Myrtle Beach Blog

Myrtle Beach Real Estate News & Market Trends

You’ll find our Myrtle Beach blog to be a wealth of information, covering everything from local market statistics and condo and home values, to whats happening right now in local community.  We are very involved in our community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

April 17, 2018

How To Earn Money With Your Summer Home

If you've ever considered renting out your summer home to make some extra income, the time is now; the market's hotter than ever.

Renting your property can be extremely profitable. Many homeowners use it as a passive income source to fund their own vacations and lifestyle. For some, investment properties are so lucrative they become their main source of income.

How amazing does that sound? People all over the world, just like you, have benefited from the rental property model.

Before you dive in, there are lots of things to learn and think about. Keep reading to find out if renting out your vacation home is right for you, and just how profitable it can be.

Summer Home at the beach

Why Do People Rent Our Their Summer Homes?

There's a variety of reasons people enter the income property business; many times, they don't go in thinking it'll become as profitable as it does.

Here are the most common reasons people rent out their vacation properties:

  • They want to purchase a summer home for themselves and renting it out part-time makes it more affordable
  • It's their second home and they don't spend as much time in it
  • It's a retirement property purchased early and the owner doesn't want to live in it yet

There are lots of different reasons people enter this business, and the outcomes are just as varied. Although many properties are very profitable and bring the homeowners a new source of income, some properties aren't as successful.

It's crucial that you do your research to know if this business model will work for you.

Summer Home

Here are 10 things you should consider before you rent out your summer home:

1. Location Matters

Think about where people like to go on vacation: beaches, warmer climates, near exciting attractions.

Where is your summer home located? Your location may be the number one factor in whether or not guests rent with you. There must be selling features in your location that makes renters want to spend their vacation in your city.

Therefore, places like Myrtle Beach are fabulous rental home locations. The Southeast Coast has beaches, warm weather, and attractions (Disney, the Everglades, and more).

New York is also an amazing rental location because it has tons of landmarks, entertainment, and an atmosphere unlike anywhere else in the United States.

Time of Year

Second to location, the time of year you choose to rent out your summer home is important.

Peak season, when tourists swarm your city, is when you will get the most interest and bookings.

In the South, it's more likely to be when it's cold in other parts of the country. When it's cold in Michigan, the vacationers head South to wait it out.

In New York, people visit the city for big events and attractions, like New Year's Eve and Fashion Week.

Analyze your city. How popular is it for tourists? What does it have to offer visitors? When are they most likely to vacation there?

Lowest Taxed States

2. Legalities

Before you create your listing, check with your city's laws and regulations regarding short-term rentals.

Some cities, like New York City, try to limit (and even ban) short-term rentals because some homeowners don't pay tax on this income source, and it takes business away from hotels and licensed short-term rental locations.

You should also check with your condo or homeowners' association to see if they have any regulations against short-term renting. It's not uncommon for these associations to frown upon a constant coming and going of new renters.

It's best practice to go the legal and transparent route when renting out your summer home.

Myrtle Beach Market Trends

3. Market Trends

Once you know your summer home is in a popular location and it's legal to rent out, you need to research what the market's like in your city.

Look up similar property types on rental websites for your city. Some common ones are:

  • Airbnb.com
  • HomeAway.com
  • VRBO.com
  • FlipKey.com

How much are properties similar to yours charging per night?

Look at their reviews and notice how many guests they've had, when those guests stayed, and the kind of feedback the owner is receiving. This information is a good forecast for what you can potentially expect in your area.

It's also important to stay on top of popular amenities people want when they go on vacation.

The main one: access to water. If you don't leave near a beach, consider adding an in-ground pool. We'll discuss amenities in further detail later in this article.

Real Estate Investment

4. Return on Investment

You need to decide if the maximum amount you can charge per night will cover all the expenses that come with renting out a summer home.

It's best to create a detailed list of every expense you will have. For example, utilities, taxes, insurance, repairs, maintenance, etc.

If the average amount of income you'll receive from your property is not enough to cover those expenses, or even if you just break even, it may not be worth the effort.

It's a lot of work to prepare and maintain a rental home; you should be rewarded with regular profit.

summer home investment

5. Risk Evaluation

Every new investment comes with its own unique risks and concerns. For your summer home, there are a few common risks you should be aware of:

  • Rowdy guests; noise complaints from neighbors
  • Damage to the property
  • Amenities that stop working mid-stay
  • Utilities that need emergency repairs

...and many more. Make a list of every potential thing that could go wrong. Then, detail two possible solutions for each risk.

This will ensure you have a solid plan when an unplanned risk occurs (which it inevitably will). You could even include phone numbers and contact information of who you would call in each situation to repair the damage.

Property Management or Do It Yourself?

6. Management Company or Run It Yourself

If you'd rather skip all the mundane tasks and extra work that running a rental property entails, you could hire a property management company to take care of it for you. There are advantages and disadvantages to choosing to go this route.

The benefits of hiring a company:

  • They oversee advertising, listing, and booking
  • They employ a cleaning service
  • They ensure repairs are fixed
  • They are knowledgeable of rental legalities that must be followed

The disadvantages of hiring a company:

  • They charge from 20-50 percent of what you earn per booking
  • You don't have as much involvement in knowing who will be in your summer home
  • You'll want to establish a level of trust with the company that has access to your home
  • You could potentially fulfill their services yourself, cheaper

You should go over the reasons you are renting out your property. If you wanted to create a passive income source and not have to be nearby the rental property, then hiring a company is an excellent option for you.

If you'd prefer more involvement in the rental process and want more control over who rents your space, then it may be better for you to run the property yourself.

You can also hire out some services and complete others yourself.

Beach House Decor

7. Amenities and Decor

When you go on vacation, you're looking for a break from your regular routine and lifestyle. Usually, this includes accommodations that are more luxurious than what's available in your home.

Here are some examples of popular and attractive amenities:

  • Water access (beach, lake, hot tub or pool)
  • Free WIFI
  • Complimentary towels and toiletries
  • Outdoor space; a BBQ
  • Entertainment packages, like cable or a streaming service
  • Access to a gym

If your property is located in a snowy climate, consider including ski and/or snowboard equipment, toboggans, or snowshoes free of charge.

Ensuring your summer home has the best amenities possible will attract renters who are willing to pay more to use those features.

Summer Home Beach House

Home Decor

It's crucial for you to stay on top of design trends and the current popular home d?cor. As with amenities, guests want to stay somewhere that has a luxurious and holiday-esque atmosphere.

Here are some ideas to boost your summer home's interior style:

  • Wood flooring
  • Modern finishes
  • Jacuzzi tub
  • Extra large dining table
  • Neutral paint tones with pops of color in the accessories
  • Fireplace, if you're located in a winter destination

The key is to make your rental property look like a vacation from your guests' normal lives. Consider hiring an interior decorator to stage your property and increase its appeal.

8. Attractive Listings

There is a myriad of ways to make your summer home listing stand out from the competition and attract high-quality renters.

The first step is to look at other listings in your area and see what they're doing well.

The main takeaway is that your listing is 100% accurate in its depiction of the property. No one wants to book a home based on the listing, and then be disappointed in person.

That's just begging for poor reviews and refunds.

Summer House

Photographs

As mentioned above, your pictures need to be 100% accurate.

