Unlock Your Financial Future: Investing in Oceanfront Condos in Myrtle Beach, SC
Whether you want to retire to an oceanfront condo as your primary residence or not, and whether you’re 3 – 10 years out from retirement, you make the purchase now, letting others build your equity in the property through tourists renting seasonally here in the Myrtle Beach South Carolina Market.
Myrtle Beach experiences 20 to 22 million visitors each year and is the 2nd best vacation destination on the East Coast. Take advantage of cheaper oceanfront condo opportunities compared to investing in Florida, and begin building a nest egg today!
So, How does it work?
Simple. Buy the property that’s projecting profitable Gross Rental Income. Roll all the profits into the mortgage (if you financed), and the rent it out for however many years until you retire. Once you’re ready to retire, sell the property, rolling both the appreciation and the equity into your final home purchase.
It's that simple.
Appreciation.
Just recently, I had an investor telling me how he was kicking himself for not buying around the time of covid. He was thinking about purchasing an oceanfront condo at the Meridian Resort, for $95,000, but he didn’t and then Covid hit. 4 years later, that same condo is now listed for $199, 900! That’s over 100% appreciation in 4 years (Although, it may not sell for that much). By the way, a few years prior to that, another owner in this same resort was purchasing condos in the $60,000’s, and he bought more than one. Yep, I bet you he’s really enjoying that decision now.
Lots of buyers are kicking themselves for not investing before covid. Much less since 2000. The overall housing market for Single Family homes in Myrtle Beach South Carolina has seen excellent appreciation.
In the past 12 months, Myrtle Beach has seen a 3.80% increase in appreciation, and in the last 2 years, as much as a 24.52% increase in appreciation with an average annual rate of 11.59%.
Pre-covid, only 5 years ago, Myrtle Beach South Carolina real estate appreciated 61.09% with an average annual rate of 10.01%.
In the last 10 years, property appreciation has risen 106.53% with an average annual increase of 7.52%.
Over the last 24 years, Myrtle Beach Real Estate saw a 144.73% increase in appreciation, with an average annual increase of 3.84%.
Source: https://www.neighborhoodscout.com/sc/myrtle-beach/real-estate
What does this mean for you, the buyer?
Now, while we can never predict the future, nor guarantee profits, we can look at the historical appreciation in Myrtle Beach South Carolina and make informed decisions.
If you bought a home in the Myrtle Beach South Carolina Market in 2000, and that home cost $200,000, it would now be worth approximately $489,460. That’s 289,460 in appreciation.
But let’s say you don’t have 24 years to wait to retire, but only 10 years, that same home would be worth $413,060. That’s $213,060 in appreciation.
No worries if 10 years is too long. Let’s say you only have 5 years. That same $200,000 home could be worth as much as $322,180. That’s $122,180 in appreciation.
But if that’s still too long, let’s look at only 2 years’ worth of appreciation, which brings us to approximately $49,040.
The point is, by investing in Myrtle Beach real estate, especially oceanfront condos, you stand to gain both appreciation and annual profits that can build wealth and bolster your retirement years.
Call today to discuss your next Oceanfront Condo purchase in the Myrtle Beach Real Estate Market: 843-360-1737
Disclaimer: All information given is meant to be educational. This information is not intended to replace your own research, or to provide legal, investment, or financial advice. Please consult an attorney for legal advice.