So you’re buying an oceanfront condo in Myrtle Beach and you want to pay it off fast? If you’re not using it as your permanent residence, why not rent it out to vacationers or long-term tenants? The rent money may not be that much to offset the overall outlay but at least it can help cover the maintenance expenses. If you consider renting out your unit, here are some tips.
Price it right. Your rental rate must not be far from the average of similar condos in your community. If you work with an experienced real estate professional, it would be easier for you to determine the ideal selling price for your property.
Determine your target market. What does your unit have to offer? If it’s the advantage of being located near schools and it has facilities for students (e.g. an extra space for a library), your primary target will be students.
Tidy up. Get rid of all the clutter, repaint the unit, install useful fixtures, polish your floorings and if needed, hire a home inspector to ensure that your unit’s systems are in good condition.
Advertise. List your unit’s features and pitch how each would benefit your target. For online ads, real estate brokers recommend the inclusion of photos, not only of the unit but of the building’s facilities and neighboring establishments as well.