They should be high-quality photographs; you could do it yourself or hire a photographer to take the pictures and do some slight editing. However, the use of fish-eye lenses to make space look bigger will turn off potential customers.

Most property photographers will understand how important this is. Also, discuss having the pictures taken when the lighting is natural and optimal.

You want to show your home in its best state; the best it can possibly be while still remaining true to how it looks in person.

Buy The Beach House

Descriptions

The description is your chance to really sell the idea of renting your summer home. You should go into detail about how wonderful the location is, each and every amenity, and how clean it's kept.

Consider hiring a professional real estate lister or writer to curate the best description. You will want to include specific keywords that will ensure your listing shows up in search results.

And, consider including testimonies of past renters who enjoyed their stay. Most listing sites have a section for reviews, but it doesn't hurt to include your best one in your description.

Beach House Cleaning Service

9. Find a Cleaning Service

This is a highly important component of running your summer home as a rental property.

During peak seasons, you may have guests checking out and checking in all in the same day. Since it needs to be fully cleaned and laundered between stays, you need a highly efficient cleaning service who can work well under pressure and get the job done.

As mentioned above, when you hire a property management company they usually take care of the cleaning service hiring.

But, if you're running it yourself, do your research on local cleaning companies. Research their experience with short-term rentals, the products they use, and even talk to current clients if you can.

This is an important element that if done poorly, will result in negative reviews.

Summer Rentals

10. Think About Your Renters' Needs First

Your renters are your customers; they pay the bills and potentially spur more business from their recommendations to friends and family.

When you get an inquiry about renting your summer home, reply as soon as possible. Renters will usually message a group of properties they're interested in, and your quick reply reflects well on your listing.

Create a welcome package for their arrival that describes all necessary passwords, appliance instructions, directions to the beach, restaurants, or other attractions.

You can also include any house rules or requests for how you'd like your guests to leave the property.

Rent The Summer House

Ready to Rent Our Your Summer Home?

There's no better time to rent out your vacation property than when the market is hot; people love heading south to spend their holiday in the sun!

If you're interested in learning more about owning a rental property, or perhaps even buying a vacation home in Myrtle Beach, contact us for more information or call 843-839-9870. You have questions, we have answers. We are here to help you avoid the pitfalls that are costly and help you make smart decisions. 

Jerry Pinkas Real Estate Experts - 604 N 27th Ave. Myrtle Beach, SC 29577

Are You Ready To Own Your Own Summer House?

 

Posted in Market Updates
April 9, 2018

Why Buying a Vacation Home is Worth it

Home ownership is one of the biggest gifts you can ever give yourself, and more than 80% of Americans agree. After all, it not only brings a sense of fulfillment but is also a powerful investment tool. The same applies to a summer home, which you can even transform into a source of income.

These are good enough incentives to become a second-home owner. But there's even more waiting, so long as you make the right choice in your investment asset.

And to choose the right property, there are several considerations you need to factor in, with some of the most important being:

  • Location
  • Cost
  • Rental income potential
  • Intended use
  • Lifestyle

All these are essential elements that Myrtle Beach properties satisfactorily meet and perform quite impressively on. And it's because of this that they are a worthy investment.

So, to help you understand better just why it makes good financial sense to buy a vacation home in this part of South Carolina, check out this list of all the perks you'll enjoy when you do.

Summer Home

As Tangible as Your First Home

Whether it's from a financial or personal point of view, a summer home is much just like your primary residence: it's an actual investment that you can see and touch. It's something tangible that represents all those years of hard work you've put in.

You will feel the same sense of pride and undeniable satisfaction. But because you took home ownership to the next level, then you most likely will feel these positive emotions.

Increased Happiness, Improved Health

Long have researchers pointed out the positive effects of owning a home. In addition to strengthening finances, more recent studies continue to validate the link between happiness and home ownership.

Here are just a few takeaways from a recent study conducted by the National Association of Realtors:

  • Homeowners are more likely to enjoy better health after a rise in housing wealth, which include owning a second home;
  • Homeowners report that they hold themselves in higher regard and feel happier compared to renters;
  • Individuals who own homes provided higher physical health self-ratings; and
  • Homeowners are at a considerable health advantage over their renter peers.

The above points are just a few of the findings that point out the social and psychological benefits of owning a home. But from these alone, you can already see why home ownership brings more than just an elevated status quo.

No Restrictions: Freedom to Use as You See Fit

You're just as free to do exactly what you want with your summer home in Myrtle Beach as with your main home. You can decorate it to suit your personal preference and meet your specific needs. You can change the paint color or wallpaper whenever you want.

Basically, you can do as you see fit, without worrying about strict landlord rules and regulations.

Your Own Summer Home: Yours Alone

Privacy is a common issue many people experience, even during vacations and while booked in typical lodgings, such as hotels. One of the primary reasons you want a retreat is because you desire a quiet place you can get away to whenever the hustle and bustle of your everyday life gets on your nerves.

A vacation home gives you all these and more. Not only will you enjoy ultimate privacy; you'll get the peace you need to relax and de-stress, in a comfortable home-away-from-home environment.

Summer Home at the Beach

No More (Expensive) Booking Hassles

There's no denying it: The cost of a vacation, especially spur-of-the-moment ones, can take a toll on anyone's finances. Just the average cost of accommodations alone for a 4-day holiday can already set you back $150.

Add to this transportation, food and/or alcohol, and entertainment, and your 4-day vacation can mean an expense average $581 - per person.

So, for a family with three members, this translates to $1,743. Multiply this, say by three times for the yearly number of vacations your household takes, and you're looking at an annual additional expense of $5,229.

Even with just a 4-day stay in a hotel, you can already spend thousands of dollars every year.

So, why not use this cash to invest in a summer home instead? With such a property in your name, you can say goodbye to the pricey fees of holiday accommodations, not to mention the hassles that come with booking them.



Use It Whenever, and as Much as You Like

It's your property, so you can use it whenever you want to go on a vacation, whether on your own or with the entire family. And because you don't have to think of the costs of holiday lodging accommodations, then you can allot an even bigger budget for your trip.

Furthermore, since you have the key to your own summer home, you don't have to worry about squeezing yourself in the nearly-fully-booked hotels. Nor do you have to spend time comparing hotel rates just to get the best deal.

Best of all, being as the house is yours, you can use it as many times in a year as you like and as your schedule permits.

Summer at the beach

Unlimited Access to the Beach

Majority of summer home buyers primarily intend to use this property as a getaway for family retreats and vacations. The 2017 National Association of Realtors' Investment & Vacation Home Buyer's Survey backs this up, with the study revealing that this majority refers to 42% of vacation home buyers.

As such, a second home is an attractive idea for those who prefer visiting the same area every year, and multiple times at that. In other words, if you love Myrtle Beach, owning a home here provides you with a place you can take the entire family for a much-needed holiday.

And because it's yours, you can enjoy the sparkling and clear waters of the various beaches in this East Coast town whenever you want, and for as long as you want.

Surround Yourself with Healing Waters

Resort areas are undoubtedly on top of the list of preferred summer home spots in the country. In fact, the same NAR study found that a fourth of the participating vacation property buyers wanted properties in such areas.

Why? Because people love the beach, and science backs this up. Studies have established that it's in the nature of humans to seek out water, and in doing so, enjoy plenty of health benefits, from physical relaxation to a clearer, more alert mind.

