Top 5 Things to Know Before Buying a Condo: Especially in Coastal Areas Like the Grand Strand

Sep 4

Buying a condo can be a smart move—especially near the beach—but it comes with unique responsibilities that differ from owning a single-family home. Whether you're a first-time buyer or relocating from out of town, here are five essential things to know before making your purchase.

1. Know What You’re Getting Into with the HOA

The Homeowners Association (HOA) is central to condo ownership. While it helps maintain the community and shared amenities, it also comes with rules, fees, and responsibilities.

Before you buy, find out:

What are the monthly HOA dues?
What do those fees cover? (insurance, cable, water, maintenance, etc?)
Are there restrictions on pets, rentals, or renovations?
Are there any pending or upcoming special assessments?

Tip: Ask to review the HOA’s bylaws, financial statements, and budget. A well-run HOA offers long-term peace of mind—while a poorly managed one can mean future headaches and costs.

2. Understand What You Actually Own

In most condo purchases, you’re buying the interior of your unit—not the building itself.

You typically share ownership of:

Hallways, elevators, stairwells
Landscaping and parking areas
Amenities like pools and gyms
The structure and exterior of the building

Why it matters: You're depending on the HOA—and your fellow owners—to maintain these areas. If they’re neglected, it can impact your quality of life and your property value.

3. Insurance Works Differently

Unlike homeowners insurance, condo insurance involves two separate policies.

Here’s how it breaks down:

The HOA carries a master policy covering the building and shared areas.
You’ll need an HO-6 condo policy covering the interior of your unit and your personal belongings.
In coastal areas, you may also need flood and windstorm insurance.

Plan ahead: Insurance costs can vary widely near the beach. It’s best to get quotes early to factor them into your budget. You will need to clarify if the Master Insurance is covered within your HOA dues or are billed as a separate payment.

4. Financing Can Be More Complicated

Getting a loan for a condo isn’t always straightforward. Some buildings don’t meet standard lending guidelines, which can limit your financing options.

Financing may be tricky if:

The building allows short-term rentals
A large number of units are investor-owned
The condo doesn’t meet Fannie Mae, Freddie Mac, or FHA requirements

Tip: Choose a local lender who’s familiar with local condos—they’ll know which properties are financeable and which aren’t. Your Real Estate Professional will be happy to connect you with a local lender if you do not already have one.

5. Resale Value Depends on More Than Just Location

Location is important—but in the condo world, the building’s health and management matter just as much.

Future buyers will look at:

HOA’s financial reserves and legal status
History of special assessments or rising fees
General maintenance and upkeep of the complex
Owner-occupancy rate vs. rentals

Protect your investment: Buy in a complex with strong financials, good management, and a reputation for quality maintenance.

Final Thoughts

Buying a condo—especially in coastal markets like the Coastal Carolinas—can offer a low-maintenance lifestyle with beach access and great amenities. But it’s not just about granite countertops and ocean views. Make sure you understand the HOA, know what you’re actually buying, and plan for insurance, financing, and long-term resale value.

Doing your homework now means fewer surprises later—and a smarter investment for the future.Think Vertical

When space is at a premium, go up! Vertical gardening makes use of walls, fences, and trellises to grow flowers, herbs, and even small vegetables. