Shopping for your first home can be both one of the most exciting and one of the most nerve-wracking periods of your life. After all, you’re making a decision that carries major, long-term ramifications that could have reverberating effects as the years go by. While you are not promising to have the house for forever, odds are that you will have it for quite some time, and a lot of momentous things will happen during those years. Maybe you will have kids for the first time. Maybe you will have more kids than you initially expected. Maybe you won’t have kids at all! Maybe you will get a big promotion. Maybe you won’t.

Frankly, there are just so many things to consider when making the long-term commitment that comes with buying a house. All of these things can be stressful and overwhelming, to say the least. However, they are equally accompanied by joy and excitement, and choosing the right house can mean years of great memories, minimal stress, and endless bliss. So, what are some things that you should be sure to do (or not to do) as a first-time homebuyer to guarantee this happiness? We will address some of the big ones below, so keep reading!

1.     Not Checking Credit Reports

In this post, we are going to talk a lot about mortgages. This is not just a post about mortgages, of course, but your mortgage is definitely one of the biggest pieces of the homebuying puzzle. Getting the right deal on your mortgage is key to alleviating financial woes (or regrets) over the coming years. While there are a lot of parts of the mortgage process that are out of your control, there are a lot of things that you do have some power over. One of those things is your credit report.

When you apply for a mortgage, you are typically going to be thoroughly vetted. After all, the mortgage lender wants to make sure that you are a viable candidate who they can trust to make consistent payments over a 30 year timeline. One of the first places that they will look is your credit report. This is not just your FICO credit score that credit cards look at. This is a comprehensive report about your current credit balances, your credit history, and more. The report is pretty extensive, and it is not uncommon for errors to pop up. Loans that don’t actually exist, credit cards that you closed that appear to still be open, balances or payment records that are inaccurate, and misspellings of names and addresses that cause errant information notifications can absolutely exist, and they can really cause problems when it comes to getting your loan terms or even your loan approval.

Checking your credit report and correcting any errors with the credit bureau before you start shopping for a mortgage is always a really good idea that borrowers tend to overlook. They assume that the credit bureau is perfect, when in reality it is just run by humans who are prone to mistakes. Correcting any discrepancies before you contact mortgage lenders can earn you much more favorable terms on your mortgage, which can save you thousands of dollars at the end of the loan.

2.     Skipping the Inspection

No house is flawless – not even if you just had it built. Houses are made to last, for sure, but they are prone to errors and imperfections. Over time, it is natural for a house or its appliances to need a repair; those are just the duties of homeownership! Repairs to the roof, structure, and appliances are common occurrences that you are certain to deal with during the home’s life.

The problem, though, is that you don’t want to have to deal with them right off the bat. Nobody wants to buy a house and then find out a month after closing that the basement wall is caving in or the roof is leaking. Nobody wants to be looking at different water heater models right after they move into their new home. These are just not friendly, fun activities that new homeowners want to deal with!

To avoid these issues, make sure that you have a contractor go in and thoroughly inspect the house. It will cost you a little money, sure, but the money you pay a contractor to check out the health of the house is much less than the cost of a new roof or a new water heater. Some necessary repairs, like cracks in the foundation, should be dealbreakers. Others, like a faulty water heater or a leaky roof, can be used as negotiation pieces to lower the price of the house. For example, if you know that you need a new roof on the house and that it will cost $10,000, you can use that knowledge to get the seller to lower the price by $8,000-10,000 or require that they pay for a new roof before you close on the house.

3.     Not Researching the Neighborhood

Everyone wants to buy their dream house, and sometimes things are just too good to be true. You have finally found the four bedroom, 5 bathroom house of your dreams with a big yard for the kids to play in and a cool space to turn into a bar downstairs! How great! And it is even within your price range!

…Except that this sounds too good to be true, right? Often, it is. One of the biggest reasons for this is that the neighborhood is either unsafe, inconvenient, poorly maintained, or in a bad school district. The house of your dreams may be great, but what if sitting in the front yard isn’t safe? What if the public school district you live in has horrible standardized test scores? What if there is no grocery store within a 20-minute drive? What if the neighbors are just rude people? All of these things should play into your decision in some way.

Home prices are typically lower in rural, disconnected areas. They are also lower in what are considered to be “bad” neighborhoods. Maybe these are sacrifices that you are willing to make, and maybe they aren’t. Whatever you choose is fine, but what is important is that you make an educated, knowledgeable decision. The house is the most important component, for sure, but the infrastructure of the community and neighborhood should factor into your decision, too.

4.    Moving Too Quickly

If you have ever shopped for an apartment – especially in recent years in urban areas as they have adopted dynamic pricing – you may know the importance of moving quickly. In big cities, apartments fill up rapidly and your options dwindle right in front of your eyes. Dynamic pricing also makes signing a lease today cheaper than signing in a week, and the price rises the further out you look to sign. There are many things that might pressure you to speed up and get moving. The house you’re interested in might get bought by someone else! The interest rates might rise! What will you do if your dream house on the corner gets bought by someone else?

You will take a deep breath. That is what you will do. The fact of the matter is that apartment leases only last around a year. If you strike a bad deal on a lease, the worst thing you need to do is live there for a year and then move. If you strike a bad deal on a house, though, you are stuck living in that house and paying on that mortgage for much, much longer.

Good things come with time, and patience pays dividends when it comes to house shopping. While there is such a thing as moving too slowly, too, taking your time is the best way to ensure that you get a good deal and pay the right price on the right home. Take the time for a thorough inspection. Take the time to negotiate on price. Take the time to work with several mortgage lenders. Take the time to truly ponder whether or not the house that you are looking at is the one that you want to move into. Don’t sign on any dotted lines until you are confident that you have thought about every angle of the purchase. Once you can tell yourself that you have analyzed the situation as well as you can, then feel free to sign.

5.     Burning Through All of Your Savings

20% down payments are steep, aren’t they? Saving up for 20% of a house in cash is no easy task. That literally takes years. If you are buying a $300,000 house, for example, 20% is $60,000. If you save $1000 per month, which is a lot of money for most people to be saving on top of their bills and rent, it will take five years to save up for that down payment. Since that time window is so long, many first-time homebuyers are excited to finally pull the trigger on a home when they have enough saved up for the down payment. Logically, this makes sense!

The problem, though, is that dumping all of your savings into your down payment leaves you completely exposes to any financial hurdle that might arise. If you move in and the roof starts leaking, where are you going to get the $10,000 to fix it? If you get in a car accident and need to shell out $1,000 for your insurance deductible, where are you going to get it? What if you get hit with an unforeseen tax bill and you need to strap together some cash? There are many things that can happen after you buy a home that expose you financially, and having nothing left in your savings is a very dangerous position to be in.

To avoid this issue, be sure to save up more than the required down payment. While a 20% down payment is ideal, it is not set in stone. You can certainly opt for a 10% or 15% down payment – or lower, even – instead of the gold standard of 20%. While this will make your monthly payments go up, it leaves you at least a little more financially protected in the short term. If you can afford the 20% down payment, it is often prudent to do it. However, if the 20% is stretching you thin or cleaning you out, find a way to pay a smaller down payment or look for a less expensive home overall.

6.    Not Budgeting Properly

On that note, are you even shopping in the right price range? Many first-time homebuyers do a few simple calculations to find out how much house they can afford, and they start shopping directly in that window. While these calculators are generally a great tool, they often fail to assess your full financial picture. You mention that you can afford to pay $40,000 down and you make $4,000 after tax per month, and they spit out a number telling you how much you can afford to pay each month. Easy, right?

The problem here is that the calculators don’t dive deeper. Just because you have $40,000 to put down doesn’t mean that you should put $40,000 down. As we just talked about, you don’t want to empty out your savings account to make a down payment. On top of that, many mortgage calculators fail to include the hidden costs of homebuying, like paying an inspector, closing costs, mortgage insurance, and other fees. Additionally, these calculators almost never factor in normal costs of homeownership, like repairs, property taxes, HOA fees, and utilities. There are a lot of bills that come with homeownership that don’t come with renting an apartment, and not considering them alongside your monthly mortgage payment is one of the biggest errors that you can make when purchasing a new home.

7.     Only Getting One Mortgage Quote

To some, this may sound obvious. To others, it may be something they would never even think of. Still, it is absolutely worth including in this post! Many prospective homebuyers think that mortgages are one-size-fits-all and that every bank will offer the same package. They just go apply for a mortgage at the same bank where their checking account is and call it a day. This is a grave error, though, as you never know what the best offer is until you look around. Talking with several different mortgage lenders is one of the most important things you can do during the homebuying process to guarantee that you are getting the best deal possible.

While mortgage rents tend to be similar across lenders, they are not always identical. Each lender has its own criteria, and you may be seen as more favorable with one and less favorable with another. You never know who will give you the best offer, and comparing a few is essential.

On a similar note, it is crucial that you get pre-approved for your mortgage before you start shopping for a house. This helps the process to move along more smoothly, and it also guarantees that you are shopping for houses that are within your actual price range. It is never fun to be looking at $400,000 houses just to realize that the bank will only give you a mortgage for up to $350,000, and it is also a bit deflating when you’re shopping in the $200,000 range and the bank approves you for up to $400,000. Getting pre-approved makes the whole process move a little more smoothly, so you definitely want to make sure that you do it.

8.     Skipping the Realtor to Save Some Money

Many first-time homebuyers learn that realtors take 3% of the selling price as a commission when the deal closes and get intimidated. After all, that is thousands of dollars! Could this not be avoided? Is a realtor even necessary? Finding a house on your own and contacting the seller ought to be easy enough to do on your own, right?

