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The Buyer’s Guide to Condos & Townhouses

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As home prices continue to rise, many homebuyers are considering condos or townhomes because they’re less expensive to buy. The good news: Myrtle Beach has a huge selection of condominiums to choose from and many offer an added benefit–gorgeous views of the Atlantic Ocean!

Atlantic Ocean

Buying a condo can be a great alternative to buying a house. However, the decision to purchase a condo is just as complex as it is with a house. PLUS–there’s a few additional things to consider.

Don’t worry; we’re here to help you sort it all out.

HOAs

We’ve already discussed the Pros & Cons of HOAs (Home Owner Associations), but homebuyers often forget to consider them before purchasing a condo.

While it’s definitely important to consider the cost of a monthly assessment fee (fees in Myrtle Beach range from $200 to $550 a month), it’s more important to determine the return investment on your money. For example, one HOA might offer the lowest fee but neglect to properly collect fees from members. That poses a huge problem when expensive repairs are needed because it could end up costing you more money in the long run.

Find out how delinquent dues are handled. Look through financial documents for upcoming assessments and the current amount held in reserve. Is it enough to cover the cost of upcoming repairs?

It’s also a good idea to call the property manager for additional information about the services offered and the property’s current financial situation. The more you ask, the better.

In addition, thoroughly read and consider the HOA rules and regulations or covenants, conditions, and restrictions (CC&R’s). Rules can dictate anything from what you can place on the balcony or hang on the front door to what types of pets are allowed on the property, if any.

You need to know if there’s anything listed in the covenant that you can’t live with or can’t live without.

Property Management

It’s often difficult to find public information about the property management of a specific complex. The best way to determine the overall happiness of residents is to ask for a copy of the minutes from the last board meeting. Reading over the meeting minutes will provide a general idea of any issues neighbors may be arguing about, the types of repairs coming up, and the amount of money being spent.

Also–if you get an opportunity to meet a current resident, ask them any questions you may have about the property.

Lifestyle

It’s important to remember that living in a condo or townhouse is much different than living in a single-family home. These differences include shared walls, added noise, and close interaction with neighbors. Are you prepared to live with these changes?

Questions to Consider:

What is the parking situation? Are spots reserved? Where are visitors required to park?

Are there quiet hours?

Are homeowners allowed to offer their unit as a vacation rental? Are homeowners allowed to lease their unit to short-term or long-term tenants?

What percentage of units are occupied by owners? *The higher the percentage, the more marketable the property should be at resale.

How much turnover occurs in the building? *This should tell you how happy owners are with the property. The average stay in a two-to-four unit building is five years and the average stay in a building with 5+ units is four years.

Is the building currently involved in litigation? *This is a bad sign. Attorney and court fees will eat away at the reserve and likely drive up assessment fees.

How much (and how often) have fees been raised in the past?

What amenities and maintenance is included in the assessment fee?

Does the monthly assessment fee include the cost of insurance on the building?

What special quarterly or annual fees have been mandated in the last five to ten years? How much was each owner required to pay?

5 Reasons to Choose a New Home Over a Resale

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1. Little or No Maintenance

It goes without saying that little maintenance (or none at all) is required when you purchase a new home versus a resale. That means you don’t have to worry about replacing the roof anytime soon or ripping down the outdated wallpaper. Buying a home is one of the most stressful events in one’s life. Think about how nice it would be to relax and enjoy your new home instead of working to make it the way you want it.

2. Warranties

In addition to less maintenance, new homes come with warranties that protect your wallet if anything goes wrong with the roofing or structure of the property. They offer new homebuyers a level of comfort and security that might not be possible with a resale property.

3. Modern & Efficient

New homes are built to code with efficiency in mind and stocked with equally efficient and modern appliances. These modern conveniences help reduce utility bills. In addition, newer homes can accommodate advanced technologies with more outlets and sophisticated security systems and lighting plans.

4. Customization

The ability to personalize your home is one of the biggest perks of buying a new home rather than a resale. You can customize everything from the flooring and countertops to the placement of the bathrooms. The options are endless.

5. Bargaining Power

The ability to bargain with a builder tends to be easier than bargaining with an individual homeowner. Individual sellers have an emotional attachment to the property that can blind them to the true value of the home. Also, builders are often financially stable and have the capacity to absorb a loss on a sale. Think about it: a small loss over a large number of lots hurts a lot less than the same loss on one.

Plain and simple: IT’S NEW.

I think we can all agree there’s nothing better than owning something that’s never been used. When you purchase a new home, you will be the first to sleep in the bedrooms, cook in the kitchen, and lounge in the den. There’s just something wonderful about it.

