New and Preconstruction Condos in All of the Myrtle Beach Area

Preconstruction condos

Myrtle beach condos are well know for their range and type - they range from a simple single bedroom condo to the most lavish 6 bedroom villas that face the oceanfront. Preconstruction condos are fabulous because not only will they be available to an investor at a very low price, one can be assured that at a later stage, they will fetch a huge price when sold. By pre-construction condos, we mean the ones that haven't yet been constructed. So these are essentially blocks or units that you get to pick.

Stages to purchasing pre-construction condos

There are some steps to purchasing Myrtle beach condos in their preconstruction:
Select a suitable unit. This refers to analyzing the location, size of the unit before selecting one.
Make a small deposit. The real estate agency will typically ask you to place an initial small deposit sum.
Fill out the reservation form. This is essential purely from a formality perspective and it helps to get the process of new construction started.
Prequalification for the loan. To be able to cover the cost of purchasing a condo before construction, you need to qualify for the loan to pay this amount.
Sign the contract. This is essential as the contract defines roles and responsibilities of both parties and establishes an agreement between the two.
Make the down payment. This will range from 10 to 15 percent of the total value of the unit.
Construction begins. The actual new construction work begins on the unit.
Re sale. Once the construction is over, the real estate agency will typically ask you if you'd like to re-sell the unit. This new construction will usually command a very high price, considering the fact that real estate prices would have appreciated in this duration.

Can you make money from pre-construction condos?

Yes absolutely. Most of the investors who have invested in pre-construction condos whether oceanfront or otherwise, have been able to not only recover costs on buying the unit they have been able to make significant profit by reselling the new construction. Typically unless the market is doing really badly, real estate prices always appreciate. Due to this, the value of pre-construction condos will rise significantly after the construction work. Therefore by reselling it at a high price, investors have been able to make millions in a very short span of time.

Oceanfront condos

New Construction Oceanfront condos in Myrtle Beach are known for their beauty, luxury and spaciousness. Most investors prefer to purchase these ocean front condos during the preconstruction stages. This offers them a way to negotiate on the price during the pre-sales process. The key is to enter the pre-sales as early as possible as it ensures the lowest price possible. Especially since ocean front condos are high priced and do not offer easy affordability, being able to purchase them at a low rate is always a great advantage. During presales, the investor needs to ensure he or she negotiates on the price as much as possible. That's because the way you handle the presales stage is crucial to how much profit you will make in future during resale