Wrong. This is a grave mistake that many first-time homebuyers make, or at least consider making. Realtors are not your enemy. They are your friend. Nobody understands the homebuying process better than realtors, and their savvy is worth a lot more than to you than the fee you pay when the deal closes. Realtors make sure that you get the best deal possible on the house, they make sure that the houses you’re looking at are good options for you, and they make sure that you cross all your t’s and dot all of your i’s along the way. While their role or purpose seems unnecessary to some first-time homebuyers, their value is immeasurable. They are a huge asset, and you want to make sure that you do not skip out on them to try to save money. You will not regret it!

Thanks for reading our post about 8 mistakes that first time homebuyers tend to make. We hope that this post has been helpful and informative as you go through the homebuying process. Again, remember that buying a house is one of the biggest commitments that you will make in your life, and getting out of homeownership is both difficult and expensive. For that reason, and for your own happiness, it is crucial that you pick the right house and strike the right deal with the seller and the mortgage lender. Hopefully these tips help you to do that!

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, Professionalism, You Can Count On!

The Best Ways to Celebrate Memorial Day in Myrtle Beach in 2022

Memorial Day is right around the corner, and this year’s celebrations are bound to be bigger and bolder than ever. After years of pandemic, the city is finally ready to go all out and celebrate the beginning of summer! As Memorial Day is the ceremonial kick-off of summer, you can expect the crowds to start pouring in and the busy season to be in full swing. If you have been looking for an excuse to head to the beach, using the three-day weekend that Memorial Day provides is as good of a reason as you need! This post is going to highlight the best Memorial Day celebrations in Myrtle Beach to help you plan the perfect trip to the gem of the Grand Strand this year. After that, we will dive into a couple of the reasons why Myrtle Beach is the best place for you to visit this Memorial Day!

First, What is the Significance of Memorial Day?

Memorial Day is one of the United States’ Federal Holidays and is celebrated at the end of May every year. Specifically, Memorial Day is celebrated on the last Monday in May. The point of Memorial Day is to celebrate American soldiers who have lost their lives in wars, conflicts, and struggles all throughout American history. Often, the true meaning of Memorial Day is forgotten, as people look forward to the 3-day weekend and the ceremonial start of summer. This holiday was officially established as a federal holiday in 1971, but has been actively celebrated since the end of the Civil War.

The Best Ways to Celebrate Memorial Day in Myrtle Beach This Year:

The events in this list comprise a blend of interests, as some stick to the more commemorative nature of Memorial Day while others look at it more as the ceremonial beginning of summer. Either way, hopefully there is an event in this list that fits what you are looking for as you head to Myrtle Beach this Memorial Day weekend! Personally, one of my favorite things about celebrating Memorial Day in Myrtle Beach is that most of the events are completely free of charge. This makes spending Memorial Day in Myrtle Beach with the family a very cost-effective and affordable decision! From parades to parties to picnics to races, there is a little something for everyone to do in Myrtle Beach over Memorial Day weekend, and we think you are bound to have a good time.

1.     Military Appreciation Days Parade

On Saturday, May 28, 2022, you can enjoy Myrtle Beach’s own Military Appreciation Days Parade! This annual parade is going to include the US Marine Corps Parris Island Marine Band as its feature ensemble. The parade begins at 10:30am and marches through the Market Common and Farrow Parkway. The Parris Island Marine Band is commonly referred to as one of the best military bands in the United States, and they travel all around the world to play their music. Having them in Myrtle Beach will be a real treat! This event is free to attend and is great for all ages, including families with little ones!

2.     Military Appreciation Days Family Picnic And Exhibits

Right after the Military Appreciation Days Parade, attendees can join in the fun on Farrow Parkway, where there will be a picnic and an exhibit to commemorate all of our country’s brave servicemen and servicewomen from throughout history. The picnic will take place in the Valor Memorial Garden, and people of all ages are welcome. This is a great way to celebrate alongside some of our country’s heroes, and families are welcome. As of now, the event is slated to take place at 11:30am on Saturday, May 28, 2022, but that is subject to change is the parade is moved or delayed for any reason.

3.    Surfside Beach Memorial Day Golf Cart Parade

The Surfside Beach Memorial Day Golf Cart Parade is an annual event that takes place right in the heart of Surfside Beach, which is just a few minutes south of Myrtle Beach. This year, the parade will be held on Monday, May 30^th, from 2:00pm to 3:00pm. To participate with your own golf cart, you need to line up along 16^th Avenue North, and then parade runs south on Ocean Boulevard. There is no registration required for participants bringing their own golf carts. If you are simply looking to attend, grab a spot anywhere along Ocean Boulevard south of 16^th Avenue North. Participants are instructed to decorate their golf cart in the most patriotic way possible to honor our country’s brave servicemen and servicewomen.

4.    Brookgreen Gardens Memorial Day 5K

This year marks the ninth annual Brookgreen Gardens Memorial Day 5K, and it is going to take place on Sunday, May 29, 2022 from 6:00pm to 8:00pm. Locals will tell you that Brookgreen Gardens is one of the most beautiful places in all of the Grand Strand, and that is part of what makes this race one of the best races in the area. Brookgreen Gardens has over 9000 acres of stunning grounds, including a wildlife preserve, flower gardens, a sculpture garden, and countless walking trails. If you’ve read our posts before, you should already know that we just love this place. This race tends to fill up quickly, so you want to make sure that you grab your spot in time! There will be prizes for overall winners in both male and female categories, sweetening the pot for runners who think they have a chance to win it all!

5.     The Veterans’ March And The Battlefield Cross Ceremony

This event is much less of a celebration and more of a solemn memorial to American servicemen and servicewomen who have lost their lives on the battlefield. In this event, veterans march on Ocean Boulevard together in remembrance of those who have given the ultimate sacrifice. While the event is for veterans, the public is also encouraged to attend to show support for the veterans who are marching. The march ends at the Burroughs and Chapin Pavilion Place, where spectators can also watch the annual Battlefield Cross Ceremony. Again, these two events are much more somber, and are done in remembrance of fallen soldiers, not celebration of those who survived. This year’s Veterans’ March and subsequent Battlefield Cross Ceremony kick off at 9:00am at 16^th Avenue North on Monday, May 30^th.

6.     Memorial Day Eve Bash

This year’s Memorial Day Eve Bash will take place on Sunday May 29 at 4:00pm at the Tin Roof. This event will be filled with music, drinks, delicious food, and the best views in Myrtle Beach, so they say! Guests can expect live music from Phillip Michael Parsons, DJ VZZN in the Green Room, and more. The Tin Roof specializes in Southern inspired food that is made from scratch and “better than bar food.” If you are looking for a party to celebrate your three day weekend, this should not be missed! Contact the Tin Roof for more details, as details about entertainment, pricing, and time are subject to change as the date approaches.

7.    Head to a Myrtle Beach Pelicans Baseball Game

Myrtle Beach’s minor league baseball team, the Myrtle Beach Pelicans, do a great job of making the game of baseball fun to watch; whether you are alone, on a date, out with friends, or watching as a family. Friends of ours at The Present Perspective ranked attending a Myrtle Beach Pelicans game as one of the best things to do in Myrtle Beach, regardless of the time of year, and we could not agree more! While they will not be at home during Memorial Day Weekend this year, they will be back in town for a game on Tuesday the 31^st. If you are still in town, this is a great way to get out with the family and enjoy the beautiful weather than Myrtle Beach has to offer.

8.     Play a Round of Golf at One of Myrtle Beach’s Many Renowned Golf Courses

If you haven’t played a round of golf in Myrtle Beach yet this year, you should do it now while you still can. Myrtle Beach is known as one of the best golf destinations in the United States, and you want to get in on the action before all of the other golfers figure out this secret! On top of that, Memorial Day weekend marks the start of the busy season, when tee times fill up weeks in advance and the price to play a round of golf shoots up as a result.

The weather at this time of the year is simply gorgeous, with low humidity levels and plenty of sunshine. Honestly, golfing in May in Myrtle Beach is so much better than July, when you might break a sweat just standing on the course. I recommend calling your favorite courses today and trying to reserve a tee time for this coming weekend before all of the spots are taken!

There are countless awesome golf courses that you can play at along the Grand Strand, and you can find one that matches your skill level, whether you play in the Masters or you just took some practice swings at the mini golf course. Whether you prefer a 6 pack and a cigar over a laid back day of 18 holes, or a more intense round with strict focus on the rules and final outcomes, you are bound to have a great time swinging some irons in the Myrtle Beach area. If fairways and drives aren’t your cup of tea, even miniature golf is a viable option in Myrtle Beach, as it feels like there is a miniature golf course almost every five minutes!

Why is Myrtle Beach a Good Place to Celebrate Memorial Day?

What you are about to read is nothing new, and we will happily spell it out again for you: there really is no such thing as a bad month to visit Myrtle Beach. The weather is always fantastic, and there is always something going on that visitors can enjoy. However, as we wrote in our post on the best things to do in Myrtle Beach in May, we think that May is absolutely the best time to visit Myrtle Beach. What does that have to do with visiting Myrtle Beach during Memorial Day, you may ask? Perhaps the fact that Memorial Day is the last weekend in May, and the weather is as nice as it will be all year! Truly, the weather is beautiful…in fact, depending what you are looking for, it may even be nicer in May than any other time of the year.

Get ready for some really nice days for rounds of golf, walks on the beach, outdoor family fun days and even events like music festivals and parades. If you have been here in May, you already know that that the weather is warm enough to lay out and get a good sun tan on the beach, walk around your favorite outdoor shopping venues, and grab a great meal outside. As if all of that were not enough, there are also all of the great things to do in May in Myrtle Beach that we mentioned in the post that we linked above.

Memorial Day weekend marks the true start to summer, at least as far as tourist destinations like Myrtle Beach are concerned, and you can expect all restaurants, venues, and offerings to be available and open in full swing. Businesses are excited to welcome millions of tourists back for the busy season, and this renewed excitement is part of what makes May and Memorial Day Weekend a very exciting time to visit Myrtle Beach.