Grand Strand Events: September 2013

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Check out the official events calendar for August 30th – September 7th, 2013!

Compliments of GrandStrandEvents.com

August 30th – September 1st

Beach, Boogie, & BBQ Festival – Grand Park at Market Common

BBQLogo

 

A BBQ competition featuring over 75 vendors with live music, wakeboard and fly board demonstrations, and a Kids’ Zone to keep the kids entertained.

Friday

@ 6:30 PM: “Anything Goes” cooking contest and tasting; sampling tickets are $1

Saturday

@ 8-11 AM: Official S.C. BBQ Championship & Kansas City BBQ Society Cook-off

@ 12 PM: BBQ Tasting; sampling tickets are $10 and children under 6 sample for free

@ 9:15 PM: Fireworks Show

Sunday

@12 PM: Wings Tasting + MORE BBQ!

September 1st

Town of Surfside Beach Endless Summer Celebration – Surfside Beach Pier

Enjoy music, food, and numerous vendors that are fun for the whole family.

September 7th

South Carolina’s Largest Garage Sale – Myrtle Beach Convention Center

Hours are from 7 AM until 2 PM. Admission is free but parking at the Convention Center is $3 per car.

East Coast Volkswagen NMB Triathlon – Main Street in North Myrtle Beach

Begins at 7 AM and consists of a 700-meter ocean swim, 13 mile leg, and 5K run.

Online registration closes at 7 AM on September 8th. $60 entry fee for individuals and $120 for relay teams. Added $10 fee for participants who are not USA Triathlon members.

 

Final Walk-through Checklist

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Over the past few months, you’ve searched high and low for the perfect place to create a new life for your family. Now that your search is over and an offer has been accepted, you’re giddy with excitement as you approach the closing date. However, there’s still one very important thing to complete: the final walk-through.

The walk-through process can take place anywhere from several hours to several days before closing. It’s important to take the necessary time to perform a thorough walk-through to ensure the home is in the condition it was promised. If you spot something worrisome, talk to your agent about it as soon as possible. He or she will strive to quickly resolve the issue to avoid a potential delay in closing.

If the property is still occupied by the current owner at the time of the walk-through, it might benefit you to ask them to be present. This would be a great opportunity to ask about any improvements they’ve wanted to make to the property. It’s also a good idea (as well as a kind gesture) to ask the seller for their forwarding address to route any stray mail.

We created a checklist to use as a guide during the walk-through process. Some items on the list may not apply to your specific property and there may also be others you should consider that aren’t mentioned.

To avoid overlooking a potential issue… walk into each room and ask yourself the following question: “Is there anything that could pose a potential risk, decrease the value of the home, or cause me to lose a significant amount of money should it need to be repaired soon after I close?”

 

Final Walk-through Checklist   Completed
Flip each light fixture on and off. 
Run the water in each sink. Are there signs of a leak? 
Do all appliances work properly (stove, oven, washer, dryer, microwave)? 
Do the toilets flush efficiently? 
Does the garbage disposal work properly? 
Do the exhaust fans run quietly and smoothly? 
Test the garage door opener. Does it work? 
Is there damage to the walls or floors from the previous owner’s move? 
Test the heating and air conditioning. Are they heating and cooling? 
Open and close all windows. Do they open and close easily? 
Latch and unlatch windows. Do they latch and unlatch easily? 
Check for condensation in double-paned windows. 
Do the doorbells, alarms, and intercoms work properly? 
Does the shower drain properly and efficiently? 
Are the plate covers on all light switches? 
Check outdoor features (play equipment, pool, hoses, hot tub, sauna, sprinkler system). 
Is there a pest control issue that needs to be accessed? 
Is the property clean and devoid of debris? 
Is the attic and/or basement cleared out and clean? 
Did the previous owner leave behind warranties or manuals that may be needed? 
Did you previously request any repair work? If so, has it been completed?

 

The final walk-through is now complete and any issues found have been resolved. You’ve covered all of your bases and should feel confident about the quality of your new home. Go ahead and breathe a huge sigh of relief. YOU’VE EARNED IT!

Selling your home? 7 Things You Shouldn’t Do

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1. Don’t set an unrealistic asking price.

You’re aware of the price you originally paid for your house and the amount of money you’ve spent updating it. But those amounts may not be what your home is worth today. Your home is only worth the amount of money you can get for it. Your realtor is aware of the price similar homes in your area are selling for today. Pricing it too high will discourage buyers and will likely result in the property sitting on the market for months.

2. Don’t forget to market your property.

The only way to be sure you’ll get the highest possible price for your home is to utilize every marketing tool available to you. This means advertising the home on the internet with quality photographs, hosting open houses, and mailing out post cards to potential buyers. Don’t expect sticking a “For Sale” sign in the front yard is enough to bring in buyers.