That's right: Being in or even just near the water can improve your health, so imagine just how better your quality of life will be if you can live somewhere right on the beach. Here are just a few of the amazing things that surrounding yourself with Myrtle Beach's sea waters can bring:

  • Physiological benefits, such as reducing joint stress and muscle tension, maintaining optimal levels of hydration, and keeping the skin moisturized;
  • Preserved and even improved levels of feel-good hormones, including dopamine, melatonin, tryptamine, and serotonin, which then help in minimizing risks of depression and other mental health issues;
  • Improved alertness and higher mental energy;
  • Overall better mental health through reduced stress levels and greater positive emotions, such as feelings of well-being; and
  • Helps in achieving better sleeping habits and practices, which then aid in strengthening and stabilizing physical and mental well-being.

This isn't an all-inclusive list, which means that you have even more health benefits to look forward to once you become a summer homeowner in Myrtle Beach.

Make Money while the Property isn't in Use

Increased income resources are another big attraction to second homes. Of course, how much you make off your vacation home depends on a number of factors, especially the location and the property's condition.

Even with these variables though, the rental potential of a summer home is a good incentive in itself. This is especially true if your primary intention for it is to serve as a vacation getaway. All in all, it helps you offset your purchase costs of the property, while you keep enjoying the benefits of homeownership.

Keep in mind though, that with Myrtle Beach being amongst the top award-winning vacation spots in the country, you have higher chances of securing your rental deals.

Furthermore, you can use your vacation home as an income source through several ways. First, you can rent it out on a yearly basis. Or, you can put it on a seasonal rental program, such as during summers, winters, as well as Christmas and/or New Year holidays.

Whichever path you take, know that you have options to make good use out of your second home, when you aren't the occupant.

A Smart Way to Diversify Investment Portfolio

This may come as a second- or third-priority, but there are some vacation home shoppers who have the sole intention of using the property to diversify their investments. And in today's investment market, proper asset allocation has become even more essential to a solid financial plan.

Here are some of the most important things to keep in mind when it comes to real estate investments and asset diversification:

  • Real estate offers an attractive investment medium for diversity because of its relative low-risk, especially when compared to other platforms, such as stocks and bonds.
  • Unlike most investment media, real estate properties, including a second home, appreciates rather than depreciating in value.
  • A summer home can provide you with a hedge against inflation, since real estate prices are often minimally, if not affected by serious drops in the market.

While no type of investment provides a 100% risk-free medium, real estate properties remain amongst those with the lowest risks. It's because of this that financial experts still regard it as a necessity for proper asset allocation.

Enjoy Tax Benefits with Your Second Home Too

Just as you would with your primary residence, you can also reap a few tax benefits from your Myrtle Beach summer home. And this applies to both cases of using it solely as a vacation home and renting the property out.

For instance, when you have plans of simply using it as your second home, the mortgage you have on it is as deductible as your first home. Yes, that means writing off the entire 100% of what you're paying in interest, so long as it doesn't exceed the $1.1 million cap.

Don't worry; if you plan on renting out the property, you still get to enjoy tax incentives. You can pocket the entire rental income you make on the property, given that you only rent it out for 14 days or less every year. It doesn't matter how much you charge for it, so long as you don't exceed this number of days, you're good.

And don't forget the property tax deductions you can make. You can do this for all the taxes you pay on any house you own, including your summer home.

Retire in a Beach Property Surrounded by Nature's Beauty

Even when you're still a long way from your retirement, it's wise to start planning for it early. And the sooner you do, the stronger and more stable you can make your retirement finances.

A big player in a solid financial plan for retirees is real estate property. Whether it's primary home ownership, having a commercial property, or owning a summer home, property investments can make a huge difference in your investment portfolio.

And to make things even better, your vacation home in Myrtle Beach gives you the opportunity to retire with majestic sceneries all around you. Who wouldn't want to retire and wake up every single day in a paradise-like environment?

Start Enjoying all these Myrtle Beach Vacation Homes Now

With all these benefits, there's no reason for you not to consider investing in a vacation home in Myrtle Beach.

Whether it's for your own use, for investment purposes, or just for the enjoyment of your entire family, a summer home is one of the best gifts you can give yourself and your loved ones.

So, what are you waiting for? Start your property hunt now with our Myrtle Beach featured properties listing to find out and compare your top options.

Posted in Market Updates
March 26, 2018

Top Tax Tips for Rental Properties

If there's one thing that's always certain, is taxes, as half of that famous old adage goes.

Come January 1st through April 15th of every year, you can always count on having to pay Uncle Sam.

But if you've been considering buying a vacation property as income property, it can be a great investment, especially if it's near the beach and you can deduct much of your expenses during tax time.

The Internal Revenue Service permits landlords to deduct a large majority of the money they make and spend on rental properties whether they own a beach house or a condo.

If you're considering investing, here's how to maximize the return on your investment nest egg.

Top Tax Tips for Rental Properties

Rental Properties

The government categorizes expenses into two groups for rental properties: capital expenses and current expenses.

Capital expenses

Capital expenses or "improvements" are any expenses that raise your property value. They can also extend the life of your property's value.

They should be capitalized as well as depreciated over several years. You can consider anything that needs to be replaced as a capital expense.

Anything that increases the value of the property, or extends its life, is categorized as a "capital expense" or "improvement" and must be capitalized and depreciated over multiple years.

Current expenses

On the other hand, current expenses for rental properties are expenses that are "one-time" items that make your property habitable and keep it in a good working condition in order to operate your rental property.

Owners of rental properties can deduct these expenses from their taxes the same year they pay for it. For repairs, though, they would need to restore a piece of equipment or item to its prior condition of quality.

Here's how you can qualify for a current expense: For an expense to be qualified, the IRS must deem it as ordinary and necessary.

Ordinary Expenses

Ordinary expenses for rental properties must be common items that are regularly accepted and used for a rental property business.

Some examples of rental properties that are deemed acceptable include interest on your rental property, maintenance costs, home insurance, utilities and advertising expenses.

Current expenses must be current with less long-term value than short-term value. For instance, repairing a hot water heater is considered as having short-term value.

But replacing the entire hot water heater would be considered as having long-term value and would not be considered as current.

The item needs to relate to your rental properties and related to your business. The amount you pay for fixing the item must be a reasonable amount of money for what the item costs in stores.

Don't claim you paid $800.00 for a toilet seat or the IRS will surely audit you.

Tax Deductions Overview

Now that you know the differences between current expenses and capital expenses for rental properties, let's look at the top tax deductions for rental property owners.

But first realize that before you claim these items as tax deductions, maintain organized records, keep purchase order receipts.

It's also a good idea to have rental property automation software application or a program like Excel or QuickBooks to track your expenses.

Track Your Expenses

It's a good idea to track the expenses for your rental properties while you make them avoid getting overwhelmed when tax time rolls around.

If you own a multiple unit rental property or several properties, you probably have a property management company that takes care of the details for you. But it's always a good idea to review their records in advance.

One thing you can count on for sure, the IRS will examine these deductions with a fine-toothed comb. So have all your paperwork in order.

A caveat: If you get audited, the IRS will charge you the full amount of the expense with interest if you fail to present them with the appropriate receipts and can't show the validity of each expense for your rental business.