While you could choose other places to celebrate your long weekend, Myrtle Beach’s accessibility via its airport couples with its fantastic weather make it an easy to reach, beautiful, hard to beat place to spend your weekend. Trust us – you will have a blast!

What is the Weather Supposed to Be Like This Year For Memorial Day in Myrtle Beach?

The weather in Myrtle Beach this Memorial Day weekend is expected to be fantastic! The professionals are predicting some rain on Friday and Saturday, but Sunday and Monday are set to be crystal clear skies. All four days are supposed to be up in the mid 80’s, meaning that you should absolutely be able to get out and enjoy some great sunshine. The rain on Friday and Saturday is not expected to last for the majority of the day, meaning the rain clouds really should not stand in your way of having a great Memorial Day celebration this year if you choose to come down to the Grand Strand.

In fact, the weather in Myrtle Beach might be even more tolerable than in some places further north this year, as a heatwave is supposed to hit the Mid-Atlantic region and bring temperatures in the high 90’s to states like Virginia, Maryland, Pennsylvania, New Jersey, and New York. Heading south for this Memorial Day weekend might actually give you a chance to cool off if you are from one of these states!

Thanks for reading our post about the best ways to celebrate Memorial Day in Myrtle Beach this year! Hopefully something on this list appeals to you as you head to Myrtle Beach to celebrate the beginning of summer and commemorate our American heroes. Whatever you decide to do this weekend, be sure to keep our fallen heroes in your thoughts and prayers as their families remember the sacrifices that they made. In the United States, we are so lucky to live in a country that has rarely ever seen wars fought on its own soil, and we owe a great deal of gratitude to our brave veterans who have made this reality possible for us. While Memorial Day is not Veterans Day, and it is specifically meant to honor those soldiers who have lost their lives in the preservation of our freedoms, this is a great chance to thank any soldiers you see, anyway. Their sacrifices are what makes visiting Myrtle Beach for the weekend possible, after all!

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, Professionalism, You Can Count On!

Why Floridians are Moving to Myrtle Beach

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Alt-tag: Myrtle Beach at dawn

Recently, many people have been moving from Florida to Myrtle Beach. More and more, Floridians flock to the Grand Strand and choose to make it their home. And if you're wondering what the reason for this might be, you're in luck. Today, we intend to go into what precisely about Myrtle Beach makes it so attractive to Floridians. You might even find that Myrtle Beach is the perfect place for you to move to. We have put together a list of reasons why Floridians are moving to Myrtle Beach, and we hope you find it informative.

It’s a tourist city

Anyone who knows Florida will tell you that the state lives and grows thanks to tourism. As such, most people from Florida are comfortable (or even outright prefer) living in areas with many tourists. And this is one of the reasons why Floridians are moving to Myrtle Beach so much. Myrtle Beach has plenty of amusement parks, beaches, golf courses and shopping complexes which are magnets for tourists. This makes the city quite similar to most places in Florida, and as such, Floridians are right at home there.

Additionally, the beaches here are just as beautiful as anywhere in Florida, so you can consider the pros and cons of a beach house there since they are much cheaper than, for example, in Miami. All of this put together makes Myrtle Beach the perfect atmosphere for anyone from Florida. After all, it's just like home.

Like most cities in Florida, Myrtle Beach attracts lots of tourists every year.

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There are record amounts of restaurants in the city

Myrtle Beach is also famous for the variety of its cuisine. This is in no small part thanks to the fact that the city has more restaurants than some of the biggest cities in the US, most notable of which is New York City. The sudden growth in population and the tourists from all around the world have contributed to this restaurant craze. Thanks to this, you can experience almost any cuisine from around the globe in Myrtle Beach. This has made it quite a hit for Floridians, and experts from City Movers note that they've helped quite a few foodies move from Florida to Myrtle Beach in the past year. So, if you're a fan of dining out and worldwide cuisine, then Myrtle Beach is your place. Of course, the city is also home to plenty of restaurants that offer the US classics.

The city has a low cost of living

The simplest reason why Floridians are moving to Myrtle Beach is the cost of living there. In 2019, Myrtle Beach was named the most affordable city everyone wants to live in, and things haven’t changed much since then. Myrtle Beach remains affordable even though its popularity is rising, making it particularly popular with Floridians since most of Florida has a prohibitive cost of life and housing. It is also a very popular choice for people buying their first home because of the relatively low housing prices. All of this, when put together, has made Myrtle Beach a popular choice for people all across America. So, if you want to live in an area with a low cost of life and high quality of life, Myrtle Beach is where you should move to. You really can't go wrong with this affordable beach paradise.

Cost of living plays a big part in any city’s popularity, and Myrtle Beach has always been a very affordable place to live. For guidance on finding a home that fits your budget, a Myrtle Beach realtor can help.

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Myrtle Beach is growing very quickly

For a few years in a row, Myrtle Beach has been one of the fastest-growing metropolitan areas in America. People have been moving there from all over the US, with the most common places being Florida, New York, North Carolina, Virginia, Maryland, Connecticut and Ohio. This has made for an exciting housing scene in the city; roughly half of the people relocating to Myrtle Beach are moving there permanently. The other half are either buying a second home or investing. All in all, Myrtle Beach shows no signs of stopping its growth. And if you consider moving here from Florida yourself, remember to hire reliable and experienced movers. A Florida-based team can help get your belongings to Myrtle Beach without delay and issues. But always double-check that the movers you are hiring are reliable to avoid unnecessary trouble during the process.

Myrtle Beach has much milder weather

Compared to Florida's year-round scorching weather, Myrtle Beach has delightful weather. The summers are hot, but not dangerously so, and the city gets over 2800 hours of sun every year. The daytime summer heat is made much more tolerable by the coastal location, and it can storm during hot seasons. On the other hand, winters are very short and relatively mild. With all of this put together, Floridians don't have to worry about adjusting to the climate. And with so much good weather on the horizon, you can look forward to plenty of lovely outsides time. It is even enough to make you look forward to your first spring cleaning in a new home. It really is the perfect weather for outdoor activities, even at home. And this is one of the main draws of Myrtle Beach for Floridians.

The weather in Myrtle Beach is much milder than in Florida, which is a big selling point.

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Why Floridians are moving to Myrtle Beach – wrap up

There are many reasons anyone would want to move to Myrtle Beach, and yet the city seems to attract more people from Florida than anywhere else. The combination of the low cost of living, the delightful options for dining and entertainment in the city, and the mild weather is a dream for anyone coming from Florida. However, it is an excellent place for just about anyone. We hope you found this list of reasons why Floridians are moving to Myrtle Beach helpful in deciding to make this place your home too.

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Meta: Wondering why Floridians are moving to Myrtle Beach? Read this list of reasons now and decide if Myrtle Beach is the place for you!

Photos used: https://www.pexels.com/photo/green-grass-on-sand-overlooking-body-of-water-1300510/

https://www.pexels.com/photo/people-at-the-beach-during-sunset-10785568/

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https://www.pexels.com/photo/a-wooden-pier-on-the-beach-10968718/

Image via Unsplash

Making the Most of Your Home Office Space

When you’re working from home, you’re probably working out of an office that’s smaller than you’re used to. For some, this can be a challenging prospect. We’re used to having a large amount of space, filled with office furniture for meetings and clients. That’s not to say that working from home is bad, though. It just requires that you make the most of your space. If you’re setting up a home office in a small space, keep reading! The Boyd Team presents a guide to everything you need to know to make the most of your home office space!

Creating the Perfect Home Office, Even in a Small Space

When you’re working from home, your home office may be smaller than you’re used to. That’s okay! You don’t need a boardroom to conduct great business. In fact, you may not need an entire room at all! All you have to do is make sure that you’re using your space wisely. Here’s how to do that.

Pick the Right Area in Your Home

An office in your home has to be placed accordingly. Being at home, there are plenty of distractions that may become problematic. Reduce those by choosing the right area of your home to work from. Often, this is going to need to be separated from your family. This tells them that the space is for working rather than personal use.

Furnish the Space Correctly

Your home office needs to be furnished for work. This is very different from furnishing any other space in your home - most spaces in the home are designed for leisure. As such, make sure you’re furnishing your office with work-appropriate furniture. This means an office chair, a desk, and storage options, like filing cabinets. Set yourself up for success.

Now, keep in mind, office furnishings and fixtures don’t have to be expensive. There are plenty of budget options that are professional and won’t break the bank. Stay within your budget.

Decorate Appropriately

A home office still needs to be decorated. This is especially true if you’re hosting clients, be it in person or virtually. When you’re decorating, you need to make sure that you’re choosing office-appropriate decor. Often, office decor will be functional, as well. You can find beautiful organizers and calendars that help you manage your time.

However, not all decor needs to be functional. Some decor should be there to make the space feel more inviting. Things like wall art, houseplants, and crystals are great options. Crystals are an exceptional office decoration. They’re beautiful, and they provide positive energy to any room that can’t be found with any other decoration. Looking for that perfect crystal? Click here to see crystals for sale.

Do I Need to Have a Home Office?

To put it simply, yes. A home office is going to provide a plethora of benefits that will help your work go smoothly. Having a dedicated workspace helps to separate your work life from your home life. It also makes your business seem more legitimate in the eyes of clients, even if you are operating from home entirely. A home office is going to open up doors that may not be there otherwise.

Overall, having a dedicated workspace at home is going to improve your work, as well as your business. Thankfully, a home office isn’t too hard to set up. If you take the time to plan, budget, and design your office, you can have one up and running in just a few days. Get started on your home office today!

When you start looking for a new home to accommodate your growing business, get in touch with the pros at The Boyd Team. Schedule an appointment today by calling 843-222-8566.