3. Don’t skimp on photos.

Listing photographs give buyers their first impression of a home. Don’t skimp on them; the more pictures, the better. Just be sure to clean and clear out clutter before the photographs are taken. Buyers may not even consider viewing your home if they don’t like what they see in your photos.

4. Don’t neglect to fix things that are broken or attempt to hide them from buyers.

When buyers walk through your home and see several things that need to be repaired, they’ll question how well you’ve maintained the property over the years and wonder about any problems they can’t see. A home inspection will bring any problems to light so it’s best to be upfront about them or repair the issues before you list the property.

5. Don’t get emotionally involved.

You’ve probably spent many years creating a home exactly the way you want it. The perfect home you’ve created is probably not the same as someone else’s perfect home. Don’t take it personally if the buyer wants to change certain things about it before they agree to a purchase. First and foremost, think of the selling process as a business transaction. By thinking about it from a financial standpoint, it’s easier to distance yourself from the emotional aspect of it.

6. Don’t neglect to properly prepare your home before you list it.

You want to put your best home forward during the selling process. It’s imperative to adequately prep your home before listing it or you’re just throwing money down the drain. Clean the dingy rugs, get rid of the pesky odors, and clean out all the clutter to make a lasting impression on buyers and keep the sale price where it should be.

7. Don’t get offended by a low offer.

If a buyer makes an offer on your home that’s way below the asking price, don’t take it personally. Don’t get so offended that you walk away from the offer altogether. Now’s your chance to negotiate. Buyers are trying to purchase a home at the lowest price possible. You can’t blame them for trying. Make a counter offer. Buyers usually come back with an offer that’s more indicative of the price they’re willing to pay.

 

Contact Dargan Real Estate for more advice about selling your home.

843-712-2585

 

Grand Strand Communities: Briarcliffe Acres

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briarcliffe-acres sign

Briarcliffe Acres is a small town that lies between Myrtle Beach and North Myrtle Beach, South Carolina. The entirety of the town’s land area spans less than a mile, and the population was 470 when the 2000 census was recorded.

One of the most distinguishing traits about Briarcliffe Acres is its seclusion; even the entrance appears elusive despite its position along the busiest highway in Horry County. This type of privacy is rare along the Grand Strand and only adds to the town’s charm and beauty.

Briarcliffe Acres offers single-family homes nestled among a canopy of tall, verdant trees on generous sized lots. Residents of the community have done an excellent job of maintaining these homes over the years, and they boast high property values as a result. They consist of a variety of styles and range in price from the mid-$200s upward to $3 million dollars.

This tranquil community also offers residents awesome features like natural lake views and access to a private beach with personal cabanas. In addition, every home within Briarcliffe Acres is a quick stroll, bicycle ride, or golf cart adventure away from the beach.

While the location is private and serene, it’s also only moments from a variety of nearby shopping and dining venues. This winning combination offers residents the best of both worlds.

Visit the town’s website to read about the history of Briarcliffe Acres or to learn more information. You can also view available properties by clicking HERE.

See something you like?

Contact us at Dargan Real Estate today.

843-712-2585

Briarcliffe Acres Sunset

Mortgage Options

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There are several different options available in the world of mortgage loans. Selecting the best option for your home buying needs is an important decision because it is likely to effect your budget for many years.

Listed below is a quick breakdown of several mortgage loan options and what you can expect of them.

calculator

Fixed Rate Mortgages

Advantages: predictable monthly payments, easy to budget, available in a variety of term options

Disadvantages: higher interest rates, harder to obtain with poor credit

By and large, fixed rate mortgages are the most popular and account for nearly 75{8a4f45d74d514e6dd6794b8c6dd875260e3343c96bf403696e21fc128bbedf7b} of all loans. They usually span over 10, 15, or 30 years but can also span 5, 20, 40, or 50 years.

The interest rate of a fixed mortgage stays the same for the entire duration of the loan which allows the benefit of a predictable monthly payment. These mortgages rates are easier to budget because they never change. Also, if interest rates are really high when you take out the loan, you can refinance the loan when the rates go down.

Adjustable or Variable Rate Mortgages

Advantages: lower interest rates with higher loan amounts, provide flexibility

Disadvantages: risky, unpredictable

Types

One Year Adjustable Rate Mortgage (also known as Adjustable Rate Mortgages or ARMs)

The interest rates on an adjustable mortgage change after a fixed period of time. They are much riskier than fixed rate mortgages because the payments can change dramatically. On the flip side, the buyer usually qualifies for a higher loan amount which allows the purchase of a more valuable property.

