New and Preconstruction Condos in All of the Myrtle Beach Area
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 condosThere 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.