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Could someone be so kind as to explain the Condo fees, or any other fees that would go along with owning one of the dozens of condo units that are for sale along the beach.
I understand the hoa fees that I am familiar with in my part of the country.
Any one know what the hoa fee, for some of these units includes.
how are the utilities split up, phone service, electric, water, trash, are these all on separate service.
I have been looking at some of the units that are in the resorts along the beach, and wondered when I would not be using the unit, do they rent it out for me, if so at what is their take $, I have 3 young boys that love our visits to Myrtle beach, and some of the resorts condos would make a great yearly visit for us.
Or if anyone has any links to info that would be helpful 2.
What i'm trying to do is compare the difference between buying a small 3br home a few miles from the beach, vs buying a condo unit in a resort.
Steve - the fees you would pay are to the POA (property owners association) and they vary according to location. I've seen $150 a month up to a couple thousand a month. I would say along the beach most seem to be between $300 & $600. They usually cover common areas, basic cable, attorney fees (if needed), trash, pool maintenance, lawn care and insurance. The insurance is not for the contents of the unit, so if you wanted your furniture covered you would have to pay for additional insurance. Most of the buildings along the beach have an in house rental company and a lot of them allow you to either do your own or choose another company. I believe the average rental fee is around 10%. Hope this helps.
Be sure to check with the taxing authority (county) for property taxes and find out how much you will pay based on your purchase price as this will not necessarily be what the current owner is paying. Some areas also charge property tax on furnishings if you rent out the property. Keep in mind that special assessments may come up and POA fees are subject to increase especially with older buildings. Many condo units on the market have a rental history and you should be able to obtain rental income and expense amounts to help you in evaluating a particular property.
Condos - in my experience what people are most concerned about is the rental potential, age of the building and unit location (water view, waterfront etc...). I don't think anyone can guarantee the resale value or how easy it will be to sell, especially with the economy the way it is right now. If you do buy something I would take the things I mentioned into consideration so that if you do decide to sell in a few years at least you will have something people are looking for.
By the way I don't think the kids would think it's lame to have a place here. There's so much to do for kids, teenagers and adults.
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