Category Archives: Myrtle Condos

New Construction or Resale Home?

NewHouse

NewHouse

As you begin your home search in Myrtle Beach you will have to make a decision between buying a new construction home or resale. This article will take a look at the pros and cons of each, so that you can narrow down which preference will work best for you and your family.

Myrtle Beach Resale Home

Pros

  • Location – Older, established neighborhoods are often very popular because they are located in the heart of a thriving area of the city. In addition, most of the oceanfront and beach access properties have already been built, which means that it can be very difficult to purchase a lot or new construction home in these areas.
  • Established Landscaping – One of the biggest things that set older homes apart from a new neighborhood is the landscaping. It takes years for trees and plantings to grow into a beautiful and lush garden. An older home is perfect for homeowners who are looking for larger trees and mature flowerbeds and shrubs, while a new home is often a blank slate that requires years of work and patience before the landscaping is right.

Cons

  • More Maintenance/Repairs – When you move into a home that is ten or more years old you can expect that you will need to make many repairs and replacements over the next few years. A couple of examples are appliances that wear out and roof shingles that need replacing. Truly older homes might have an entire mechanical system that needs to be replaced, like new electrical wiring or HVAC equipment.
  • Not energy Efficient – Older homes will never be as energy efficient as a modern home since many of the advances made in the last several years in insulation, low-E windows, energy star appliances, and mechanical systems were not available when the home was first built. Some of these items can be added over time as things need replacing, but many would require a significant remodel to be included into the home.

New Construction in Myrtle Beach

Pros

  • Location – New construction homes around Myrtle Beach are often designed within a master planned community that features many more amenities than an older neighborhood.
  • Warranties – Your new home will come with warranties on the products and installation that last between 2 to over 10 years depending on the item. This gives you assurance that you home will not cost you hundreds to thousands of dollars in repairs after your purchase.
  • Modern Upgrades – Granite countertops, stainless appliances, and home theater wiring are a few of the modern features that new homes offer. Many of these items aren’t available in older homes and would require significant remodeling.
  • Energy Efficient Design – Tight home construction, energy star appliances, and advanced mechanical systems can be found in most new homes today. This will allow you to keep your utility bills low, while enjoying a more comfortable home.

Cons

  • Little To No Landscaping – New construction will often come with a pretty basic landscaping package that does little for those who really love established trees and bushes. Instead, it will take some planning, hard work, and time to get your yard to look good.
  • These are just a few of the pros and cons associated with buying a new construction home versus a resale home in Myrtle Beach. Deciding on the home features that are a priority to you will help dramatically in your home search.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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Condo or Condotel – What is the Difference?

Condo

Condo

The word condotel is relatively new to the real estate vocabulary, but it is an important term for buyers to understand if they are interested in purchasing a condo in a resort location. High rise condos overlooking beautiful stretches of coastal shoreline have long been a favorite type of real estate for second homes, vacation getaways, real estate investments, and for those who are looking for a new type of well located, low maintenance, luxury home. The introduction of condotels has created a new dimension to the typical condo that will be explained in this article.

What is a Condotel?

To begin with, we need to understand what a condotel is and how it differs from a standard condo. Sometimes referred to as condo hotels or hotel-condos, this popular new type of real estate consists of high rise condos that are operated and managed as luxury hotels. This means that the condo units are individually owned, but branded together as a Westin, Ritz-Carlton, or other luxury hotel chain.

The typical luxury high rise condominium lacks this same luxury hotel branding and marketing, which sets a condotel apart from standard condos. The hotel works as the management company for the building, scheduling short term or long term stays around the times that you are occupying your condo. In addition, you get all of the luxuries of a world class hotel at home. Room service, gym and spa facilities, and a friendly staff to help answer your questions are just a few of the added perks that are missing from most traditional condo towers.

Advantages of a Condotel Over Condo Ownership

There are many reasons why condo hotels have become so popular over the last few years, especially when compared to a typical condo purchase.

