Published By: Beckham Realty Group, Inc. November 26, 2018
If you ever thought you may want a house on the beach but weren't sure if it could fit into your financial situation, you should know that there are a lot of ways to not only make it a reality, but also enjoy additional income from it. When you have a home in Myrtle Beach, it can be an avenue to make extra income, since the area boasts year-round events and things to do, mild winters, and miles of beautiful coastline that are enjoyable even during the winter months.
1. Turn your Myrtle Beach Home into an Air B & B
In Murrells Inlet alone, you can make an average of $455 a month by leasing your home even just part-time as an Air B and B (but of course you have the potential of even more). You can make the rules on when you want to rent it out (by the night, day, weekends only). In addition, you can pre-approve your visitors, set your own price, make your rules for check-in, check-out and use of the property, and even take it as an opportunity to introduce new visitors to the area. If you intend to live off premise, you can have a cleaning service come in and do all the work for you to save you the hassle. For more info on listing your home as an Air B and B, visit Air B & B Hosting's Page.
2. Rent out your second home as a long-term rental - Many people are already aware of income potential through leasing. In Myrtle Beach alone, the rental Market alone this past Summer averaged $1098/month while the Median listing price for a Myrtle Beach home was below national average at $188,90. Just further South in Murrells Inlet rentals averaged $1440/month year-to-date while the Median Home Value was at $222,800. With a good financial plan in place, you can easily generate extra income every month through long-term rentals and have Beckham Management Group also assist you in your Property Management to make it an easier process for you.
3. Make it a seasonal vacation rental while blocking off some time for you to Enjoy as well - This one doubles as a way for you to enjoy a vacation that is already built into something you own. Instead of spending money every year on accommodations wherever you vacation to, you will already have accommodations and best of all - It will be yours. Consider how much you spend on vacations each year especially when you visit the beach regularly. During the months you aren't wanting to use the home, you can rent it out through a local Property Management company that handles short-term or weekly rentals, or if you feel confident enough, rent out privately on your own. If you do opt to rent privately on your own we still advise seeking professionals when it comes to designating a procedure for your rental contracts and guidelines.
In many cases along the Grand Strand, beach houses can average in the thousands for a 1-week rental during peak season. If you are able to plan accordingly you may have the potential to turn this into a profit to help with the second mortgage. Simple furniture selections such as pull out sofas and bunk beds can allow you to have ample sleeping space for multiple guests. For lots more advice on making a second beach home profitable, checkout Evolve's blog on How to Buy a Vacation Rental with Major Profit Potential and Coastal Living's article here on 5 Ways to Make a Beach House Pay for Itself.
4. Purchase a Week or More from a Vacation Ownership Property - Timeshares might seem like a cheesy thing of decades past, but there are still many great properties out there that give you more flexibility that you could imagine and also offer a lot of additional benefits. In Murrells Inlet alone, The Inlet Sports Lodge is a newer, charming, 34 room boutique resort that offers full efficiency studio rooms and has you feeling like you are in an undiscovered gem away from the hustle and bustle of the Grand Strand, yet minutes from the Beach. Perks with ownership include Interval International points exchange at over 2500 resorts worldwide, plus, for Golf lovers, you have the option of adding on Membership at two of the most award-winning courses on the South-Strand - Caledonia and True Blue. Additional add-ons include membership to Huntington Beach State Park, Brookgreen Gardens, and Freedom Boat Club. The perfect solution for outdoor enthusiasts or anyone looking to relax and enjoy a coastal vacation or exchange program that pays for itself after so long. Best of all - this options leaves you without any maintenance, cleaning or hassle that come sometimes come with renting out your own home!
5. Obtain a Second Mortgage for Financial Leverage -Obtaining a second mortgage allows you more freed up cash. It takes your first mortgage as leverage in order to obtain a loan for the second mortgage by accessing your Equity. For a great explanation on how the process works, you can check out Realtor.com's blog on How to Get a Second Mortage. There are many types of second loans that may be applicable depending on your unique scenario, but having the second loan can allow you the financial flexibility to make improvements on your current home to increase its value, or pay of any other debts off to help you obtain the home of your dreams down the road.
For more information about The Inlet Sports Lodge, Property Management, or to simply learn more about all the possibilities of Beach homes and condo's, contact Beckham Realty Group today!