South Carolina is an amazing place to live. The friendly environment of the south, the traditional delicacies, and most importantly the vast beaches will mesmerize anyone. One very popular place in South Carolina is North Myrtle Beach.
Many people are willing to buy properties here. But before making any investment decision, you need to understand the real estate conditions of North Myrtle Beach and find out whether it is good enough for you.
However, before we decide to invest in North Myrtle Beach, we need to understand what makes real estate a good opportunity for investment.
What Makes a Good Real Estate Investment?
There are several real estates available. But which ones are good to invest in? To answer that question, we need to look at some key factors.
Firstly, you have to consider the price. You need to check and compare the price of the property with similar properties of the neighboring area.
The next point to check is the taxes. If you own a property, you need to pay a certain amount of property tax. Check the property tax rates of the area. High tax rates do not necessarily mean bad, only if you are getting amenities worth the amount you are paying.
If the tax is high, but you are not getting enough service out of your property, then it is better to avoid making an investment there
Lastly, you need to check the expected flow of income, like when you are not living there, you might want to put it on rent. You need to calculate how much money you will make through this rent.
The more money you can make, the more valuable the property is. Also, you have to consider the selling price as well. You have to choose an area where price depreciation is low, and market value is high. So that after using the place for five to ten years, you will be able to get a good deal out of it.
Some other factors that will make a good real estate investment include low crime rates in the area, a good number of schools and hospitals, and places for recreation, HOA fees, social gathering places like pubs or bars, etc. Anything that makes living there better is a factor that needs to be considered while thinking about a good real estate investment.
Why Investing in North Myrtle Beach is a Good Idea
With that out of the way, now let us look at North Myrtle Beach, and see if it meets the requirements of good real estate investment.
1. The Value of The Properties Are Very Low
The North Myrtle Beach condos for sale are much cheaper than areas like New York or California. An average condo with all the basic amenities will cost around $200,000.
Which makes this place extremely affordable. The average value of most properties in North Myrtle Beach is about $266,000. Even the average here is low compared to other states.
2. The Tax Rate Is Decent
The property costs in North Myrtle Beach are low, but there are a good number of amenities and facilities available.
And that might make people guess the tax rate will be high. It may be true for some cities or states, but not for North Myrtle Beach. The taxes are very reasonable and well within the reach of almost all people.
Annually, you need to pay $950 as property tax, although it may seem high now, in comparison to the flow of income in North Myrtle Beach
3. The Expected Flow of Income is High
As mentioned before, the flow of income is the amount you get from the rent of your property. You will be happy to hear that you can make quite a large sum of money by putting your property on rent. Because the average rental fee for properties in North Myrtle Beach is around $110 to $200 more than your annual property tax. So, even if the tax rate seems much higher, the money you make through rental service makes up for it. Myrtle Beach is a popular destination, and there will be plenty of renters during peak season.
Also, since the properties are in front of the ocean, you will get a good price when you sell them. If the property is in good condition, you can even sell it at a price higher than your initial investment.
4. Lots of Schools and Hospitals
North Myrtle Beach has a good number of public schools, all of which are highly rated. There is the HCS Early College High School, Palmetto Academy of Learning & Success Charter School, North Myrtle Beach Intermediate School, North Myrtle Beach High School, and many more.
There are 14 public schools in North Myrtle Beach, a reasonably good amount. Most of these schools are rated high in the top 100 schools in the entire South Carolina state.
As for the hospitals, there are over 11 hospitals all across North Myrtle Beach. But that is not all. There are multiple veterinarian hospitals for pet care and several medical care facilities. So you do not need to worry about remaining untreated during your sickness.
5. Low HOA Fees
HOA fees are annual fees given to the Homeowners Association. The association then uses the fee to improve the condition and maintenance of your house and locality. Fortunately, the HOA fees in North Myrtle Beach are low.
You can get properties that have HOA fees within $200-$400. But if you want even luxurious services in your house, then there are properties that have better service with higher HOA fees that will be around $700-$800.
6. Adequate Spots for Social Gathering
A good area is determined by the places for social gatherings. These places could be pubs, bars, restaurants, cafés, etc.
There are over 30 pubs, bars, and restaurants in North Myrtle Beach and if you feel fancy enough, you can also visit the beach bars to enjoy some cool refreshing drink while relaxing by the beach.
7. Decreasing Crime Rates in the Vicinity
A few years ago, the crime rate in North Myrtle Beach was high. Although the crime rates have dropped recently, they are still occurring all around the city.
This could be the only bad side of North Myrtle Beach. There were about 637.5 burglary incidents per 100,000 residents, which is fairly low, but still higher than the national average of 500 per 100,000 residents.
Other crimes like murder (6 per 100,000), robbery (59 per 100,000), are much lower than the national average. But if you take a look on the bright side, the crime rates are dropping and within a few more years, you can be assured that the crime rates will get lower even more
8. The People and the Neighborhood
As of 2019, North Myrtle Beach has a population of 16,200. Most of them are above 65 years, meaning the area is popular among retired and elderly people.
This is why the neighborhood is pretty calm and collected. The people living in North Myrtle are mostly friendly and hospitable.
9. Plenty of Places for Recreation
There are a good number of recreational places in North Myrtle Beach. Since this is a popular place for elderly and retired people, North Myrtle Beach has multiple golf courses and several parks.
These golf courses and parks can be a great place for recreation when you are feeling bored. But let us not forget the biggest recreational spot, the beautiful beach.
In total, there are 90 golf courses across Myrtle Beach. Some of these golf courses were even featured in the golf digest magazine because of their premium status. The most popular golf courses are the Azalea sands golf club, Barefoot Resort and Golf, and Beachwood Golf Club.
After considering all these facts, it is safe to assume that North Myrtle Beach is a good place for investment. Apart from the low prices, including tax and costs of properties, the standard of living is also good which means you will be able to get a good deal out of the property when you decide to sell it.
If all these factors work in your favor then you should start planning and make an appropriate budget to invest in North Myrtle Beach.