Hot Properties/Best Buys
As you know, the entire real estate market has been turned upside down over the past few years. Our Myrtle Beach real estate agents have seen great deals come and go. The Grand Strand has many types and styles of real estate on the market from cheap condos to extreme luxury homes. Many of these properties are on the ocean or waterway.
What to look for in a best buy?
Are you looking for property as an investment or as a first time home owner? What location best suits your needs? Do you have the time and money to fix up a “hot property?” Let’s take a few minutes to see what you need to consider before you contact a Myrtle Beach real estate agent.
If you are an investor, you will want to ask “Will it rent easily?”
Keep in mind that you are not the person renting the property, so what may appeal to you would not appeal to another renter and vice versa. Is there a strong demand for the rental property in the area you are buying? Are you looking for year-around tenants or seasonal vacationers? Will you manage the property yourself or would you hire a property management company? These are just a few of the questions that you need to consider before you contact your Myrtle Beach real estate agent for help finding the hot deal that fits your criteria.
Remove emotions from your decision
If you are a first time home buyer it is easy to get caught up in the excitement of buying your first home. A good monitor is if at anytime during the home search you feel you HAVE to have this particular home, you may be too emotionally involved. If you are afraid that you will miss out on the “perfect” deal if you don’t jump on a property today, you may be too emotionally involved. Take the time to look at several properties (you may want to walk around the property without a real estate agent present and make some notes.) Use a blank sheet of paper with the property listed at the top. Draw a “T” on the paper and list the positives about the properties on the left and the negatives on the right. Try and look beyond needed repairs and see the potential of the property.
If at any point you feel emotions creeping into your decisions, try and determine why you are having these feelings. Are you afraid of losing money? Are you afraid of missing out on a great deal? Are you afraid that you won’t find a similar property again? Take a deep breath and review each sheet you have for each property. When emotions are involved in the decision, you won’t make a rational decision. Sitting down and reviewing all of your options with a Myrtle Beach real estate agent will help you think clearly about each property and make the right choice.
Do the numbers make sense?
From an investment standpoint you can make the numbers add up differently for the bank, the tax man or potential partner investors. It all depends on your target audience. It is up to you as a buyer to determine if the numbers make sense and you can make a profit.
If you are new to investing, you need to ensure that the potential rent will cover the expenses and allow you to build up a reserve for unexpected repairs and maintenance. Will the tenant pay the utility bills or is this part of the rent? If this is a seasonal property, you will have costs for cleaning and minor repairs between renters. These are just a few things to consider.
As a home buyer, you want to take into consideration all of cost involved with home ownership. Often a new home owner will look at the house payment and compare it to the house payment and if they are close, they assume they can afford the property. Later they realize they needed to include taxes, insurance, utilities and regular maintenance. There is no landlord to call when something breaks!
You will want to sit down with an experienced Myrtle Beach real estate agent and review all of the numbers whether you are an investor or home buyer? Take the time to review all of the costs. Ask for copies of past utility bills from the current home owner. Find out the age of appliances, roof and other major components of the home. You can never ask too many questions.
Don’t judge a property by its cover
This goes back to our discussion about emotions, don’t disregard a home because of negative first impressions. The best deals are often found under rough conditions. There are now loans available that will help you restore the property to market value. You can often find a gold mine hiding behind an overgrown lawn or moldy siding.
The best way to find those hot deals or best buys is to contact your Myrtle Beach real estate agent. Our expert agents can tell you where to find the deals of the week and can give you good insight into each property before you make a buying decision.
Complete our contact form and we will put you on the hot deals email list. Each time a new deal hits the market that meets your criteria, our Myrtle Beach real estate agent will send you an email. Stay in the know!
Jerry Pinkas Real Estate Experts
854 Jason Blvd #G, Myrtle Beach, South Carolina 29577
(843) 839-9870
homeguidemyrtlebeach.com