Here are the expenses you can deduct.

1. Loan Interest and Buy-down Points

Do you have a mortgage on one of your properties? If you do, you can claim the interest on the loan from your rental property.

This is often the biggest deductible expense for landlords. If you paid buy-down points when you refinanced your mortgage or purchased your rental property, you can deduct that amount as well.

Here are additional deductions about rental properties related to your mortgage:

·         Primary and secondary mortgage interest

·         Credit card interest for items bought for your rental property

·         Mortgage points to refinance or purchase a rental property

·         HELOC interest for loans spent on improving or repairing your rental property

Take note: you can only deduct interest from the money you have already spent on your income property. You cannot deduct the interest from a line of credit withdrawn that is in your bank account.

2. Utilities

Landlords can deduct the utilities from their rental property that they pay even if the tenants pay some of the expenses.

You can claim the utility expenses the tenants reimburse you for. However, you must claim the utility reimbursement as income.

Here are some of the utilities you can claim:

·         Electricity

·         Water & Sewer

·         Heating Oil

·         Gas

·         Trash Removal

·         Recycling

3. Depreciation of assets

The government allows owners of rental properties to deduct three types of costs to depreciate and capitalize.

First, the structure value, but not the land value.

Second, the value of improvements on the property such as new windows, countertops, carpeting, flooring, appliances, and countertops.

Third includes equipment such as computers and peripherals.

These deductions cannot be deducted in full for one year. For example, if the life of a computer is three years. The first year you can deduct one-third of the cost and the same the following two years.

Otherwise, landlords could claim $50,000 in repairs in one year and sell the rental property the following year without assuming tax liability. They would gain a larger return on their investment for which some might not feel they deserve.

4. Repair Deductions

The IRS allows you to deduct the money you spend on repairs on your rental property investment. They classify repairs as your cost to maintain the current condition of an asset or rental property.

Items that you can deduct are below:

·         Plumbing Repairs

·         Labor Costs

·         Contractor Expenses

·         Repairing of Fixtures

·         Air Conditioning Repair

·         Exterior or Interior Painting For Your Property

·         Repairing of Property Fixtures

·         Renting Tools or Equipment Fees

·         Miscellaneous items paid for repairs

5. Maintenance Costs

Owners of rental properties often confuse maintenance costs with repair expenses. With maintenance costs, you're not repairing anything. You are maintaining the upkeep of your rental property.

Mowing your lawn is a good example. You cut the grass weekly to maintain your lawn. Perhaps you also do weeding and tree trimming.

But it doesn't have to be fixed like a broken appliance. That's what makes it different from repair. So when you file your taxes, make sure to put lawn maintenance under maintenance.

Pest control also falls under maintenance expenses. You hire a pest control company every few months, or perhaps monthly to prevent insect infestations even when insects are no longer present. this makes it a maintenance cost.

You can deduct the following maintenance expenses on your taxes:

·         Homeowner Maintenance Fees

·         Pool Cleaning, Chemical Testing, and Maintenance

·         Landscaping and Tree Trimming

·         Pest Control and Prevention Treatment

·         Battery Replacement for Smoke Detector

·         HVAC Replacement Filters

·         Replacement of Light Bulbs

·         Lawn Mower and Leaf Blower Maintenance

·         Chain Saws and Tools Used for the Property

·         Janitorial Items

6. Taxes

Mortgage companies typically pay real estate taxes. Your bank will send you the 1098 form to use for filing taxes.

If you've paid off your mortgage or bought your property for cash, you can still deduct the taxes you paid the previous year.

Make sure to keep your receipts of tax payments. But if you lost your tax payments, you can find your payment record online.

Other deductions include personal property taxes, permit fees and wage taxes related to your rental property.

The IRS allows the following tax deductions:

·         Personal Property Tax/Vehicle Tax

·         Permit Fees/Inspection Fees

·         State, County and City Taxes

·         Medicare and Unemployment Taxes for Employees

·         Social Security Taxes for Employees

7. Insurance premiums

Did you know that all your rental property insurance premiums are tax-deductible? If you bought insurance for your income property, you can deduct your premium payments. Some of the things you can deduct include umbrella policies used for a business expense.

You may deduct these insurance premiums:

·         Homeowners Insurance

·         Mortgage Insurance Premiums

·         Theft Insurance

·         Fire/Damage/Liability Insurance

·         Flood Insurance Riders

·         General Liability Insurance

·         Workers' Compensation Insurance

·         Personal Umbrella Insurance

8. Travel expenses

About half of landlords live away from their rental properties. If you need to travel a long distance to tend to your rental property business or check up on your assets, you can deduct that as a business expense.

You may deduct the fare for your airline tickets. You can also deduct the fare used for car rentals and taxicabs.

You may also write off the hotel stays and half of the meals you purchased as expenses during your long distance travel business. Keep in mind, you need to save these receipts in the account of an IRS audit.

9. Vehicles

If you use vehicles for your business you can deduct that asset. But you need to depreciate the expense over the life of the vehicles.

You can deduct the maintenance you paid for the vehicle during the year you maintained the vehicles.

As of the year 2013, the government allows you to deduct actual expenses or use a standard mileage rate of 56.5 cents you drive per business mile.

So you can deduct business vehicles at a depreciable rate per year and also deduct mileage and the maintenance costs for using your personal or business vehicles to conduct business related to your vacation property.

10. Advertising

The federal government allows you to deduct your advertising costs from your taxes such as these:

·         Newspaper, Radio and Television Advertisements

·         Banners and Signs Advertising Your Business

·         Telephone Book Advertisements

·         Direct Mail Advertisements (This includes postage and printing costs)

·         Phone Book Advertising

·         Photography and Videography Specialists Hired to Film/Photograph Your Property

11. Property Management Company Fees

Landlords sometimes need help managing their rental properties, especially when they live a long distance from their buildings. Or when they own multiple properties.

Landlords may write off expenses for a variety of management duties.

·         On-site Managers

·         Property Management Companies

·         Individual Property Managers

·         Condominium Association Fees

·         Property Management Software Portal Applications

12. Office Operating expenses

When you rent a commercial office space to do business the office can be used as a tax deduction. Some people who use their home/office to conduct business may also deduct some of their deductions. But home/office deductions can be tricky.

There needs to be a designated office used for business that isn't used for any other purpose. Claiming your home as a deduction are one of the red flags the IRS audits, so be careful to follow the rules.

Office expenses you can deduct:

·         Phone Bills

·         Printer Paper and Ink

·         Staples, post-it notes

·         Business Automation Software

·         Legal Forms

·         Rent Paid for Office Space

13. Legal and professional fees

You can deduct the commission you pay your real estate agent you pay out to hire accountants, lawyers, tax professionals. You can also deduct court and filing fees if you file evictions for a tenant.

You can deduct the fees you pay for these items and services:

·         Professional Tax Preparation

·         Legal Fees

·         Lease Review and Editing

·         Tax Preparation Software (like TurboTax)

·         Structural Engineering and Consulting

·         Court Filing Fees

Final Words on the Top Tax Deductions for Rental Properties

Legal disclaimer is we are not accountants and we are not attorneys and we are not giving accounting or legal advise. But we are real estate experts and we want you to be knowledgeable and help you avoid the pitfalls that are costly.