Hybrid Adjustable Rate Mortgages

Hybrid adjustable mortgages combine the qualities of both a fixed mortgage rate and an adjustable mortgage rate. The initial interest rate is fixed for a set period of time at the beginning of the loan and is followed by an adjustable rate for the remainder.

Types of Hybrid ARMs

10/1 Adjustable Rate Mortgage – fixed for the first 10 years; rate adjusts each year after the fixed rate period

5/5 and 5/1 Adjustable Mortgages – fixed for the first 5 years; rate adjusts every 5 years or every year after the fixed rate period

3/3 and 3/1 Adjustable Mortgages – fixed for the first 3 years; rate adjusts every 3 years or every year after fixed rate period

2-Step Mortgage – fixed for a designated time period and adjusts to a different fixed rate for the remainder of the loan

 

Balloon Mortgage

This mortgage option is for a much shorter term and offers a much lower payment than a fixed rate mortgage.

Features: shorter terms (usually five to seven years); homeowner makes monthly payments at a set interest rate for the duration of the loan term and pays off the rest of the principal, takes on a new mortgage, or sells the home at the end of the fixed period

Advantages: lower interest rates, lower monthly payments, larger loan amounts

Disadvantages: extremely risky, large financial obligation at the end of the loan’s life, must refinance mortgage if unable to pay the principal when the term ends and could face unaffordable terms if interest rates have risen or credit has deteriorated since the loan was issued

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Find out more about the different types of loans available by contacting a trusted mortgage advisor.

North Myrtle Beach Communities: Barefoot Resort

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We are venturing a bit north of Myrtle Beach today to discuss a beautiful neighborhood in North Myrtle Beach, SC: Barefoot Resort.

The Barefoot Resort community was created by four men (Greg Norman, Davis Love III, Tom Fazio, and Pete Dye) who were brought together by their love of golf. These golf experts developed a community comprised of several different neighborhoods around four separate golf courses.

golf cart

Barefoot Resort neighborhoods include Coquina Pointe, Dye Estates, Cedar Creek, Leather Leaf at Barefoot Resort, and Bridle Ridge. Each neighborhood is tucked away from the busy streets of North Myrtle Beach and offers a peaceful serenity among South Carolina’s signature wetlands.

In addition to the individual amenities offered within each neighborhood, owners also have the option of becoming a member of Barefoot Resort’s country club. Services offered to members include use of the clubhouse, driving range, and tennis courts, as well as shuttle services. And if that’s not enough, some neighborhoods also offer the option to purchase a boat slip and use of the docks at the marina.

The surrounding golf courses have been listed in Golf Digest as one of  The Best Places to Stay, so if you’re looking to purchase an investment in the form of a vacation property or rental property, Barefoot Resort is the perfect location. It has the best of both worlds: a quiet retreat surrounded by luscious greens and located only a short distance from the sandy shores of Windy Hill.

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NEIGHBORHOODS

The Dye Estates: private gated community with available homesites, as well as wooded sites along both the golf course and Intracoastal Waterway; no time limit for building; sites range from 1/2 acre to 3/4 acre; prices range from $200s to mid-$700s; high quality condos and townhouses with the potential for substantial rental income

Leather Leaf at Barefoot Resort: exclusive gated community with brick or stucco homes over 1,200 square feet; upscale, three or four bedroom homes with lake or wooded views

Cedar Creek: charming brick homes with golf course views; affordable prices with homes starting in the low $200s

Coquina Pointe: two or three bedroom homes with patios and white picket fences; views of natural lakes; prices ranging from $150s ot $200s; average 1100 to 1900 square feet in size

Bridle Ridge: stucco or brick homes with a mix of contemporary, traditional, and ranch styles; prices between $200s and $300s

AMENITIES

The amenities surrounding Barefoot Resort are outstanding. There are a variety of pools, walking paths perfect for biking, jogging, or late afternoon strolls, shuttle services, a private and exclusive beach cabana, marina, and the resort’s Resident’s Club. The Resident’s Club features a massive pool, tennis and basketball courts, game room, library, exercise facility, and much more!

If the resort’s abundance of amenities aren’t enough to win you over, the easy access to all that is available at Barefoot Landing should do it! The unique attractions at Barefoot Landing include over 150 shops, as well as numerous restaurants and music venues.

If you have a love of boating and aspire to live in a home that offers every amenity you could possibly need or want, Barefoot Resort is definitely the community for you!

To see available homes in Barefoot Resort: Click HERE!

Contact Dargan Real Estate to schedule a showing of one of the beautiful properties available in Barefoot Resort today.

843-712-2585