Financial Terms Every Homebuyer Should Understand When Applying For a Mortgage

Buying a home is one of the biggest financial commitments that you will make in your life, if not the biggest. If you have read through our blog, you know that this is the case – we talk about it a lot. We have mentioned in most of our other posts about mortgages, the financial commitment of a mortgage can last decades and cost several years’ worth of income. This is intimidating for many people, and it is all the more intimidating for first-time homebuyers. Finding the perfect home, striking a great deal on price, landing an optimal mortgage, and coordinating moving logistics can be a major headache, and many people get discouraged just by the idea of facing all of those things. 

We wrote a post in the past on tips for first time homebuyers, and this post ties in to that with some of the terms that we think every homebuyer should understand when applying for their mortgage. Not everyone has a finance degree, and the terms that get thrown around during mortgage conversations with lenders can be very daunting and intimidating. This post is for those people who may be apprehensive about buying their first home, specifically because of all the work that goes into getting your mortgage. If you do your homework and go into the talks with the right mindset, you can certainly strike a great deal. However, if you go in thinking the bank has your own best interests at heart, you may not get the best terms available. Here are some terms that you should know.

First, Financial Concerns About Buying Your First House

Talking about mortgage terms is very relevant, as the financial component of buying a house is often the biggest deterrent or anxiety causing part of the process for new homebuyers. After all, it is the part that will affect your lifestyle the most. Most first-time homebuyers are in their early and middle phases of life, where signing a 30-year loan seems like an eternity. For someone in their 20’s, this means potentially agreeing on a loan that will be longer in length than their entire life up to that point! It is perfectly normal and natural to worry about finances when shopping for a new house for the first time. After all, your mortgage payment will probably equate to anywhere from a quarter to a half of your income each month. 

Luckily, there are many resources available to help you navigate the financial nuances of the homebuying process. We have actually written several posts that could be of use to you, and this one falls into that category as well. In all of our posts, our goal is to help you out and alleviate as best we can any concerns or fears you have about the homebuying process, and we hope that this post, as well as the others we have written, prove to be useful for you throughout this long and exciting process.

1. Interest

Most adults have heard the word interest, but some don’t fully understand what it is. That is okay! You can’t be expected to know financial terms if you haven’t dealt with large loans or financial commitments before. Interest is, however, one of the most crucial concepts to understand when taking out a mortgage, as it makes up a huge chunk of the money that you will pay to the bank over the next couple of decades.

It costs a bank money when they give you a loan. Not only do they need to give you the thousands of dollars when you take out the loan, but they also need to consider all of the investments that they could have used that money for if they hadn’t given it to you. The way that they make back this missed investment income is by charging interest, which is basically a fee for letting you use their money. The interest rate is the percent of extra money you will pay the bank on top of the loan amount. If you take out a loan for $300,000 at 2% interest, you might pay (this is a simplification, for understanding purposes) around $6,000 extra of interest. In the real world, this number winds up being much higher, and it could very easily be in the tens of thousands of dollars. Therefore, the lower the interest rate, the better!

2. Mortgage Term or Loan Term

The loan term, or mortgage term, is the total amount of time that your loan will be active and in issuance. This is one of the key things that you agree on during the mortgage negotiations. Mortgages are typically 30-year commitments, but mortgage terms can vary and even be as short as 10 years. The loan term is important, as it is a key factor in determining your monthly payment. Shorter mortgages mean higher monthly payments, but less total interest paid over time. Longer mortgages mean lower monthly payments, but more total interest paid over time. The mortgage term can also have an effect on your down payment, as lenders have ratios and requirements that they need to meet when handing out hundreds of thousands of dollars of cash.

3. Loan-to-Value Ratio

Your loan-to-value ratio, also known as your LTV, is the ratio between your total loan amount and
the total price of the home you are purchasing. For example, if you apply for a $150,000 loan to purchase a house that costs $200,000, your loan-to-value ratio is 75%, as $150,000 divided by $200,000 is 75%. In this case, the other $50,000 that is required to purchase the house would be covered by the down payment. There is flexibility, but a typical LTV is about 80% or less. Really, with all of these ratios there is plenty of flexibility, as the bank is just looking to make sure it adheres to banking laws and approves loans to people who will be able to pay them off. If that is you, you will probably be fine!

4. Loan Principal

The principal is the total stated amount of money that you are borrowing. This can also be referred to as the financed amount. This is the amount of money the bank gives you to purchase your home, and does not include any kind of interest or other fees. Those things are what you will repay the bank in addition to the principal over the lifespan of your mortgage. Paying off the principal is what causes you to gain equity in your home, meaning that any extra principal you can pay off each month means less interest that you eventually need to pay!

How exactly does that work, you might ask? It’s very simple. Your principal is the amount of actual money that the mortgage lender is giving you. The interest is just what you are paying them back as a convenience fee. So, paying off interest doesn’t actually earn you any more equity in your home, as the equity is directly tied to the principal. As you pay of the principal, you directly gain equity in your home. Paying ahead on your mortgage, if you’re allowed, helps you to avoid paying interest while getting more equity in your home, sooner.

5. Closing

Closing is the phase of the homebuying process when you meet in person to finalize all of your closing documents. These include the paperwork stating the mortgage terms, including the interest rate, monthly payments, and other costs involved in the issuance of the mortgage. At closing, all of the documents are signed and it becomes official – you are a homeowner! This is the last chance you have to back out before things become official and locked in. Don’t worry, this time should not be filled with worries, but rather excitement! At the end of the day, as long as the paperwork is right and you have a good realtor, the only thing you need to worry about is bringing your favorite color pen and a lanyard for your new set of keys! 

6. Down Payment 

The down payment is the amount of money that you pay to the bank on the day that you sign the loan. It is the amount that you both agree upon that will be paid before any money is given to you in the form of a mortgage. Depending on the price of the house, the expected down payment can be very different. The down payments often falls anywhere from 5% to 20%, but can be more depending on the terms of your mortgage. It is even possible to pay absolutely nothing as a down payment, but this often leads to significantly higher monthly payments. The down
payment takes care of the difference between your total mortgage amount and the purchase
price that you agree upon with the seller. Typically, paying a higher down payment means that your monthly payments will be less, but not everyone can afford to pay a very large down payment!

7. Closing Costs

Closing costs are the different monetary amounts you need to pay while at closing. This can refer to a whole slew of things, but most often refers to insurance, legal paperwork, lawyer fees, appraisals, and any other costs that are accrued throughout the homebuying process. You pay the closing costs at the time of closing, and they generally cost about 3% of the total mortgage amount. Your realtor will make sure that you are prepared for this, so there really should not be any surprises. Don’t worry about that – here at the Boyd Team we have you covered.

8. Annual Percentage Rate

The annual percentage rate, also known as the APR, shows you the total cost of the loan in addition to the principal. This includes factors like interest, fees, closing costs, insurance charges, and other miscellaneous incidentals that pop up through the homebuying process. It differs from the interest rate as it includes other costs that bring up the total amount of money that you are paying. The APR is a more accurate representation of what you will be paying than the interest rate, as homebuyers frequently forget to include many of the incidental costs in their calculations.

9. Private Mortgage Insurance

The typical mortgage term is 15 or 30 years, and buyers typically make a lump payment at the beginning of the mortgage term to use as collateral for the loan. While this is appealing to the bank, it still does not guarantee that the buyer will be able to finish out the loan payments for 30 years, and it is not extremely uncommon that buyers default on their mortgage part of the way through the mortgage term. For this reason, many mortgage lenders may require buyers to have private mortgage insurance. This insurance reimburses the bank in the incident where the buyer is no longer able to make the necessary payments to finish out the loan term. While
the required down payment may vary based on loan conditions, down payments less than 20% require the buyer to get their own private mortgage insurance. 

10. Debt-to-Income Ratio

The debt-to-income ratio is one of the most important ratios that your mortgage lender considers when determining the conditions of your mortgage. The debt-to-income ratio measures exactly what it looks like; it compares how much money you owe to other institutions against how much money you make as income. This is calculated by dividing your monthly debt payments by your gross monthly income, which is all of the money that you make before tax. These debts could include credit card balances, car payments, student loan payments, big medical bills, and many other things. Debt-to-income ratio is shown as a percentage, and your monthly mortgage payments should be right around 25-35% of your gross monthly income. 

11. Escrow Funds

Escrow funds are the funds that you pay to a third party for holding. These funds are held by the third party until a specific condition or date occurs. Your down payment or deposit may be placed in escrow, for example, until all of the paperwork for the mortgage is complete and the deal for the home goes through. Escrow is used for financial transactions all the time, and is not specific to just the real estate industry. Using escrow as a payment intermediary makes your transaction safer, as the money cannot be removed from escrow until both parties have fulfilled their side of the bargain. If the mortgage lender or the seller backs out, you get your money back, and there is no way for the bank to try to take it. In addition to your down payment, mortgage lenders might require a percentage of yearly taxes to be held in an escrow account to guarantee that you will pay them. 

12. Interest Rate Lock

We have already explained the concept of interest, but what we did not divulge is that interest rates change all of the time. From day to day, interest rates jump around small amounts, and these small interest rate changes can mean drastic differences in the total amount of money that you pay for your home. Interest rate lock is when the buyer and lender agree on the terms to a mortgage and lock in the interest rate for a set period of time, keeping it from fluctuating in the coming days while the rest of the paperwork gets settled and the closing occurs.

Thanks for reading our post about the mortgage terms that every homebuyer should know. We know that buying a home is intimidating and the mortgage is often one of the most daunting parts. If you go into the negotiation room prepared, this can be a much less intimidating part of the homebuying process, and it can ultimately save you thousands of dollars. If you go into the negotiation room thinking that the mortgage lender will have your best interests at heart, you will probably get a bad deal. Knowing the vocabulary that we have presented in this post at least will make you more ready to understand what it going on and speak for yourself and your own interests!