Now you know the top tax deductions for rental properties. You've learned the difference between current and capital deductions and how you can use these tips to keep more money in your pocket.

Why not own a vacation property during the winter and earn incoming from it the rest of the year!

Our real estate agency connects buyers with sellers in the Myrtle Beach area. Check out our website for some beautiful properties, read the market reports and enjoy some great content on our blog.

Visit our website and make this popular tourist destination wrapped in the warmth of southern charm your vacation home and a smart investment.

Posted in Market Updates
Feb. 20, 2018

Reasons To Buy A Myrtle Beach Vacation Home

Myrtle Beach, South Carolina consistently receives awards naming it one of the best beaches, best family vacation spots, and best holiday spot in the U.S.

With white sand beaches, world-class restaurants, and countless shopping and entertainment options, the area is great for families, couples, history buffs, thrill seekers, and more.

But while a visit to the area should be on everyone's bucket list, it's also a great spot for families and couples looking to buy a vacation property.

With low tax rates and competitive property prices, a vacation property in Myrtle Beach is not just a fun destination, it's also a good investment.

Not convinced yet that Myrtle Beach is the place for you? Keep reading to learn just a few of the countless reasons why a Myrtle Beach vacation home is a great choice.

myrtle beach vacation home

Beautiful Beaches

Perhaps the most popular reason to visit Myrtle Beach is the beaches.

With sparkling, stunning stretches of white sand and sparkling, blue-green water, Myrtle Beach offers some of the best beaches on the East Coast. The city is home to more than 60 miles of coastline.

Within that space are dozens of awesome public beaches to choose from. Here are just a few of the best.

Myrtle Beach State Park

Lined with sand dunes spotted with bright green grasses, this stretch of protected beach offers quiet sunrise views, waves fit for boogie-boarding, and plenty of room to build sandcastles.

Each May, the beaches in the park also become the site of Loggerhead turtle hatches.

Litchfield Beach

It's no wonder that many exclusive resorts and world-class golf courses are located in the Litchfield area.

With pristine white sand and a remote location away from the hustle of the city, Litchfield Beach is the perfect seaside getaway for vacationers and locals alike.

Huntington Beach State Park

Plenty of beaches in Myrtle Beach offer picturesque views. But Huntington Beach State Park has the unique designation of also being one of the best places in South Carolina to bird watch.

Beyond Public Beaches

With so many miles of public beaches in the city, the crowds never get too thick. But if you want a more intimate beach experience, you could invest in a Myrtle Beach vacation home with private beach access.

If your Myrtle Beach vacation home doesn't offer private beach access, don't fret. The ability to visit any time of the year also gives you the option of choosing weeks that are less busy than others.

During the winter months, months when students are in school, or right after busy holidays, you'll have the public beaches all to yourself.

Plenty of Shopping

Like many seaside vacation towns, Myrtle Beach has its share of surf shops and t-shirt vendors. But the city is also home to tons of other shops for all ages and interests.

Here are few shopping hotspots to check out on your next visit.

Broadway at the Beach

This ultra-popular destination offers tons of shopping, entertainment, and more. From tourist favorites like Tiki Jims and The Paula Deen Store to southern stores like The Savannah Bee Company and Palmetto Paradise, there's something for everyone at Broadway at the Beach.

Bring the whole family along and enjoy escape games, water sports, an aquarium, and more!

Barefoot Landing

Like Broadway at the Beach, Barefoot Landing is another popular destination for shopping, dining, and entertainment.

Located along the Intercoastal Waterway, this complex offers a picturesque setting with a laid-back southern vibe.

Popular stores include Cariloha, Tassa Cabana, and The Olive Shoppe.

Coastal Grand Mall

If you're looking for a more traditional shopping center, the Coastal Grand Mall is a great option.

Here you'll find a mix of your favorite department stores and other chains, as well as a mix of local stores and luxury shopping options.

Awesome Restaurants

When you buy a Myrtle Beach vacation home, you're guaranteeing that you'll always have a fully equipped kitchen to come home to at the end of a long day. But if you don't feel like cooking after a day at the beach or exploring the area, you're in luck.

Myrtle Beach is home to tons of restaurants, from world-class cuisine to fun tourist spots and quirky local favorites. Here are a few must-sees for locals and visitors alike.

Carolina Roadhouse

Whether you've worked up an appetite from swimming and enjoying the beach, a full day of shopping, or any other activity, Carolina Roadhouse is the place to go.

Their massive portions are matched only by their massive flavors. Feast on ribs, barbeque, footlong hot dogs, and plenty of southern comfort foods.

Margaritaville

Get in a vacation state-of-mind no matter what time of year with a visit to Margaritaville.

With a picturesque view of the water and access to the shops and nightlife of Broadway on the Beach, a trip here is an excursion of its own.

Enjoy seafood, burgers, and plenty of shareable appetizers. Add a classic margarita, plenty of Jimmy Buffet music, and beach-decor, and you've got a mini-vacation in every visit!

Even if you own a Myrtle Beach vacation home and aren't a tourist, a visit to this fun spot is always a good time.

Dagwood's Deli

Owning a Myrtle Beach vacation home makes you a part-time local. So take a note from the full-timers and plan a visit to this local favorite.

Dagwood's Deli has been serving up classic lunchtime cuisine on the Grand Strand for more than 25 years.

Rich History

Myrtle Beach is an area rich in southern history. From Civil War forts to massive plantations, there are plenty of sites to see and stories to learn.

There's too much to see in just one visit, but as a Myrtle Beach vacation home owner, you'll have plenty of time to hit every popular spot.

Here are a few that are sure to be a hit with history-buffs or even just those looking to learn a little about the area.

Atalaya and Brookgreen Gardens National Historic Landmark

If you're lucky enough to already own a Myrtle Beach vacation home, you could spend days wandering these two properties.

Atalaya was the former home of famed sculptor Anna Hyatt Huntington and her husband. This beautiful, airy brick home features expansive courtyards, breezy corridors, and even old cages that once held the animals that Anna modeled her sculptures after.

The home is located just a short walk from one of the prettiest, quietest beaches in the area.

Also located on the property is Brookgreen Gardens, the Huntington's former gardens. Filled with native plants and a wide array of sculptures by Anna and other artists, you could spend hours or even days wandering this beautiful property.

Hopsewee Plantation National Historic Landmark

Located in nearby Georgetown, the Hopsewee Plantation is a great day trip from Myrtle Beach.

Built 40 years before the Revolutionary War, the plantation has had just 5 owners, and has been lived in and maintained continuously since it was built, never falling into disrepair like many other historical homes.

A signer of the Declaration of Independence, Thomas Lynch Jr., was born in the home.

South Carolina Civil War Museum

Whether you're looking for a way to spend a rainy day or just get out of the sun for a while, the South Carolina Civil War Museum is a great choice.

The museum is packed full of artifacts, displays, and more.

Perfect Weather

With hot, beautiful summers and very mild winters, Myrtle Beach has the ideal weather for a vacation home.

The average high temperature in Myrtle Beach is a perfect 75 degrees Fahrenheit, and the city experiences more than 200 days of sun each year.

You'll still get to enjoy the warmth of a southern summer, while also having the option of visiting during cooler months to partake in more comfortable conditions for golfing or hiking the area's parks.

Affordability and a Great Investment

Besides being packed with things to do year-round, Myrtle Beach is a great choice for families and individuals thinking about buying a vacation home for other reasons as well.