Headache Free Investment Property or Second Home

When it comes to furnishing, maintaining, or renting out your hotel condominium, you are free from the decision making process. The hotel management company maintains the condo as they would any hotel room in one of their prestigious locations. This means that design and décor is kept similar from condo to condo, and the day to day running of the hotel takes the burden of making sure your property is well maintained out of your hands, while ensuring rental income when you are not using the property yourself.

Tax Advantages

Condo-hotel ownership that is not used as a primary residence can have an accelerated depreciation schedule that reduces the 39 year period to 27.5 years, 15, and even as little as 5 years. This accelerated depreciation means significant tax bill reductions in the years it is used. Your accountant will be able to explain how this can be helpful when applied to your specific financial situation and tax expectations.

Disadvantages of a Condotel

There are a few differences potential condotel owners need to know about before they decide to make their purchase. To begin with, many people prefer to add their own personal touches to their second homes and vacation properties. This isn’t possible with a condo hotel because the décor is mandated by the hotel to ensure that rooms are similar in look and amenities across the entire complex. In addition, those owners who would like to spend time in their condotel must make reservations weeks ahead of time for their own properties because the hotel service may book the room far in advance.

Now that you have a better understanding of what condotel means and how they differ from an average condo, you can make the decision as to what type of real estate will work best for you.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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Thinking of Buying a House? 10 Steps to Home Ownership

Myrtle Beach Homes, Myrtle Beach Homes for Sale, Myrtle Beach Oceanfront Real Estate, Myrtle Beach Waterfront Real Estate

Thinking of Buying a House?

Home ownership has long been part of the American Dream and one of the best investments that most people will make in their lifetime. Whether you are new to the home buying process or someone who has bought and sold many times before, the road to home ownership requires planning and attention to detail. The following 10 steps to owning a home will give you a guided path that will help make your new home purchase go smoothly.

1. Understand Your Budget – Before you delve into all of the listings of beautiful homes that could be yours, it is important to start with a realistic look at your finances, so that you understand how large of a down payment you can make and what type of monthly payments you can afford.

2. Get a Realtor – Your Realtor will be the best source of information on the current housing market in your area, as well as real estate laws, negotiation techniques, and the different trades and companies who you will need to work with before the home becomes your very own.

3. Loan Pre-Approval – Speaking with a mortgage broker or your banks loan officer will help you understand your pre-approval limits, financing range, and probable interest rates. This is just the first step of the mortgage process, but these numbers combined with the budget numbers from the beginning will give you a solid idea of what home prices you can work within as you search for your new home.

4. Home Search – Now that you have the necessary numbers, it’s time to go take a look at the homes in your price range. Research the neighborhoods and school systems, as well as the proximity to important places like work and shopping. This is where your Realtor will really prove their value and help make sure that you find a home that meets all of your needs.

5. Full Loan Approval – After you have been pre-approved and found a mortgage broker who you would like to work on your loan, it is vital to gather all of the important paperwork and submit the loan application. Once your application has gone through underwriting and you have received full approval for getting a loan, you will be able to lock your interest rate and assure the home seller that your offer to purchase can be financed.

6. Make an Offer – When you have found that perfect home in your price range, you are ready to make an offer to purchase and put a home under contract. Here again your Realtor will be tremendously helpful as they make sure that proper wording is put into the purchase offer to allow for inspections and possible repairs, and guide you through the negotiation process until you reach the price and conditions that satisfies both buyer and seller.

7. Home Inspection – Inspecting your future home is essential so that you are assured there will be no expensive repairs that are required shortly after purchasing the home. If repairs are needed to the roof or homes mechanical systems, the well written offer mentioned above will help define whether the price is reduced or the seller completes the repairs before closing.