If you visit Myrtle Beach or any other place in South Carolina and fall in love, we’re here to help. We at The Boyd Team are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, Professionalism, You Can Count On!

Written by Greg

Best Things to do in Myrtle Beach in May

The shoulder season is at its peak, and the crowds are getting ready to return to Myrtle Beach. May is here! Just about any post you read will tell you that May is the single best month to visit Myrtle Beach, and this is mostly because the weather rocks, but most kids are still in school. With kids in school, family vacationing is a lot less common, making Myrtle Beach relatively empty for how beautiful the weather is! Visiting while the crowds are minimal is one of the best ways to enjoy the Grand Strand, as the lines and wait times at all of the best attractions and restaurants are so much shorter than they are in the peak of the summer. In July, most restaurants have at least an hour long wait for dinner…and that is on weekdays!

In this post, we will take a look at all of the best things to do in Myrtle Beach in May, ranging from music to penguins to food and everything in between. Once we’re through with all of that, we will give you the inside scoop on why May truly is the best month visit Myrtle Beach. Hopefully we can convince you to visit and stay a while before the crowds start to roll in in a few short weeks!

1.     Visit One Of Myrtle Beach’s Water Parks And Skip The Lines

Sunny and 75 has a nice ring to it, but sunny and 80 might sound even better. For a family, there is no better way to cool off than a day at the water park! Myrtle Beach has a handful of great water parks to visit, and each afford visitors with different attractions, amenities, and all kinds of fun. While the water parks are always fun to visit, there is something even better about visiting them in May…avoiding the lines! The water parks tend to open up just in time for Memorial Day weekend, and the crowds aren’t quite at their peak yet, meaning you will likely wait a lot less to get on slides than you would in July.

To be fair, the water parks will certainly be busy. It is a holiday weekend, after all! However, even though you will be waiting to get on slides and in the wave pool, the lines will be significantly shorter than they will be on a random day in June or July. You can get a lot more bang for you buck by visiting one of our local water parks before the crowds come in, and if you have kids, they are sure to find their favorite slide and ride it at least 20 times!

2.     Do Some Shopping At One Of Myrtle Beach’s Premier Shopping Destinations

Hopefully you still have some tax refund dollars left! If you filed taxes for the 2021 year and were eligible to receive a refund, it’s likely that it has already landed in your bank account. While there might be smarter ways to spend your newly acquired refund dollars, it can’t hurt to do a little shopping at one of Myrtle Beach’s premier shopping districts, Barefoot Landing, Broadway at the Beach, and the Tanger Outlers.

Myrtle Beach is more than just clear waters and crystal sand! Going shopping in Myrtle Beach is not a rainy-day activity like it is in many other places, as the best shopping venues in Myrtle Beach are all outdoors. If you’ve had enough of the beach for one day, try and get some steps in walking around each of these venus and taking advantage of all that they have to offer! From great deals at the Tanger Outlets, to warm (although still refreshing) evenings out at Barefoot Landing and Broadway at the Beach, you have plenty of great places to shop in the Grand Strand, making shopping one of the best things to do in Myrtle Beach in May.

3.     Catch a Myrtle Beach Pelicans Baseball Game

Being in May means that the minor league baseball season has been rocking and rolling for an entire month now, and this is definitely not something you want to miss! Without a doubt, hitting up a minor league baseball game is easily one of the best things to do in Myrtle Beach in May. The city’s minor league baseball team, the Myrtle Beach Pelicans, do a great job of making the game of baseball fun to watch; whether you are alone, on a date, out with friends, or watching as a family. Friends of ours at The Present Perspective ranked attending a Myrtle Beach Pelicans game as one of the best things to do in Myrtle Beach, regardless of the time of year, and we could not agree more!

As they are just a Single A minor league team, tickets are quite cheap. Don’t worry, though…the games are just as fun as the major leagues! This May, the Pelicans play at home every night between the 10th and 15th, and again on the 31st. Even if you aren't a baseball fan, this is one of the best date night ideas or events for a night out as a family that you will find in the area during May. You won't regret it!

4.     Check out the 2022 Myrtle Beach Bike Week Spring Rally

The thought of a warm sea breeze blowing through your jacket is tantalizing, is it not? If you are a biker, visiting Myrtle Beach’s Bike Week Spring Rally is one of the top things that you can do in May. This event is one of the biggest biker meetups in all of South Carolina, and there are events all throughout the area. From day trips to nearby cities like Charleston and Wilmington to events in local bars and restaurants, this week is sure to keep you entertained and the rider in your satisfied.

This event runs from May 13 to 22, but you will want to make sure to check ahead of time for other details, and the plans vary depending on the day. Be sure to plan your itinerary wisely, as your week could be gone before you know it!

5.     Play a Round of Golf at One of Myrtle Beach’s Many Renowned Golf Courses Before They Fill Up

If you haven’t played a round of golf in Myrtle Beach yet this year, you should heed this advice: DO IT. Myrtle Beach is known as one of the best golf destinations in the United States, and you want to get in on the action before all of the other golfers figure out this secret!

As May rolls around, the weather is almost always beautiful and the humidity is as low as it will get. If you have had any thoughts about visiting Myrtle Beach to go golfing, this is the best time of the entire year, and you do not want to let it slip away! If you have been keeping up with our blog, Catch the Wave, you ought to know by now that Myrtle Beach’s nickname is the “Golf Capital of the World”!

There are countless awesome golf courses that you can play at along the Grand Strand, and you can find one that matches your skill level, whether you play in the Masters or you just took some practice swings at the mini golf course. Whether you prefer a 6 pack and a cigar over a laid back day of 18 holes, or a more intense round with strict focus on the rules and final outcomes, you are bound to have a great time swinging some irons in the Myrtle Beach area. If fairways and drives aren’t your cup of tea, even miniature golf is a viable option in Myrtle Beach, as it feels like there is a miniature golf course almost every five minutes!

6.     Have Breakfast With a Mermaid at Ripley’s Aquarium

This month, you have two chances to eat breakfast with a mermaid at Ripley's Aquarium in Broadway at the Beach. On Saturday the 14^th and Saturday the 21^st from 8:00 am to 10:00 am, this event allows for patrons to meet and greet the aquarium’s own mermaid before the aquarium opens for the day while also having a unique visitor experience and eating a nice breakfast. The breakfast includes pancakes, eggs, bacon, fruits, coffee, and juices. In addition to the meet and greet with the mermaid and the breakfast, guests can expect a photo op with her, a craft session, and admission to the aquarium once the event has concluded.

Events like this are always a major draw, as the kids really get excited about meeting a mermaid, meeting penguins, meeting a pirate, or meeting whoever it may be. Taking your little ones to breakfast with a mermaid creates memories that they will not forget any time soon, and the smiles on their faces make the price of admission absolutely worth it. Trust us…you will agree!

Tickets cost $49.99 for adults and as low as $12.99 for kids depending on their age. Be sure to purchase your tickets online in advance to make sure that you have a spot, as there will only be two occurrences of this event in May! Breakfast with a mermaid is one of the best things to do in Myrtle Beach in May without a doubt, and if you miss this opportunity you won’t have another chance for several weeks. Unless you live here, that is probably not very useful!

7.     Attend a Concert or Show

Myrtle Beach has a handful of concert and show venues, and the event lineup in May is absolutely packed cool and diverse things to check out. From oldies tributes, to musicals, to outdoor music festivals featuring all kinds of music, the lineup of shows has a little something to please everyone. Here is a quick look at some of the best shows and concerts coming to Myrtle Beach this May:

·       Motown Tribute Show – Motor City Musical on May 7

·       Eaglemania: Eagles Tribute on May 8

·       Elvis Live on May 10

·       Elton John Tribute Show on May 12

·       Theatre Of The Republic Present Beehive The Musical on May 12

·       The Play That Goes Wrong on May 13

·       Groovin On The Green on May 13

·       Stayin’ Alive: Bee Gees Tribute on May 15

·       Blues Traveler on May 22

It is also important to note that this list doesn’t even begin to include everything that is going on here in May. There are way too many events, shows, and concerts going on to include in one small list. Truly, the things offered in Myrtle Beach are endless, and coming in May gives you the chance to take advantage of a fully open for business Grand Strand without having to wait in lines behind other people who want to eat at the same places and shop in the same stores as you. Whatever it is that you are looking for, it is very likely that Myrtle Beach has it and that it is going on in May – you just need to look for it!

Why is May One of the Best Months (Or Maybe Even THE Best Month) to Visit Myrtle Beach?

You have seen us write this before, and we will write it again: there really is no such thing as a bad month to visit Myrtle Beach. There is always something going on here, even in the peak of winter, and the weather throughout the entire year is quite tolerable for most people, if not relaxing and comfortable! With that being said, though, we do truly think that May is one of the two best months to visit Myrtle Beach. The weather is beautiful…in fact, depending what you are looking for, it may even be nicer in May than any other time of the year. May weather means some really enjoyable walks on the beach, rounds of golf, music festivals, water parks, and outdoor dinners. By this point, it should also be a given that the weather is warm enough to lay out and get a good sun tan on the beach, or maybe even throw a football. As if all of that were not enough, there are also all of the great things to do in May in Myrtle Beach that we mentioned above.

Further, the crowds aren’t quite at their peak yet. May typically doesn’t see anywhere near the number of tourists that June, July, and August do, as many families are still in school. While there will certainly be plenty of people around, it isn’t anywhere near the mob that you see in the middle of the summer. At this point, every one of the restaurants and entertainment venues are open for business for the duration of the summer, too. 

That is all we have for you about visiting Myrtle Beach in May. As you can see, May is actually one of the best months – in fact, probably the best month - to visit the Grand Strand's greatest city. There are countless great and unique things to do, the weather is great, and there are virtually no lines at all for the first half of the month – a striking change when compared to the busy summer months where it is not uncommon to wait in line for hours for a table at dinner.