To start, property prices in Myrtle Beach are far more affordable than other popular vacation cities in Florida and other southern states. This means that your investment will go much further, allowing you to save money on your purchase or to choose a larger home or better piece of property.

Property taxes are low while state income tax rates are very reasonable compared to other southern states.

If you don't plan to stay year-round in your Myrtle Beach vacation home, you can make the most of your investment by turning it into a part-time rental property.

Renting out your vacation home by the day, week, or month is an easy way to earn income to offset your mortgage. Plus, with tons of rental management companies in the area, you won't have to worry about being local to manage your property while renting it out.

Finding the Perfect Myrtle Beach Vacation Home

With great weather, breathtaking beaches, and plenty to see and do, Myrtle Beach is a great choice for families and couples alike looking to buy a second home.

If you've decided that Myrtle Beach is the place for you, it's time to start searching for the perfect property.

Check out our Myrtle Beach real estate search tool to start your hunt for the perfect home or condo today!

Posted in Market Updates
Feb. 7, 2018

Is Buying A Condo In Myrtle Beach A Good Investment?

Condo in Myrtle Beach

Myrtle Beach was the second fastest growing metropolitan area last year. Even as more people continue to move there, construction is keeping pace with the migration. If you're thinking of moving to the area, there's never been a better time to get ahold of a condo in Myrtle Beach.

Whether it's for the sports, recreation, or just the weather, the increased wave or people moving to Myrtle Beach is bringing new energy to the area. There's a growing job market, causing healthy competition between other South Carolina cities.

Whether you're thinking about retiring or just beginning to consider where you might want to settle and start a career, Myrtle Beach is a great place to start. Even if you just want to invest in real estate, a condo in Myrtle Beach is a sure thing. Here are 10 reasons why.

1. Fantastic Real Estate Prices

There are few places on the planet you can get such gorgeous oceanfront property at such a reasonable price. There's so much housing available that the cost to invest will be cheap for the next few years. Given the pace of growth, the city is slated to see for the next decade, you should see your investment bloom more quickly than anywhere else in the US.

Even if you're not ready to move quite yet, it can be a great vacation home for you to rent out during the rest of the year. Vacationing families will pay a great price for the kinds of views and weather that the city has to offer.

As the market begins to pick up, inventory is starting to sell. Now is the time to invest in a condo in Myrtle Beach, even if you'll be saving it for retirement.

2. Endless Entertainment

Culture is a great reason to invest in real estate. As seen in markets all over the world, when art and cultural institutions move in, real estate values go up. This is the case in Myrtle Beach as it is anywhere else.

If you're investing in a condo in Myrtle Beach, you'll find yourself immersed in a community that values live music, theater, and public events.

For fans of live music, check out The Carolina Opry. Big name acts roll through town on a regular basis featuring some of the best theater in the area.

If you're a fine arts person, you'll be pleased to know there are hundreds of art events every year. Even if you're buying just for the sake of vacationing, you'll find boatloads of entertainment every time you're in town.

For families, check out Ripley's Aquarium to see some creatures that look out of this world. For a family that loves classic adventure, Medieval Times and Pirate's Voyage offer something thrilling most nights of the week.

3. Low Cost Of Living

Your condo in Myrtle Beach will come at a great price, but don't expect to be gouged everywhere else. The city is still a reasonably priced place to live.

Gas prices are still low, utilities are cheap, and your property taxes might shock you at how inexpensive they are. For any other kinds of goods or food, you'll be paying small town prices for high-quality services.

Prices increase a little bit if you're on the beach, as you'll need to buy some kind of storm insurance for your home and pay a premium for the view. However, you'll still end up paying one of the cheapest living expenses you could in the US.

To save money, settle a little west of the waterway and you'll see all the prices drop dramatically.

4. Great Small-Town Vibe

For anyone who's visited in the peak of summer tourist season, you might think of Myrtle Beach as an anonymous and crowded place. Living there year-round, you'll see that the fall and winter are when the locals come out. Myrtle Beach will be completely transformed and filled with residents who know and love the city.

Your condo in Myrtle Beach will be your sanctuary when the streets are teeming with tourists. But the other 9-10 months out of the year, you won't be able to stay inside. With so much more to do, a quieter lifestyle and cool weather, you'll navigate the city with the other full-time residents.

Get away for a day by driving just 10-15 minutes to North Myrtle Beach or Little River. Or else buy property there and be close to the city without having to be at the center of the action.

5. Nothing Beats The Beach

If you don't currently have a view of the beach, you might think that it could get old after awhile. It doesn't!

Every day that you wake up in your condo in Myrtle Beach, you'll hear waves and see the ocean. Relaxation will wash over your body and make you want to sit in the sunshine all day long.

Take a lunch break where you walk along the pier or go for a quick surf. Every dinner can be a romantic sunset dinner.

Head over to the pier at Cherry Grove for a relaxing afternoon of fishing. Get out there early to get a great catch before you start working for the day.

There is an endless number of ways to enjoy the city and appreciate your condo in Myrtle Beach. You'll never run out of ways to have fun and relax. Turn your favorite beach activity like volleyball or swimming into a passion that you can pursue every day.

6. Condos For Every Budget

At this point, it might seem too good to be true. You might not think you have enough to invest in property in Myrtle Beach. Thankfully, you're wrong.

There are so many great properties, from beach houses to condos and cabins, you could end up finding any kind of property in your budget. You'll be surprised to find that some of the nicest condos around could be the same price or less than what you're paying in another city. For the price, you can easily make it a great second home.

If you don't mind traveling 10 minutes from downtown, you could end up with something that still has a great view. You'll have the added bonus of living in a quieter community and the safety and security you might want for your family.

7. Golfer's Heaven

If you're a golfer, there's nowhere else you should consider. The Myrtle Beach area has over 100 great courses, so you're always sure to find a tee time.

Many of the best golfers in history have come through the area. Several have assisted in designing the fantastic courses that are available in the area, making it the unofficial golf capital of the world.

The first Sports Illustrated sales conference was even held on Myrtle Beach. Before it began in 1954, investors, writers, and editors flocked to the area to talk sports and enjoy the golfing.

If you're a big sports fan, history buff, or love to golf, there's nowhere else you should even consider moving over a condo in Myrtle Beach.

8. Food Like Nowhere Else

If you love seafood, you shouldn't think about moving anywhere else on the planet. The number of great restaurants available in the city is outrageous. With the offerings available at each one, you'll quickly see why it's called the seafood capital of South Carolina. Check out Murrells Inlet Marsh Walk to find yourself in the heart of that seafood capital.

Even if you don't like seafood, you'll find there are some great steakhouses in the area. Juicy steaks are up for grabs at Ruth's Chris Steakhouse or Thoroughbred's Chophouse.

You won't go hungry in Myrtle Beach.

For the foodies in the crowd, you'll find Myrtle Beach is listening to what's happening all over the world. There are an increasing number of small plate, craft cocktail, and upscale establishments popping up every day.

9. Check Out The SkyWheel

One of the most popular attractions in the area is the biggest Ferris Wheel on the east coast. While you might think it's the kind of thing you see once during a vacation, but the breathtaking views never get old.

You can see far along the coast of the Atlantic Ocean and the whole of the boardwalk that stretches on over a mile. You'll even notice that the skyline isn't too bad to look at either.

