Real Estate

Is It Safe to Invest in Real Estate at Myrtle Beach?

4 Mins read

Investors typically know that Myrtle Beach is a popular destination for summer vacations, but many don’t know the risk involved with investing and owning property in Myrtle Beach. If you’re thinking about buying or selling property in this area, you should read this article and learn how to reduce your odds of making an unwise decision. Myrtle Beach has seen a significant increase in vacation rentals and home purchases; however, this increase isn’t always met with similar increases in security. 

The management groups and vacation rental managers in mason city homes for sale do their best to check references, perform background checks and even make house calls to ensure the safety of the tenants in their rentals, but they can’t possibly keep up. This inability to manage security has resulted in numerous crimes committed against vacationing families. The most significant area of concern is concerning non-owner residents who rent vacation homes through a property management company.

Myrtle Beach Vacation Rental Property Safety Tips 

  • For vacation properties, the most common crimes include burglary, robbery, theft, and assault. You are more likely to be the victim of a violent crime in Myrtle Beach than in any United States tourist destination listed on Expedia’s 2016 rankings. Different types of property theft and household burglary are also more prevalent in Myrtle Beach than in most other areas in the United States. 
  • To make matters worse, most vacation rental properties in Myrtle Beach are not insured. According to a lawsuit, the owners of two rental properties were assaulted and robbed when they were not in their properties but out on the beach because their rooms were continually rented out to vacationers. 

Beach House Rental Risk

  • If you’re buying a vacation home in Myrtle Beach, it may be best to consider renting instead. According to the Myrtle Beach Police Department’s Annual Reports, the number of reported crimes in private homes has increased by more than 30% in just three years. In 2016, there were a total of 1,912 reported crimes. Of these, 284 cases were burglaries, and 577 involved criminal offenses. In residential properties, these counts include broken locks, stolen or missing items inside the home, and property theft resulting from burglars entering the property without permission. 
  • Therefore, if you’re interested in investing in mason city homes for sale and don’t want to keep an eye out for criminal activity while on vacation, choose a rental instead of a vacation home. On the contrary, consider a vacation property management company if you’re considering investing in a vacation property in Myrtle Beach and want to ensure your safety without the hassles of managing your rental. 

Vacation Rentals with Property Management

  • Property management companies take care of everything for you, whether you want them to. They’ll typically collect a security deposit from the tenant, who also signs an agreement stating that they won’t do anything illegal or damage the property. The vacation rental company also schedules the maintenance and cleaning, responds to emergencies, collects rent month-to-month, and coordinates booking with new tenants when the current ones leave. 
  • The property management companies will typically send someone over to conduct a background check on all of the tenants in the unit. Still, they may not be as thorough as a full screening by a local law enforcement agency. Therefore, you should still be careful while renting through a property management company in Myrtle Beach.
  • If you’ve decided to sell a Myrtle Beach vacation property, you should do so quickly. As per the University of North Carolina’s School of Government, around two-thirds of all home sales in Myrtle Beach occur within the first 60 days of being on the market. Therefore, if it isn’t a quick sale, you could be stuck holding on to a property that’s not worth what you paid for it.
  • In addition, vacation rental companies tend to extend more favorable terms to owners who sell them homes. These terms include negotiating your closing costs to be covered entirely by the property management company and helping you find a buyer before your listing expires. 
  • Finally, in many vacation locations, such as Myrtle Beach, numerous vacation rental management companies constantly compete for tenants. Therefore, you may benefit from selecting a property management company with a longer track record of rentals that responsible owners have well managed.

Be Careful When Purchasing Property in Myrtle Beach

  • As a vacationer, it’s essential to protect yourself while you’re on vacation, especially if you don’t know all of the risks involved. As per the U.S. Department of Justice, over 30,000 people are victims of violent crimes in Myrtle Beach every year. In addition, approximately 1,000 crimes are reported every day. As a result, it’s essential to know where to go and what you can do to protect yourself. 
  • When you’re at the beach or staying on a rental property, there are some areas that you should avoid. These include the U.S. 17 Bypass between S.C. 544 and U.S. 501; the inside of mall parking lots, including Barefoot Landing; and the Myrtle Beach Mall area concerning foot traffic and parking lot security.
  • The best place to find security and protection is at your rental property. However, you need to be careful in public areas and even on your rental property itself when traveling on vacation. According to the U.S. Department of Justice, over 1000 crimes are committed every day in Myrtle Beach alone, making it one of the most dangerous tourist destinations in the world concerning violent crime statistics.
  • Therefore, the best defense you have is to avoid areas where crime occurs and stay inside your rental property away from crowds of people.

Keeping yourself safe while in mason city homes for sale may prevent some of the most common causes of crime, such as theft and violent crimes. In addition, it can make your vacation a more pleasurable experience, especially if you stay on the property you own. Therefore, it’s essential to know which areas to stay in and avoid. In addition, it’s also necessary for you to protect yourself from crime at the beach and in other public places.

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