If you decide to visit Myrtle Beach or any other place in South Carolina and fall in love, reach out to us for help. We at The Boyd Team are always here to help you figure out whether Myrtle Beach is your next home or not, and we are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, Professionalism, You Can Count On!

25 Tips For Your First Spring Cleaning In Your New Home

Springtime is in full swing, and there is no better time to give your new home its first deep cleaning! Staying on top of all of your new space can be a daunting task sometimes, and often there are parts of a house that go untouched for years after it is purchased. Think about it; when you bought your first home, were you going around lifting up all of the air vents and rubbing them clean? There are countless places to look when giving your new home its first deep cleaning, and this post is going to try and serve as a reminder to get in all of the nooks and crannies of your home. This post contains a list of 25 tips for your first spring cleaning in your new home, including places that you should remember to clean and some tips for the cleaning itself.

1.     Clean the Insides of Your Cabinets and Drawers

Yes, I know that one of the first things you do when you clean your kitchen is wipe off the exteriors of all of the cabinets and drawers. The kitchen is a place where spills and splashes happen all the time, and you’re bound to be cleaning up mess after mess throughout the year anyway. However, one area that commonly gets overlooked is the interior of the cabinets and drawers. That spilled milk that you’re not supposed to cry over can make its way into the drawers below the counter, you know. That oil that spits up from the frying pan? It can find its way inside the cabinets above your stove.

2.     Remove and Clean Your Floor Vents

No, I am not crazy. Floor vents are one part of a house that rarely, if ever, get cleaned by homeowners. All of the air that they blow out carries dust, and that dust can really build up over time. While this is not necessarily a high priority item, cleaning the dust off of your air vents can improve the air quality in your home, which is especially important for anyone with weaker lungs, like infants and people with lung problems.

3.     Vacuum and Shampoo All of Your Carpets

If you aren’t doing both of these things at least once per year, you’re doing it all wrong. I mean, I hope that you are vacuuming a lot more than once per year, but it is pretty common for people to only shampoo annually. I am a big believer in shampooing your carpets more regularly than just once per year. Have you seen the color of the water that gets sucked up into the shampooer? You might be surprised to learn that the water looks pretty similar whether you shampoo annually, bi-annually, or monthly, as the dirt really does accumulate that quickly.

4.     Sweep and Wet Mop All of Your Hard Floors

Hard Floors are another surface that you are probably cleaning with pretty good regularity already, but giving some extra love to them each spring can only be good. These floors tend to be in the rooms with the dirtiest floors – aka the bathrooms and the kitchen – and deserve a nice steam mopping, if you have one, at least once per year. This helps to rid them of any bacteria that may be accumulating inside, leading to a much healthier home. This is especially important if you have little ones crawling around!

5.     Run a Cleaning Cycle on Your Dishwasher

Did you even know that this was possible? Many dishwashers have a setting that will run and clean an empty dishwasher. Considering that you rely on this appliance to clean the things that you eat with, it probably makes sense to have it as clean as possible from the get go!

6.     Run a Cleaning Cycle on Your Oven

While you’re cleaning the interiors of kitchen appliances, go ahead and let your oven run a cleaning cycle, too. Most ovens these days offer a setting that cleans the interior of the oven by raising it to a very high temperature. When done properly, this is a great way to reduce the risk of a house fire.

7.     Move All of Your Heavy Furniture and Clean Beneath It

Sofas, chairs, beds, dressers, fridges, you name it – they all trap dirt underneath them. While this is less the case with massive appliances like washers and fridges, it does still happen around the edges. Moving these and vacuuming underneath them at least once per year is a good way to stay ahead of the buildup of dust and dirt, and it is good to help your carpet catch a breath of fresh air, too!

8.     Empty Your Fridge and Clean All of the Surfaces Before Refilling It

This one has two parts. Firstly, just take everything out of the fridge. Everything. This way you can clean all of the surfaces of your fridge properly, as grime and dirt tend to build up from different leaks and spills. Once all of the surfaces have been cleaned and disinfected, start to put things back into the fridge, taking note of expiration dates and disposing of items that are no longer good or you just know will never be consumed.

9.     Pressure Wash Your Home’s Exterior

You may or may not have a pressure washer, but you can rent one from your local hardware store! Pressure washing your home is extremely pleasing as you can just see dirt melt away. You will be surprised how much grime is coating your house! If you pressure wash half of one wall and leave the other half unwashed, you will see very clearly that they are two totally different colors. This is an instant way to improve the look of your home’s exterior.

10.  Check Your Dryer for Lint Buildup

Inside, outside, and in the foil tubing extending from your dryer are all places where lint very commonly builds up. You want to be absolutely certain that you check this item off of the list, as lint buildup is one of the biggest starters of housefires in the United States. Clearing all of the lint out of your dryer and its tubing is crucial to keep your home safe and your dryer functioning properly. The foil hose can be easily detached with just a screwdriver, and it is well worth the effort to check.

11.  Replace the Batteries in Your Smoke Detectors

This one is probably the easiest item on the list. Climb up the step stool and give those batteries the old switcheroo. If your house ever, unfortunately, catches fire, this could save you big time. Also, nobody wants to deal with the annoying beeping that your smoke detector will start to do when the battery is low. Just stay ahead of this one.

12.  Deep Clean Your Microwave

The science behind a microwave is pretty complex, but all of the molecule scrambling that it does to your food ultimately leads to a greasy coating that builds up along the walls and rotating plate of your microwave. Be sure to give all of these surfaces a good cleaning annually to keep your food clean and sanitary. To prevent this grimy buildup, be sure to cover any food you put in the microwave with either a lid or a paper towel…just avoid the aluminum foil!

13.  Hand Wash all of Your Plates, Glassware, and Silverware

Dishwashers are one of my favorite inventions of our time, but you can’t expect them to be perfect. Once per year, you should take all of your plates, pots, pans, cups, mugs, cookware, and silverware out of the drawers and cabinets and give it all a good, old-fashioned scrubbing. This will help you to stay ahead of the buildup and can ultimately extend the lifespan of each of your cookware items.

14.  Clean and Sanitize all of Your Trash Cans

This one sounds so logical, but how many people actually do it? If you rented a pressure washer to clean your home’s exterior, you can use that to spray out all of your trash cans, too. Trash cans spend the whole year filled with trash, which leads to a gross buildup of dirt and grime that nobody wants to actually take the time to clean. Both interior and exterior trash cans can be cleaned using a pressure washer, and the best part is that you don’t even have to scrub your trash’s grime away with your hands. Just pull the trigger and you will wind up with beautiful, sparkling clean trash cans. 

15.  Use a Magic Eraser to Clean Up any Imperfections on Your Walls

You don’t need to have toddlers drawing on the walls in order to scratch this item off of your list. Smudges, scratches and splashes are all common things that can stain or discolor a wall in your house, and Mr. Clean is there to save the day with their Magic Erasers. These foam erasers only need to be wetted, and can then literally erase stains right off of your walls. You might not believe it until you see it, but you are sure to be wowed.

16.  Dust Off Your Windowsills

Windowsills are a hotbed of dust, bacteria, and pollen. As many people spend significant amounts of time throughout their year with the windows open, pollen and dust tend to build up pretty thickly on windowsills. Taking the time to dust and clean all of your homes’ windowsills is an easy way to improve the air quality in your home, minimize pollen allergy symptoms, and keep things looking spick and span for guests.

17.  Dust Off Your Ceiling Fans

While you are breaking out your feather duster, be sure to dust off all of the blades and surfaces of your ceiling fans, if you have any. Because of some scientific properties, ceiling fans tend to operate as magnets to dust, and the buildup on the blades of ceiling fans can actually get thick and dense. Try to wipe down all of your fans at least once per year to help remove dust from your rooms – especially bedrooms – as dust is a very common allergen and can actually decrease your quality of sleep.

18.  Refill Your Water Softener Salt

This one take a little bit of brute strength, as carrying bags of water softener salt might be a better workout than going to an actual gym. Also, not everyone even has a water softener! If you don’t have one, just skip down to the next checklist item. If you do have one, though, check your salt levels in it. There is usually a minimum and a maximum fill line inside of the salt tank, and you want to make sure that you are above that minimum line. If you aren’t, your water softener probably isn’t doing its job. Who wants hard water?

19.  Sanitize All of Your Kids’ Toys

This one requires a bit of creativity and research, as the last thing you want to do is break or ruin any of your little one’s favorite toys. However, with all of the germs and bacteria that float around our homes, it is a good idea to sanitize all of your children’s toys at least annually. Some of them can be dipped in boiling water, some can be run through the washing machine, some need to be wiped down by hand, and others simply can’t be cleaned. Make sure you do your homework before dropping anything in a pot of boiling water or a laundry machine, as toys are expensive and children don’t tend to understand that their favorite toy melted in the macaroni pot.

20.  Clean All of Your Windows

Windex brags about its streak-free shine, and they have good reason to! Perfectly clean windows are an extremely attractive and pleasing thing, and they’re pretty easy to get. Tip of the day? Use paper towels to wipe off the windex rather than traditional rags or clothes. Paper towels leave the least dust and offer the best streak-free shine of any material.

21.  Organize Your Fridge and Freezer With Storage Bins

We mentioned that you should clean out your fridge earlier, but when pitting all of your stuff back in, it might be a good idea to organize your fridge’s contents with bins and boxes. Having bins for meats, vegetables, sweets, cheeses, fruits, etc. is a great way to keep better track of what is in your fridge, saving you money while eliminating waste. That, plus it just makes your fridge look really impressive to your friends!

