When Buying An Oceanfront Condo In Myrtle Beach Number Of Bedrooms Matter

When you are buying an oceanfront condo in Myrtle Beach, the number of bedrooms makes a big difference in your ROI.
Hello Everybody, Abe Safa here with Century21 The Harrelson Group here in Myrtle Beach, SC. Hope you are well. Today I’m continuing my series on “How to Choose an Ocean Front Condo”. Today’s topic is going to be what size condo do you buy? So the first and easy answer is depending on what you are using it for if it’s going to be strictly for family use, for enjoyment then obviously get something that is going to be comfortable that’s going to be able to fit your whole family and you guys can enjoy. But for most of you out there if you want to buy it or you are buying it as an investment, and then hopefully get some use out of it. If you are looking investment make sure you look at the numbers carefully, again the most important thing is not always money depending on your needs. If it’s more important to have family use out of it then pick the unit that works for you. But time after time when we look at ocean front condos, when you look at return of investment relative to what the cost is, you’re going to get the best return on the one-bedroom unit.
I’ll give you an example, let’s use Breakers Resort for example that’s one of my favorite buildings they do really well as far as rental income. When you look at the one-bedroom unit, you could buy right now somewhere in the range of about $165,000.00 and it’s going to generate roughly $35,000.00 to as much as $40,000.00 to $42,000.00 in some of them in gross rental for one year. Now your HOA dues are probably going to be $650.00 for that one. Now if you move up to a two-bedroom, instead of $35,000.00-$42,000.00 you get about $60,000.00-$65,000.00 and then if you go into a three-bedroom you get somewhere in the average of $75,000.00. But then the price changes dramatically, as you go up in size, what you are increasing are the cost it comes close to in tripling sometimes, you HOA dues go up a lot. But when you look at your gross rental income it doesn’t go up at the same level or the same percentage as the cost does.
So pay attention to that and again if you are pure just investor and all you care about is just the numbers the one-bedroom unit is the way to go. If you are using it for family, then you got to find that fine line between comfort and enjoyment but then again you will want to maximize the return.
Hopefully that helps you, if you have any questions at all, please give me a call. My number is 843-360-2145. Thank you.
www.abesafa.com/myrtle-beach-...