10. Great Shopping

You won't be a fish out of water after you buy your condo in Myrtle Beach. You'll find some of the best retail in the south in Myrtle Beach. Along the Grand Strand, there is plenty to choose from including both local stores and nationally known brands.

If you're going to be spending a lot of time sending trinkets to friends and family, you'll find an endless number of shops to choose from.

A Condo In Myrtle Beach Has A Lot To Offer

Buying a condo in Myrtle Beach is a great investment, no matter where you are in your journey. If you're looking for a pled-a-terre that you'll rent out most of the year or if you're investing in a future retirement, now's the time to buy in. As more people move into cities, you'll see increasing competition.

If you're ready to invest in a condo in Myrtle Beach, contact us for tips on where to start.

 

 

Posted in Market Updates
Jan. 22, 2018

Is Your Second Home Waiting for You in Myrtle Beach?

Buying A Second Home in Myrtle Beach SC

If you've ever had these feelings in the Myrtle Beach area, you are not alone. It's an incredibly popular tourist destination, and it's becoming a more popular living location.

When you get to a certain level of financial means, it's understandable to start thinking about purchasing a vacation home. Myrtle Beach is a second home for many families, which means it could soon enough be yours, too.

Continue reading to learn about all of the things you would need to consider before purchasing a second vacation home in the area of Myrtle Beach, South Carolina.

Importance of Location

It doesn't matter which city throughout the country you choose to live in. The specific local neighborhood will be something for you to consider. Myrtle Beach is no different, and it actually offers a few different areas available for you to purchase a second home.

Questions for you to think about when you do your neighborhood-specific research usually revolve around a few factors.

  • What is the education system like for that district?
  • How safely do the residents of the area live?
  • What does that area offer in terms of music, shopping, arts, sporting events, etc.?
  • Is the property particular expensive in that region?

Research whatever neighborhood characteristics about Myrtle Beach you need to in order to feel comfortable when deciding on a specific area.

Once you know the answer to where you want to move, try out our advanced search option to get an idea of what kind and price of properties are available in that area. This search is customizable to suit your queries about property types, price limits, or even a minimum number of bedrooms. It's perfect for helping you narrow down possibilities for your second home.

Condo or House?

Another part of what you'll want to search for is the type of home when it comes to buying a second home in Myrtle Beach.

The main two options for you to consider are condos and proper houses. Myrtle Beach will have a plethora of both options.

If you are wanting to purchase a low-maintenance location, a condo might be best for you. For a more home-sensitive atmosphere where you live more often than a condo, look at the houses for sale in your preferred neighborhood.

You might be surprised at the availability of property for sale. Because of it, even oceanfront properties can be considered affordable. To offset the costs of your second home even more, you'll always have the option to rent out the space to other families throughout the year when you're not occupying it.

Small-Town Feel

Myrtle Beach, though its popularity has been growing over the past few years as a great place in which to purchase a second home, still maintains a bit of a rustic charm. The population is not that extensive.

Reputable cities with a "small-town feel" come with a friendly community and emphasis on local businesses. If these are values important to you, know that Myrtle Beach is a great location where you can balance the bustle of a city with the steadiness of a small town. Your second home at Myrtle Beach will answer to any societal longing you have.

Even when it's the popular tourist season, one great thing about Myrtle Beach is that it never feels like an overcrowded metropolitan hot spot. Since the population continues to stay lower than in other areas, you can be sure that the small-town feel of the city will stick around for a while.

South Carolina Has a Lot to Offer

Myrtle Beach is right on the coast of South Carolina. Conveniently, it has fairly quick access to other popular destination cities along the Atlantic Coast.

Just south of the border in Georgia, Augusta and Savannah are great destinations for your travels after only a few hours of driving. In the north, you have the entire historical New England at your disposal.

Even in the state of South Carolina itself, make sure you do some proper historical tourism of Charleston. A second home here is in such a desirable location for history buffs or outdoorsmen.

There are also plenty of national parks and outdoor activities that you and your family can enjoy when spending time in the coastal area of South Carolina. It boasts of a lot of national history that you can explore through museums and other historical spots.

Additionally, the state has a wide variety of landscapes that you and your family can take your time to explore. South Carolina is home to coastal regions, mountainous areas, and even marshlands.

Warm Weather

If you are seriously considering purchasing property in Myrtle Beach, odds are that you are interested in the year-round climate of the city.

If you prefer a warm temperature, you're in luck. In this area of South Carolina, you can expect fairly temperate and humid weather patterns.

In fact, there are only a couple months of the year in which you might experience low temperatures (such as below 40 degrees Fahrenheit). For the most part, the weather in the area stays warms and comfortable all year long.

This is due to the temperate ocean climate constantly affecting the atmosphere. Of course, people who want to live in a coastal location are usually pretty aware of the ocean's effect on the place's environment! That means you may experience the occasional beach storm or wind gust, but overall, you're looking at the ideal weather.

Availability of Employment

Myrtle Beach is also a desirable place when it comes to availability of employment. As you are considering buying property at Myrtle Beach, remember that you will have a solid chance of getting a decent job.

That job availability does depend on the industry, though. According to these statisticsfound after a study by the U.S. Department of Housing and Urban Development, most jobs in the Myrtle Beach area fall under the category of tourism.

That means that the industries of hospitality and retail have the strong influence in the city of your second home at Myrtle Beach. Industries like manufacturing or production are less developed, so keep that data in mind as you search for your next coastal workplace.

Low Cost of Living

Even if you don't plan on trying to build an entire career at Myrtle Beach, the cost of living is still low enough to be affordable in the area. In fact, compared to the rest of the United States, the cost of living in Myrtle Beach is 8% lower than in other cities.

This is great, especially for families new to the area. Give yourself some time to get adjusted after moving to your second home here. You deserve to properly acclimate yourself to the area before stressing over finances.

That low cost of living will cushion you as you learn what it's like to live as a more permanent resident of Myrtle Beach. As you're looking for properties to purchase, you'll be particularly happy to know that the prices of homes in the area are also low compared to other vacation destinations in the country.

If you are determined to move to Myrtle Beach on a budget, consider purchasing foreclosed home. You can use our extensive database to search for foreclosures here.

Who Doesn't Want a Second Home Right on the Beach?

Perhaps one of the most significant reasons to consider Myrtle Beach for your second home is in the name itself -- it has a beach! This is likely a selling point that got you started on the possibility of property in Myrtle Beach in the first place.

After putting down roots in the area, it will be up to you and your family to truly immerse yourself in the culture and lifestyle that Myrtle Beach has to offer.

Even after reading this article, it's probable that you still have several questions.

We know how important it is to learn everything you can about an area before purchasing a second home for your vacation time. We encourage you to read through some other informative articles on our website. Also, please feel free to reach out to us at any time with questions.

You can learn more about our company here.

Posted in Market Updates
Jan. 8, 2018

10 Reasons Why Myrtle Beach Condos Make For a Great Retirement

Are you thinking about kicking off your shoes and enjoying retirement in a beach community?

If so, you may be overwhelmed with choosing which city to choose. Maybe you're thinking about Myrtle Beach or maybe it hasn't crossed your mind.

From low housing costs, tax benefits, and outstanding beaches, Myrtle Beach has a lot to offer retirees.