22.  Oil Your Wooden Kitchen Utensils (Including That Nice Cutting Board)

It doesn’t take much time, but it does go a long way. Wooden cutting boards and utensils should never go in the dishwasher, as it dries them out and drastically shortens their life span. Instead, hand wash them, dry them, and lather them in oil to keep them fresh, soft, and ready to cook with. This is especially important for cutting boards.

23.  Grease all of Your Doors’ Hinges

Creaky doors are nobody’s friend – especially if you have a baby and want desperately not to wake them up. Spraying a little WD-40 on each of your doors’ hinges is a quick and easy task, and it makes for squeak-free doors that can be opened and closed silently. This is a small task, but it is easy and worth your while.

24.  Scrub Your Bathroom Appliances (Even the Parts You Can’t See)

This is an obvious one, but I couldn’t finish out this post without including it. Bathrooms are usually the dirtiest rooms in a house, and the grime buildup in bathrooms is particularly gross. Clean the sinks, toilets, showers and tubs well, including the places that you can’t even see. It’s only once per year, and your guests will be sure to notice the sparkling clean toilet base.

25.  Iron Your Linens

Tablecloths and napkins are items that can heavily elevate your dining and hosting experiences, and your curtains are one of your best chances to express your style in almost every room. Nobody likes to see wrinkles in any of these things! Bust out your iron and give all of these items and annual pressing. It helps to keep your home looking sleek, and your dinner guests will surely appreciate your perfectly creased tablecloth. 

Thanks for reading our post with 25 tips for your first spring cleaning in your new home. We hope that these tips help you as you start cleaning your new home for the first time! Owning a home is a large responsibility, but keeping it clean is one of the best ways to maintain your sense of pride in your home. 

If you visit Myrtle Beach or any other place in South Carolina and fall in love, reach out to us for help. We at The Boyd Team are always here to help you figure out whether Myrtle Beach is your next home or not, and we are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, Professionalism, You Can Count On!

Written by Greg

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Alt-tag: A South Carolina state line sign

Moving from New York to South Carolina: How to Prepare

Moving is not to be taken lightly, so it is best to know how to approach the task properly. Interstate moves are especially tricky since you will be leaving your home state and everything you are familiar with. So, we have prepared a guide on moving from New York to South Carolina to help you handle the challenges of a move.

Account for the difference in weather

When relocating from New York to South Carolina, many people forget to account for weather differences. Compared to looking for a new home, this can seem like a trivial thing. Still, it can make your moving day very uncomfortable, not to mention the first few days after moving. New York is typically quite cold, and the temperatures are on the lower side. South Carolina, on the other hand, is the exact opposite. If you are not prepared for it, dealing with sweltering weather on your moving day can even cause heat stroke and other health issues when combined with stress and high levels of activity.

Do not stress over costs

There is one thing that will blow you away once you are finally in your new home state: the cost of living. Moving from New York to South Carolina can feel like moving to an entirely different world. While New York has some of the highest overall prices in the entirety of the United States, South Carolina is the polar opposite. Every aspect of life is cheaper here, including, of course, the housing prices. This lack of concern over prices will make it easier for you to look for the best interstate moving companies. You will be able to spare some money and find reliable assistance for your move. Reliable moving companies are worth their weight in gold, as they can help you relocate your items without too much stress.

Start planning well in advance

It would be a lie to say you can’t organize a move, even when moving from New York to South Carolina, in a few days. However, the process would be rushed, stressful, full of pitfalls, and likely much more expensive than it ought to have been. If you want to secure the best movers, protect all your belongings from getting lost or damaged, and properly handle the tasks you need to complete before moving, you must start organizing months ahead of your moving day. It is also crucial to set a date at the start and stick to it, barring catastrophic problems in your private life.

Caption: Having a solid plan will also make your move less stressful!

Alt-tag: A planner

Take some time to talk to your kids

The ones who experience the most stress and uncertainty over a move are not adults. We can rationalize what is happening and act accordingly. However, children are hit much harder when they are suddenly being forced to move. When preparing to move to South Carolina with kids, you need to take the time to reassure them. It is highly recommended that you start doing so well in advance. Give them time to acclimate to the idea and try to stoke their curiosity about it. Instead of being worried or even afraid of the move, they can approach the idea with enthusiasm and anticipation. It will not make parting with friends and previous home easier, but it will help them get over it quicker.

Caption: Keep your family smiling throughout moving from New York to South Carolina!

Alt-tag: A happy family.

Scope out your future home in advance

There is, unfortunately, a lot that you can’t really learn about a home, neighborhood, and not a city when researching from a different state. Your knowledge about your future home will likely come from pictures or a virtual tour and the house inspection meant to ensure there are no things that often fail a home inspection to be found on the property. And even if you’ve done your research and know about the stores, schools, parks, and such in the area, it is all just theoretical knowledge. It is wiser to organize at least one trip to your future home state. You can spend a day getting acquainted with the place where you will shortly be living. This way, you can avoid confusion and problems that can pop up immediately after your move, including getting lost in your own neighborhood.

Caption: South Carolina is full of beautiful, scenic cities.

Alt-tag: Charleston, South Carolina

Know what you need to handle before moving

A move starts well before the actual moving day. If you have hired a reliable relocation company such as Roadway Moving, there’s a lot that you will need to do before they arrive at your home, ready for a day of packing and carrying boxes. A part of this comes down to the tasks that need to be completed before leaving New York. Namely, this is:

• Notifying your children’s school and retrieving school records.

• Getting your family’s medical records.

• Changings your address in advance.

• Rerouting all your mail and subscriptions to your new address.

Naturally, there are a few other things you may want to do before leaving. Such as properly notifying your friends and neighbors and securing ways to keep in touch. However, if you do not want to get into a serious mess once you’ve arrived at your new home, you want to do the previously listed things on time.

What to do upon arrival

Of course, when relocating from New York to South Carolina, there are also important things to do as soon as you can once you’ve arrived at your new home. These would be:

• Having your home’s utilities turned back on.

• Going through your house to find the light switches, water valves, and power switches.

• Unpacking the essentials.

• Getting further acquainted with your neighborhood.

The final point is crucial for your kids. If they are in an unknown environment, they will feel much safer and more comfortable quickly if they know how to get home.

Take time to de-stress

The final thing to keep in mind when moving to South Carolina from New York is the need to relax. The process of moving is stressful, and both your mind and body will suffer from it. So, take some time to enjoy the beauty of your new home! Explore the museums, eateries, and nature of South Carolina. Embrace your new home and find reasons to love it. It will help you settle in and wash away the fatigue and stress you have accumulated.

Final Words

Now that you’ve read through our moving from New York to South Carolina guide, we hope you have a better idea of what’s waiting for you and how to prepare. Just take things slow, share the burden with your family, and do not stress yourself too much. We are sure you will do just fine!

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Should You Buy a House to Turn It Into a Rental Property?

It is often said that real estate is one of the best ways to invest your hard-earned money. Real estate tends to appreciate more than traditional investment types, and properties are a hard asset that you can utilize throughout the time that you own them. Buying a house in Myrtle Beach, for example, offers you the unique opportunity to have your own beach house to use for a few weeks out of the year while getting paid to rent it out while you are not there. To many people, this sounds like a dream scenario. After all, once you have the house paid off, nearly all of the rent will be straight profit that you get to keep! It sounds like a situation that is too good to be true.

For many people, this works out to be a great situation and a great investment. However, buying a second house to use as a rental property is not a great option for everyone. This post is going to take a look at a few of the things that might bar you from buying a second house to use as a rental unit, and then will jump into a few of the financial incentives that long-term rental property ownership provides. We will note, for clarity, that we are not financial experts, and this post is not intended whatsoever to give financial advice. Everyone’s financial situation is different, and we are solely commenting on the typical strengths and weaknesses of buying a second home to use as a rental property.

The Main Limitations to Buying a Second House to Use as a Rental Property

1.    It is Expensive

This should come as no surprise, but it obviously needs to be said. Buying a house is expensive. Really, buying a house anywhere is expensive, but buying one in a vacation hotspot, like Myrtle Beach, is even more expensive. One of the biggest hurdles for most people that want to buy a second home is simply the amount of cash needed to do it, as most people are still working on paying off their first house and do not have the financial flexibility to take out a second mortgage at the same time.

Granted, this is not the case for everyone and does not need to be a hurdle to buying a second home. Yes, if you are struggling to make your payments on your current home, buying a second home is probably not the wisest investment idea. However, if you are in a solid financial position and are looking for a way to increase your future income, buying a second house could be a great idea, even while you pay off your first mortgage. If you are able to drum up enough rent to cover the mortgage payments, then the up-front risk is much lower than it could be otherwise.

If you are worried about how you will finance your rental home, there are several great tools that have been designed to help you navigate the costs and dollar values that you will encounter throughout the process. Your bank likely has its own mortgage calculator tool, and there are many other startups that have been designed to help you visualize the different costs that you might encounter on your homebuying journey. It is very important that you make the most informed decision possible, and these different tools are the best way to clearly see what you are up against.

2.    It Needs to be Maintained

Keeping track of all that needs to be done in your first home can be a daunting task. There is so much that goes on in a home, and there are so many tasks and responsibility that accompany homeownership. Things break, things get old, accidents happen, and disasters can take a toll on all that you have worked to build. Dealing with these headaches in your own family home can be a tall task! Dealing with these headaches in a second home can be even more daunting, as you might not even live anywhere near the home. This is often the biggest part of the challenge, actually; dealing with all of burst pipes and leaky rooves from a long distance away.

On top of just the maintenance and repairs, you need to consider cleaning. If you are renting out the house to longer-term tenants, then cleaning is not much of an issue. However, if you are planning to use a platform like Airbnb which focuses more on shorter stays, you will need to have the house spick and span between guests. This will absolutely require a deep cleaning, which can become quite a bit of work to put on your own shoulders!

