Real estate sales in the Myrtle Beach area are hotter than an August day on the sand. Buyers are flocking to the warm climate and hospitality of the South for a better life investment.

While the record number of single-family home sales are stealing the show in that category of real estate, the option of buying an oceanfront condo as an investment here also carries a ton of benefits … here are our top 6.

You own a vacation destination.

Do you know how many tourists descend upon our beachfront each summer – even into the fall – in demand for a place to stay for the week, maybe two? Millions. And now that you own a much-sought-after oceanfront condo, your return on investment from the rent over the peak season will be more than profitable. Condos are more of an attraction for families than a hotel room, so if you make some upgrades, renovations, and personal touches, those positive online reviews keep your condo constantly rented.

You now have your own built-in getaway!

On the off-peak season, or if there’s a week without a reservation for your condo, you can come to your own place to get away – and you don’t have to pay!

Condos have a high sales price.

While it’s a seller’s market all around, a condo tends to have a higher return on investment than a single-family home if you want to resell it after a few years – even if you decide to use it personally and not as a vacation rental. Beachfront condo prices are through the roof!

There are potential tax benefits.

Depending on how you use your beach condo, you could be eligible for some tax write-offs – even if you use it as a personal vacation spot, or renting it 15 days out of the year or less. If you are using the condo as a vacation rental property owner, potential tax deductions could be on things like mortgage interest, repairs, depreciation, and more.

A condo’s property value increases faster.

While it’s true that most real estate property appreciates over the years, oceanfront properties, including condos, increase faster because of the limited supply of beach properties and high demand.

You can live here if you want.

If your oceanfront condo is a second home, but now you’ve decided to move here full-time as your primary residence, you can. This is a viable option for retirees who want lower taxes, lower cost of living, and more peaceful surrounds, waking up to views of the ocean every morning.

To sit down and discuss your plans to buy or sell a home, please call the Sands Realty Group at 843.839.4878.