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Myrtle
Beach Resort
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Condominium Ownership
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What and Where is The Myrtle Beach Resort? What amenities are located on the property? How are the Condominiums furnished ? How much are the property taxes on a typical
Condo? How is the Property Protected ? How much are the Homeowners Association Fees ?
What do the Homeowners Association Fees cover ? Does Each Homeowner have to carry Insurance ? What about Heating and Air Conditioning ? How much gross rental income can I expect from the
Condo? What Fee is charged
by RVS for Renting the Condo ? What other costs are involved in ownership?
What and Where is The Myrtle Beach Resort? The Myrtle Beach Resort is a gated 33-acre Ocean Front Condominium Resort, comprising four buildings and nearly 1000 Condos. It’s located at 5905 South Kings Highway, about two miles South of the Myrtle Beach City Limits.
What amenities are located on the property? The Myrtle Beach Resort boasts 24 hour security, six lighted tennis courts, six swimming pools, two of them indoors, Jacuzzis and steam baths on the property, coin operated laundry facilities, and over 700 feet of white, sandy, beach, guarded in season.
How are the Condominiums furnished ? Each Condo is fully furnished, including all major appliances - stove-full sized refrigerator with icemaker, microwave - television – vacuum cleaner - and all necessary dinnerware and cookware, including small appliances - blenders, toasters, and coffee makers. Most have garbage disposals and dishwashers,
How much are the property taxes on a typical
Condo? Property taxes are based on the value of the Condo, which is determined by its size and location. Taxes on a typical condos range from $700 to $900 annually.
How is the Property Protected ?
The Myrtle Beach Resort is outside the City Limits of Myrtle Beach in Horry County. However, Police and Fire Protection are provided by both the Myrtle Beach and Surfside Police and Fire Departments as well as the Horry County Departments.
How much are the Homeowners Association Fees ? Each Building at The Myrtle Beach Resort is governed by a separate H.O.A. and there is a Master Board, with representatives from each Association, which governs the combined property. The H.O.A. Fees are set by the various Board of Directors. The Monthly Fees vary, depending on the size and location of the Condo. The Fees for the Year 2004 are as follows:
1 Bedroom - $211.00/month
**A program is also in progress for repairs and renovations to the Renaissance Tower. The special assessment will be paid in monthly installments as follows: Small Sun Suite - $179.00/month
***Insurance on Building B is not included in monthly Association Fees.
What do the Homeowners Association Fees cover ? The Homeowner Association Fees cover Water, Sewer, Insurance on the Building, Maintenance of the Buildings and Grounds, Electricity for the Common Areas, Trash Collection, Pest Control, Management Fees, and support of the Master Association, which provides Telephones and Local Telephone Service, Televisions and TV Cable Service, and 24 Hour Security.
Does Each Homeowner have to carry Insurance ? Each Homeowner should carry Liability Insurance and Hazard Insurance on the interior of the Condo and its furnishings. These special H.O. Policies are readily available at a cost of $194 to $223 per year.
What about Heating and Air Conditioning ? Each Condo has its own central Heating and Air Conditioning system , which is the responsibility of the Homeowner
Each Homeowner is responsible for his own Electric Bill. The amount of an Electric Bill depends on many factors including the size of the Condo and the weather. An average would be from $600 to $800 per year.
How much gross rental income can I expect from the
Condo? No one can promise what your Rental Income will be. However, bearing in mind that past experience does not always predict future performance, and no guarantees can be made, following are the Gross Rental Income figures for the average Condo managed by our company, Myrtle Beach Resort Vacation Services, for the last three years:
*2002-03 Rental Income Affected by Construction
What Fee is charged
by RVS for Renting the Condo ? Rental Services are available through Resort Vacation Services for which we charge 30% of Gross Rental Income. There are no other charges to the Homeowner for the Rental Service. We pay any Credit Card Discounts or Travel Agents Commissions. Cleaning, Linen Service, and Sales Taxes are the responsibility of the Guest. Rentals are disbursed to Homeowners weekly, usually within a week of the time the Guest checks out.
What other costs are involved in ownership? The only remaining cost is, of course, maintenance of the Condo. This includes repair or replacements of items, including furniture, furnishings, fixtures, equipment, and house wares, which become broken, worn out, or missing. Resort Vacation Services will look after these problems and bill the Homeowner, usually by deducting the costs from the Homeowner’s Rental Check.
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©Copyright MBRVS
2001-2004. All Rights Reserved.
Prices listed are subject to availability and may change at any time without
notice.
