Vacation condo and costs

[BeachLove]

So, I've been thinking about buying a vacation condo for a while now. Wanted to ask a few questions and looking for people who've bought one recently. I'm looking around the North Myrtle beach area and I'm seeing many places under 150k. I've spoken to my banker and this is something I could actually qualify for with a substantial down payment. Exciting! How do I find out what typical insurance costs would be? I'm guessing I'd have to talk to an agent to find out condo fee's for each unit. Never lived in a condo before, what other fee's would I be looking at each month?

The other thing is location. Buying there would mean a half day of traveling to go enjoy my condo. Same thing for my family who would most likely be able to enjoy it more than me. If I looked into the Delaware coast(or nearby) area it would be only a few hours drive for most everyone. The initial cost of a condo is much higher and the quality is um lacking... The benefits would be almost weekly use, and most Holidays! Buying in SC on the other hand is where we all enjoy going. It would be used about twice a month and then most of the summer, some Holidays. Not sure I would consider renting it out.

I guess I'm just thinking about things at this point.

 

[pklein09]

One of the things you might consider, even if you don't rent it out, is someone to manage the property simply because you live so far away. If something happens, i.e. pipe bursts, hurricane hits, burglary etc., you would want someone right there to immediately address any issues. you don't want anything serious to linger while you try to get there.

I don't own any vacation property, but I have heard friends discussing buying shore properties. This is ususally one of the topics that comes up.

Good luck as you sort through this decision!