If you fit the profile of someone looking to buy a second home that is not very close to where you already live, there is some good news! You can consider using a property management company to handle those issues on your behalf while you are away. Many times, these companies will handle all of the work, maintenance, and cleaning for you and in return charge you for parts and labor or take a percentage of the incoming rent. While it takes a direct bite out of your investment income, this can make owning a second property a fairly stress-free experience. As the idea of buying homes to use as rental properties becomes more popular, more and more of these property managements companies spring up all over the place.

3.    It Requires a Lot of Work and Time Up Front

Buying a house is a long-term commitment, so it is no surprise that you are signing up for a long time of payments, negotiations, and hassles. However, it is also important not to understate the amount of work that is required on the front end before buying a second house! There is so much that goes into the process of buying a house to use as a rental property, and it is not a process that will end in just a month or two.

If you want to do things the right way, you will take your time to find the perfect house to begin with. Usually, a realtor is the best way to do this. Realtors know the local market the best, and they are usually the ones who can unlock worlds of opportunities for you as you shop for a rental property. If you are ever looking for property in South Carolina, be sure to reach out to us first to answer any questions that you may have!

Finding the perfect rental property is not a simple process. You need to look at the property from both a feasibility perspective and a profitability perspective. There is usually a sweet spot between the two that can maximize your gains while minimizing your financial stress. The best rental properties tend to be right in the middle of the action, but those properties are also sold at unreachable price points. Combining the two approaches of profitability often leads to the best results, as you buy a solid rental property that will generate good interest and rent without breaking your financial strength in the process.

4.    There is Risk Involved

Another hurdle to buying a second house to turn into a rental property is the inherent risk that it involves. To be fair, a rental property is an investment, and all investments come with risk. However, one of the most intimidating components of the risk that comes with buying a rental property is the sheer amount of debt that is required up front. Buying a rental property means agreeing to taking on hundreds of thousands of dollars of debt in exchange for the chance to make back that money and more. When things go well, this opportunity sounds like a no-brainer. However, some investments fail, and when a rental property fails, you are out a big chunk of change.

This is not meant to be discouraging. Rather, we are simply pointing out that this risk scares off a lot of people and is certainly one of the biggest hurdles involved in the process of buying a second home to use as a rental property. Other investments, like stocks, bonds, and other tradeable assets, offer much lower returns but significantly lower risk. Real estate is a risky investment – especially when we are talking about rental properties – but it is also one with a very high potential ceiling. If you are able to pay off the mortgage and all of the up front costs, the property is likely to become extremely profitable and is yours for as long as you want it. If you manage to get it to this point, it is considered what people call a cash cow, as you can rely on it for seemingly endless cash over time with minimal responsibility and upkeep.

5.    You Need To Find Good Tenants

Apart from all of the things involved in finding, financing, buying, and preparing the perfect rental property, you need to think about what comes next; who will live in it? Will it be a long-term rental, where you require tenants to sign a lease for a year-long commitment? Or will you opt for more of an Airbnb arrangement, where guests come and stay for just a couple of days? Each method offers different opportunities to you as an investor, and each method requires different types and levels of effort.

Choosing to find long-term tenants requires a lot less work on the day-to-day level once you have found a qualifying tenant. Typically, tenants want to be left alone and only reach out when they have a question, complaint, or problem. This is a much more hands-off route and is appealing to many investors for that reason. Additionally, you can rely on a fixed level of income over a fixed amount of time, helping you to budget better while also offering you financial security. For many, this is the most optimal route. The issue is just that finding good, long-term tenants is often a challenge. This method inherently requires a lot more effort on the front-end as a homeowner, and vetting the tenant is on you. You have no intermediary, so you are solely responsible for choosing someone who is trustworthy enough to live in your home.

Opting for go the route of short-term rentals, whether through an app like Airbnb or on your own, is a much more stress free on the front-end, involved on the back-end approach. Finding tenants is much easier, as the application does that legwork for you. Getting listed on the app isn’t all that hard, either. The hard part is cleaning and preparing the home before each stay, predicting how much income you’ll make through the app, budgeting for slow and busy seasons, and coordinating any response to guests’ issues that arise while you’re away. These issues can make the process of renting out your second home hard and are a deterrent for many people who want to get into the business of owning rental properties.

Financial Incentives To Buying a Second Home to Turn Into a Rental Property

While there are many things that may deter people from buying a home to turn into a rental property, there are also many incentives. After all, you are thinking about doing it, so there must be an upside! The biggest upside to having a second home to use as a rental property is that your investment can turn into what investors call a cash cow.

Essentially, a cash cow is an investment that has very low operating costs and very high earning potential. At first, if your rental property is bringing in $2,500 per month but costs you $2,400 per month to own and operate, you are not making very much money. However, once you pay off the mortgage, your costs might drop to $500 per month, making your profit more like $2,000 per month. Theoretically, this earning potential has a long life and can turn into a very strong stream of income. While this is not always the case, and there are unforeseen expenses involved with owning any home, it is typically accepted that a rental property that is fully paid off is one of the best cash cows out there.

In addition to the high earning potential, there is another perk that may come with owning a second home – using it! If you opt to use your rental home for short-term tenants, like on Airbnb, you can also use it for yourself whenever you want. You can’t do this if you have a long term tenant, obviously, as you can’t just kick them out of the place where they are living. However, apps like Airbnb allow you to block off dates that the unit is not available, meaning you can pick a few weeks or more per year where you stay in the home yourself without having to pay anyone for accommodation.

To many people, this is a huge perk. After all, many people buy a second home in a place that they could see themselves living in for the sole purpose of using it as a vacation home. If this is your goal, listing the house on Airbnb for the rest of the year is a great way to make some solid money while the house is not being used. In this way, owning the house is a win-win situation for you, as you make money off of it while you are not there, and you get to live in your favorite vacation destination when you are there!

Thank you for reading our blog, Catch the Wave. We hope that this post helped you to think about some of the biggest hurdles involved with buying a second home to use as a rental property as well as some of the best reasons that buying one might be worth your while. While the points in this post might come off as slightly scary or intimidating, they are not meant to be! They are simply meant to be an honest representation of what you might face if you decide to buy a rental property. We believe it is important that you fully understand what you are getting into before signing off on any kind of mortgage on a rental property! Also, just to reiterate, we are not financial experts and by no means should anything in this post be taken as educated financial advice. The content of this post is strictly meant to be informational, and we make no recommendations as to what you should do with your money.

 If you visit Myrtle Beach or any other place in South Carolina and fall in love, reach out to us for help. We at The Boyd Team are always here to help you figure out whether Myrtle Beach is your next home or not, and we are committed to helping you find the right property for your needs and dreams. Any question that you have about moving to the area and finding your dream home by the beach is our pleasure to answer. Feel free to send us an email at eddie@boydteam.com or text or call us at (843) 222-8566, and we will get back to you as soon as we can. Being true natives of the Grand Strand and Horry County and with over 25 years of experience in the local real estate market, whether buying or selling, we can help you make your dreams a reality.  

No One Knows The Grand Strand Better! Trust, Knowledge, Experience, Professionalism, You Can Count On!

Written by Greg

Buying Your First Home? Don't Stress!

On average, a prospective home buyer looks at 10 homes before finding the one they want. This alone can be stressful, and it doesn't help that you have to jump through hoops the get a mortgage. However, try to enjoy this time. Buying your first home is exciting, and with these tips presented by The Boyd Team, it can be more pleasant and not stressful.  

Be Optimistic 

Ultimately, you have less stress if you remain optimistic, and this can result in more confidence. When you look on the bright side, you can better focus on everything you need to accomplish, and you can do so with a clear head. Only 11% of mortgage applicants fail to receive approval, so you're likely to be able to get a home loan. 

Determining Your Budget 

You improve your home buying experience and avoid disappointment when you know exactly what you can afford. As you prepare your budget, research home prices to get a better understanding of what’s available and what buyers are asking.

To understand how much you can afford to spend, determine your debt-to-income ratio (DTI). This involves calculating all your expenses and comparing this value to your gross income. As a general rule, you ideally want a DTI that's less than 20%, but some lenders may find anything less than 36% acceptable.

Finding a Lender 

Although you can find local lenders in Safety Harbor, FL, you can get in touch with lenders all over the country via the web. This is beneficial since you have a wider selection of lenders to choose from. 

As you're looking for a lender, compare rates from multiple prospects to find the best rate and terms. It doesn't harm your credit immensely if you apply to multiple lenders within 45 days. They all show up as one inquiry since credit report agencies realize you only end up with one mortgage.  

Comparing Real Estate Agents

After you find a lender, look for a real estate agent who's local to the area. Check out reviews about the agents. See what people liked and disliked as they worked with an agent. Speak to or meet with the agent to see if you mesh with the person. 

Looking for the Ideal Home 

Before you begin your home search, know what features you need in your new home versus those you want. If you fail to do this, you may find yourself spending more than you had in mind. For instance, you may need a certain number of bedrooms and bathrooms, while you may want granite countertops. 

Making an Offer

Once you find a suitable home in your price range, your next step is to make an offer. Your agent does most of the work during this process. You just need to have your preapproval lender handy and work closely with professionals like The Boyd Team to determine the offer amount that wins over the seller and benefits you as the buyer. 

Getting a Home Warranty

Last but not least on your to-do list, purchase a home warranty to help cover the cost of any repairs, ranging from plumbing issues to electrical problems. A home warranty may seem like an optional expense, but the amount of money it can save you over the long term makes it an essential part of the home-buying process. Before deciding on one, check out reviews for the home warranties you're considering to ensure you’re getting a great deal.

Buying a New Home Doesn't Have to Be Stressful

You can enjoy the home-buying process if you know what steps to take. It also helps if you find the right agent in Safety Harbor for the job.