The Hidden Costs of Myrtle Beach Condo Ownership

From rising insurance to surprise repairs, we break down the true costs of a Myrtle Beach condo so you can invest with confidence.

Have you been dreaming about owning a Myrtle Beach condo you can enjoy now, rent out, and maybe retire in one day? Before you jump in, let’s talk about something most buyers overlook: the hidden costs that come with condo ownership. It takes more than a mortgage payment to keep that ocean view dream alive. Let’s break it down.

The hidden costs of condo ownership. Owning a beach condo involves more than the purchase price. You’ll face HOA dues for maintenance and amenities, rising insurance costs that may or may not be included, and management fees depending on whether you handle rentals yourself or hire a team. Add in unexpected expenses like replacing furniture or fixing appliances, and the bills add up quickly. On top of that, special assessments for major repairs are common in oceanfront buildings that take constant wear from salt and weather, so they’re something every buyer should plan for.

The age of Myrtle Beach condos. Here’s something that surprises many buyers: the newest oceanfront condo for sale in Myrtle Beach is nearly 20 years old, with the last ownership high-rise built around 2007. Newer towers from brands like Marriott exist, but they’re hotels, not individually owned condos. Many existing buildings date back to the 1970s and are now around 50 years old, making maintenance and those inevitable special assessments a major factor to consider.

Owning a beach condo involves more than the purchase price.

Pro tips for smart buyers. First, buy after major work has been done. Every building will need major updates sooner or later. It’s not a matter of if, but when. Working with a local expert can help you find properties that have already gone through big renovations or assessments. Those are the ones that are usually in better shape for the next several years.

Second, do a deep dive on the financials. Check out the HOA’s profit and loss statement and see how much money they’ve got in reserves. Are they financially strong, or barely hanging on? Because when those big expenses come up, you don’t want to be the one writing a surprise check. You want an HOA that’s ready to handle it.

There’s a lot more to owning a Myrtle Beach condo than just the purchase price. The right condo can still be a great investment, but only if you know what you’re walking into. If you want to dig deeper into which buildings have already handled their major work and which HOAs are financially solid, reach out to me at (843) 251-2693 or send me an email at greg@gregsisson.com. I’d be happy to help you sort through it.