8. Insurance – Home owners insurance and title insurance are important parts of the buying process. If you do not know of a local company to work with, your Realtor will have a few recommendations. Aside from being required by the mortgage company, insuring your home and making sure it has a clean title will help prevent any future troubles with the property and your legal ownership.

9. Solve Last Minute Problems – As smooth as we would like the home buying process to be, there are many people involved in each step of the purchase, which means that some problems will arise. For example, mortgage underwriters will need some last minute paperwork, or the inspection will reveal a major repair that requires further price negotiation. Problems and hiccups are the normal. This is again where your Realtors knowledge and expertise will help guide you over the last few hurdles.

10. Closing – Finally you have reached the end of the process, signed the ownership papers, and received the keys to your new home. All the hard work and planning has paid off and now you are the proud owner of your very own home. It’s time to unpack and celebrate.

These are the 10 steps to home ownership that every buyer will need to go through before having the keys of their new home handed to them. By working with knowledgeable professionals and following a solid plan, home ownership can be right around the corner for you.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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Exciting Things In Store For Myrtle Beach

Myrtle Beach Real Estate

Myrtle Beach Real Estate

Myrtle Beach is already a pretty exciting place. With fantastic beaches and some of the country’s most amazing condo developments, Myrtle Beach combines great living with perfect scenery and amenities. Well get ready for another addition to the Myrtle Beach picture that will add a musical note to the city. In the Spring of 2008 The Hard Rock Park is set to open in Myrtle Beach. This is planned to be the world’s first rock ‘n roll theme park and will cover more than 140 acres and is the first major U.S. attraction to be constructed in the last decade. This is directed at bringing even more of a tourist trade to South Carolina.

The new park plans on having more than 40 attractions to engage visitors with, including roller coasters and live music stages. Also featured will be children’s areas, cafe’s and stores. Needless to say that people in Myrtle Beach are excited about this development as it stands to give Myrtle Beach more of a destination drawing feature. The park is looking to incorporate six different areas that are each dedicated to a different aspect of rock music. These will include the entry plaza, rock ‘n Roll Heaven, British Invasion, Lost in the 70’s, Born in the U.S.A. and Cool Country. These areas will cover the many different types and styles of music that has helped to define us as a culture.

This theme park is going to bode well for real estate in Myrtle Beach. With a major attraction now in close proximity it is taking up the same kind of reputation as areas like Orlando with the bonus that it lies right on the beach. There are going to be some really interesting things going on in Myrtle Beach in the coming year, it will be interesting to see what effect the theme park has on the town and on popularity of housing and condos. If history is any indication it will cause a boom in the Myrtle Beach housing industry. There truly are some exciting times ahead for Myrtle Beach, get in on things now while it is still possible! Before long this may be a difficult area to get into.

Preston Guyton is a professional Realtor® serving the Myrtle Beach real estate market. For more information on Myrtle Beach homes & properties, contact Preston today or visit http://www.prestonguyton.com

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Myrtle Beach Cabana District

Myrtle Beach Cabana District

Myrtle Beach Cabana District

Imagine an exclusive beachfront home, only steps from the water for under $80,000! That’s what you’ll find in the cabana district in Myrtle Beach. About a dozen of these 200 square foot beach structures line the shore in this Ocean Boulevard area.

The cabanas have questionable origins; some believe they originally belonged to beach homes across the street that have since been destroyed and replaced with condos. Others say the structures belonged to the Ocean Forest Hotel that stood from 1930 to 1974, and later offered for sale after the hotel was torn down.

In any event these small buildings are among the hottest pieces of real estate in town; only two have come on the market in the last seven years. Generally local realtors maintain lists of prospective buyers, and if a unit or lot becomes available it usually sells within 30 minutes.

Myrtle Beach native, Steve Bailey, purchased his cabana lot after a five minute phone call with his real estate agent. Apparently the building codes were extremely restrictive, requiring numerous permits, installation of a septic system, and underground utility lines. He can’t have a driveway, park on his property, step on the dunes, touch the sea oats or move any of the sand on the lot. Bailey claimed that building the cabana had more restrictions than building a house, but it was worth the effort.

