Myrtle Beach CondoTels | 843, REALTOR
Many people outside of our area have never heard of a CondoTels. Myrtle Beach Condotels are just what the name implies; it's part Condominium and part Hotel. The Hotel has sold the rooms as condominiums and the rooms (condos) are owned by individual owners. These owners can place the condos on a rental program within Hotel to generate income for the condo owner. The owners of the Condo can block out weeks for the owner or owners family to use and have the Hotel rent out the other weeks. When the Condo owner wants to sell the condo they can hire a REALTOR or sell the unit by themselves. Condotels are not unique to Myrtle Beach but will mostly be found in resort towns. Some buyers new to Condotels try to secure CondoTel financing from a lender outside the Myrtle Beach market. Buyers spend 20 minute trying to explain a CondoTel to their local loan officer only to find out CondoTel Lending is not handled outside the CondoTel markets. Buyers then realize they need to get CondoTel financing within the Myrtle Beach CondoTel Market. If a CondoTel Buyer is going to use a home equity loan or pay cash they should have no worries. Buyers who need to secure CondoTel financing should always be pre-approved before shopping for a CondoTel unit.
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