Here are the top ten reasons why you should look into Myrtle Beach condos as your new home.

1. Low Costs

The composite index for the cost of living in Myrtle Beach is among the lowest of U.S. cities. The sales tax is only 6% and property taxes are low.

Myrtle Beach homes are surprisingly affordable, especially when compared to other beach communities.

The current median home price is $123,900. You can find Myrtle Beach condos for under $100,000 or rent an apartment for an average monthly price of $669.

With the South Carolina Homestead Exemption, homeowners over 65 do not have to pay taxes on the first $50,000 of their legal residence. That adds up to a lot of savings.

South Carolina has additional tax benefits for its retired residents.

The state does not tax social security income or railroad retirement income. This means getting more of YOUR money in YOUR pocket.

South Carolina also allows annual tax deductions from $3,000 to $15,000 for retirees and senior citizens.

Plus, there are no intangible taxes to worry about. Intangible taxes are annual state taxes on current market values of properties and securities.

myrtle beach retirement condos

2. 55+ Communities

It's time to kick back, relax, and reap the rewards of all those years of hard work.

Noone will blame you if you want to enjoy retirement in a peaceful and quiet community among people your own age.

Myrtle Beach has a multitude of age-restricted communities for people like you. They offer more than just peace and quiet.

They come with amenities such as pools, recreational activities and groups, get-togethers, clubhouses, libraries, restaurants, bars, and more. Some retirement communities also have handy services such as maintenance, housekeeping, and health care services.

Whatever your hobbies may be, you're likely to find Myrtle Beach condos in a 55+ community that has something to fulfill your interest.

Another great thing about Myrtle Beach age-restricted communities is their affordability. For example, you can find a home in Myrtle Beach Golf and Yacht Club within the $100s.

3. Top-Notch Health Care

Myrtle Beach is home to award-winning and globally recognized medical centers and physicians. They are also known for using the most advanced technologies and treatments available.

There are three large healthcare and hospital systems in Myrtle Beach, so your options will never be limited. They are spread out so that, if needed, you can find Myrtle Beach condos near a health facility.

Grand Strand Regional Medical Center, Georgetown Hospital system, and Loris Healthcare system all use satellite facilities, 24-hour emergency services, and offer specialty care.

Grand Strand is among the top 5% of U.S. hospitals and ranked number one in South Carolina for heart surgery. It is also a teaching facility where some of the best doctors teach and train prestigious graduate students.

Georgetown's Waccamaw Community Hospital has received awards for its innovated programs and business.

4. Weather

This one is a no-brainer. Many retirees choose Myrtle Beach for its temperate climate and for good reason.

The average temperature in Myrtle Beach is 74 degrees Fahrenheit. It rarely gets below 40 degrees or over 90 degrees Fahrenheit. This is why Myrtle Beach is ranked as one of the most comfortable climates in the U.S.

The 218 average days of sunshine per year make Myrtle Beach the perfect place to relax and enjoy oneself.

The temperate weather also allows for comfortable outdoor activities all year round. Yep. That's right. Golf, shuffleboard, bike riding, whatever your passion, you can probably do it all year.

The absence of cold weather also helps to prevent aching joints and allergies.

With weather like this, you'll never want to stay inside Myrtle Beach condos for long.

5. Beaches

Myrtle Beach is part of the Grand Strand-- a world ranked 60 mile stretch of Atlantic beaches.

It is home to many different beaches that offer gorgeous views, excellent fishing and crabbing, nature watching, and family activities.

South Carolina beaches have their own unique charm. They feature grassy plants, lighthouses, piers, and beautiful light sand.

With shopping and eateries nearby, both locals and tourists love Myrtle beaches. Garden City Beach and Surfside Beach are popular choices for a quiet and peaceful spot.

Then there is Myrtle Beach, 2nd Ave Pier, the boardwalk, and South Myrtle Beach where you'll find more people, activities, and excitement.

Many beaches are connected to rivers and channels making them perfect for boating and fishing.

The best part-- you can find Myrtle Beach condos right on the beach if you desire. You'd never have to miss a beach sunset.

6. Outdoor Activities

The warm climate, sunshine, beaches, and communities allow the perfect place for outdoor activities.

There are more than 100 golf courses in the Myrtle Beach area. Some of which are designed for and played by professional golfers. Whether you're a skilled golfer or just picking it up, there is a course in Myrtle Beach for you.

Many of the courses also offer memberships that come with special rates, benefits, and social activities.

Other outdoor activities you can find at large in Myrtle Beach include boating, fishing, shuffleboard, horseshoes, biking, tennis, walking, and more.

There is something for everyone; even if your favorite activity is sitting on patios of Myrtle Beach condos with a drink in your hand.

7. Shopping and Dining

Myrtle Beach is the perfect place for those who love to shop and those who love to eat.

There are tons and tons of shopping venues from local boutiques to large chains. Many are in walking vicinity of each other. You can make a whole day out of walking around Myrtle Beach shops.

Myrtle Beach is also home to some renowned dining options. From home-cooked southern meals to ethnic 5-star cuisine, the Myrtle Beach restaurant scene has something for every appetite.

Of course, you can't forget about the seafood. Myrtle Beach is a seafood lovers paradise.

Find Myrtle Beach condos next to your favorite restaurants and you never have to argue about what's for dinner.

8. Community

The community is important to Myrtle Beach residents. There are lots of community organizations and ways to get involved.

Myrtle Beach has various religious groups, more than 50 art organizations, professional associations, volunteer groups, recreational groups, and more.

There is also an emphasis on inclusion in Myrtle Beach, which is likely due to the southern hospitality and friendliness of the area.

It is likely that there will be some sort of community group in your Myrtle Beach Condos complex.

9. Southern Charm

Southern hospitality is actually a real thing (I have experienced it myself). There is no better place to retire than someplace where people are friendly and caring.

That is one reason why Myrtle Beach makes a great retirement location.

The people are simply nice and they will make living there even nicer.

South Carolina and Myrtle Beach also have a unique cultural charm.

The historical elements, such as the old buildings, colonial style homes, and carriage rides, give the city character and southern charm.

The amusement park brings you back to local childhood fairs and festivals. The culture of Myrtle Beach and the coast of South Carolina is also something you won't find anywhere else in the U.S.

A mix of salt life and southern flair makes Myrtle Beach unique indeed.

People from all over the world live and visit this city, making Myrtle Beach a place that never gets boring.

10. Employment

Where there's tourism there are job opportunities.

Whether you start to miss working or you want to supplement your retirement income, Myrtle Beach has many employment opportunities.

There are consistent professional positions and part-time jobs available in Myrtle Beach. You can also find them in almost any industry.

Even if you just want to volunteer your time, there are options for that too.

Search Myrtle Beach Condos Today

Retirement is an exciting time to reap the rewards of all your hard work and spend more time enjoying life and loved ones.

Myrtle Beach offers the perfect and affordable place to do just that.

Start your search for the perfect Myrtle Beach condos today.

Our online advanced search option allows you to find exactly what you're looking for in a condo. You can choose everything from the neighborhood, subdivision, size, construction year, and more.

You can also stay up to date with our market reports.

Contact us today to speak with our licensed agents. They're ready to help you find your new forever home. 

843-839-9870

Posted in Market Updates
July 31, 2017

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