Most residents don’t bother with insurance, as the costs are so high, it’s cheaper to rebuild. However, don’t be fooled, these beach huts may be small, but they’re mighty. One in particular, owned by Kevin Warren and Dean Carroll, is estimated at over 20 years of age. Its solid structure has survived annual hurricanes for years.

Rod Scarborough, a retired bank executive, spent five years trying to obtain his $78,000 piece of the beach located from a 40-foot setback to the high tide mark. His beach home is in use frequently, with an open door policy extended to his friends and family.

These cherished little beach huts have provided an exclusive getaway that only a fortunate few have been able to acquire. Hopefully they will remain for years to come, handed down as heirlooms from generation to generation.

This article was submitted for Preston Guyton, professional Realtor in the Myrtle Beach real estate market. He can provide information and listings for all the neighboring areas including Garden City real estate

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Condo Considerations

Condo Considerations

Condo Considerations

So you’re thinking of buying a condo? Owning a condo is a different world than owning a house, and comes with a whole different set of expectations and responsibilities. Maybe you’re looking to find a vacation property, get out of the suburbs or get away from some of the chores that come with a traditional house – whatever the reason, you’ll want to weigh the pros and cons of condo ownership before you make that final purchase.

It’s easy to list all the benefits of condo living, so let’s save those for last, as the saving goes. Let’s think drawbacks: first and foremost, purchasing a condo means purchasing the condo – that’s it. No yard, no land, no roof even (well, no individual roof anyway). Just the box itself. Now many people see this as a bonus. Who needs the headache of dragging out the lawn mower every weekend, or having to think about your gutters now that fall is setting in? Hey – I hear you, I’m just saying, it may be an issue for some people.

If you were used to the freedom of home ownership you may be a little taken aback by the fees and rules that come with a condo. Although, if you’re a former house owner, you may welcome the idea of having a set fee schedule instead of sudden surprises (additional expenses may come up from time to time, but these are usually shared between the units unless it’s your fault). Also, having rules (Covenants, Conditions & Restrictions) means you don’t have to worry about your neighbor deciding to decorate with old appliances instead of patio furniture. Just be sure you are clear on your financial commitment and that you can live with the the particular rules in your development.

Where it can get a little sticky is the shared walls. I mean, this all depends on your neighbors. I wouldn’t advocate moving in next to an amateur tuba enthusiast, for instance, but today’s condos often address sound-proofing. Obviously you want to spend some time in the building you are thinking about living in. It may be worthwhile to make the effort to knock at the suite next door to get a feel for the ‘hood. And if all else fails you can make use of the rules (see the point above).

As a unit owner you are automatically a member of your condo association. Condo associations deal with disputes between unit owners (you and the tuba player for instance) and enforce the bylaws, as well as taking care of maintenance and repairs. You may need to get permission from the association before renting or renovating your condo. Because the condo association also has an elected board, you can get involved in the governance of your development, if that’s your kind of thing.

Well, if you aren’t still aren’t sold on a condo here’s the upside: location, location… oh, you’ve heard this before? Many of today’s hottest developments are centrally located, in the middle of the action. Want to walk to the beach, the office, the golf course? There’s a condo for that. Throw in added amenities that are common selling points in many developments (fitness facilities, hot tubs, multimedia rooms, etc) and your life has become even more convenient. It’s all at your finger tips, with added security and a smaller price tag than your average home.

So put down your rake and your snow shovel and open the door to a new way of life. If you are looking for fewer responsibilities, or just a great vacation spot, condo living could be your solution.

Preston Guyton is a professional Myrtle Beach Area Realtor® dedicated to providing his clients with effective, personalized service. For more information on condos in the Myrtle Beach Area or for help with your real estate needs, visit Preston online at http://www.prestonguyton.com

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