment.

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[kellyclark]

I live in Myrtle Beach, a block and a half off the ocean with no HOA fees and it takes me all of about 2 minutes to walk to the ocean and I can see the ocean from my driveway. Winning!

[TinMan-kdgv]

You are absolutely right. When you’re shopping for a beachfront condo, always look at the HOA and what it covers. Next if they allow you to rent it out or not. Finally, check out the cost of home insurance especially if the condo is in the hurricane’s area.

[Dbellerive]

AND…. An HOA can send you into foreclosure!! If they price you out, yet your “home” is paid for- you’re screwed!!! I worked in mortgage for 12 years. It’s so awful!! So many people lost their homes to HOA fees not being paid. 😭

[Mtrcty]

I own a condo 1 block back from the beach in Surfside Beach which is more family oriented. HOA is only $300 a month. Rent it out 4 months during the summer and make enough to pay my entire years mortgage.

[outterlimits]

I have heard of people living on a
cruise ship. It typically costs between $2, 000 and $4, 000. This includes the cost of your cruise fare, as well as all of your meals and beverages and onboard gratuities for the crew. You will also have access to laundry facilities, fitness centers, and other onboard amenities. So, depending on your cabin size it's not really that expensive because, your not paying for groceries or utilities, you won't be adding the cost of owning a car and get to travel all the time.

[joe]

Waterfront property is expensive, but those HOA fees are ridiculous.

[warrengque]

Allison, thanks for your insightful video. My wife and I have been looking at Myrtle Beach condos, but as you pointed out in the vast majority of the properties that we like, the HOA fees essentially price us out. We were not aware of that some of the management companies take 40% of rental fees charged when doing short term rentals. We have not abandoned our dream of owning near the beach, but it's becoming a fleeting dream the more we learn. Thanks again for shedding light on some ownership aspects that we weren't aware of.

[JD-tntb]

I would stay away from a condo. I have heard people having to come up with assessment fees. I'm talking really huge like 30k. And you can't pay it out. You have to pay the entire 30, 000 at one time. Also, Florida is having lots of problems with condo's because of deferred maintenance that they put off for 20 years and now they have to do something about because of that one condo that collapsed. You are better off buying a small single family home.

[ladydi-lynn]

I am in Southern California, I have a senior friend who owns a mobile home in a senior park, her mobile home is paid off, her space rent is $1800/month!

[sassysusie]

The HOA's can vary greatly from one condo complex to the next, and there are a lot of options in that area. The fact that it covers cost of electric, water, internet, trash... plus you get housekeeping, fitness facilities, and pools too... lol. I think the cost isn't too bad for the studio or 1 bedroom... but definitely not justified for he 3 bedroom! And 40% of the rental fees... that's just crazy!

[sandrasdiamondroad]

I love your enthusiasm when you are telling us something good!!! I love the idea of renting one for a month. I also want to live by the water someday. These prices for the HOA are so crazy. I'm working to get my van road ready. After hearing these prices I'm going to fall more in love with my van travels. Thank you for a well-informed video

[hdjksa]

That tells me a lot about inflation. I remember in the late 80's/early 90's in New York City, the cost of a 3 bedroom 2 bathroom condo with a terrace in Staten Island near Todt Hill (expensive area) was about $100k. I'm wondering if I will ever own my own home.

[jerseyjoe]

My wife and I started going there in the eighties after having our daughter because its a safe, clean and affordable place to go for vacation. Back then we stayed in the Schooner property (visible from your window view). We visited the sales office back then and the units were going for $35k. Damn - IF ONLY !

[joannaazar]

Wow I didn’t know all those fees they tax on to own a condo. I guess I would still keep looking around. I’m happy you shared your month vacation.. ❤ New Jersey ❤❤

[bigradwolf]

7:57 "I wanna wake up and look into the ocean" You can have that even with just a studio (if they have front facing) or a 1BR. Your $2K monthly HOA is for 3BR, but from what you said, a 1BR is only $1K IIRC. That's a 50% reduction right there. The ocean is gonna be the same whether a 1BR or a 3BR. You can tell folks you own 3BR anyway.

[gloriachristini]

And who pays for the repairs, and replacement if appliances break or plumbing get clogged?I would guess that's you, the owner. You are smart in how you looked at this "opertunity". I enjoy your channel.

[JP-edsz]

Sounds like this industry is not a good investment, the people in charge seems to be leveraging from the owners. I was interested in investing in a condo in Destin, FL. After your video, I dont think it's happening.

[legalbeagle]

Great breakdown on pitfalls of condo ownership done with great humor, but you also need to think about taxes and insurance too, especially if you're going to rent

[calvinmarshall]

Really expensive!! Great video allison good information I went to a couple of presentations in Florida for time shares and my friends were all telling me don't do it!! Bad investment fees will drown you!! Not worth it I'm glad you were able to relax for a while though 😀

[tinyablake]

Look in orange beach and gulf shores Alabama I think more affordable