There is a limit to the amount of real estate that is available on the coastline. For this reason and many others, now is the perfect time to buy oceanfront vacation rental property in Myrtle Beach. This blog will discuss the recent affordability, low interest rates, and investment potential that makes Myrtle Beach discount oceanfront homes and condos a great purchase.
Prices are Affordable
During the real estate boom, the prices of homes skyrocketed beyond a sustainable level; this was especially so in popular vacation spots around the US. This made it difficult to purchase a vacation rental that could make enough income to cover the expenses of the mortgage, taxes, insurance, and general upkeep. Now that the market has cooled, home and condo prices in Myrtle Beach are at the lowest they have been in years.
Record Low Lending Rates
Qualified buyers with a down payment can enjoy some of the lowest interest rates ever experienced in the US. This is something that needs to be taken advantage of now because the cost of financing a vacation rental property will be going up in the very near future. Investors who purchase a condo or home now will find it easier to profit from their rental income, as the locked/fixed low interest rate will keep payments minimized over 30 years.
Whether you are using the house or condo as an occasional second home or entirely as an investment property, oceanfront rentals will always be popular for summer travelers. This will provide a consistent source of rental income during the summer, and when combined with a low sales price and low interest rate, the ability to cover all costs and make a profit each year becomes easier than ever.
The recent housing correction and recession has left many people feeling leery of real estate as an investment. This is actually one of the many reasons why now is such a good time for purchasing an oceanfront condo or beach house in Myrtle Beach. With fewer people buying homes in general, an interested buyer will get a great deal on their investment. As the financial market and economy stabilizes and improves investors will again feel confident in purchasing property, which means prices will begin going up once again. Buying now ensures that you get the best deals, which will lead to a higher return on investment over time.
These are just a few reasons why you should consider buying a Myrtle Beach oceanfront property today! Whether it is strictly for investment or planned as a future retirement home - a condo or beachfront rental home will always be a popular destination! By locking in today’s low rates and discounted prices you can use this buyer’s market to your investment advantage.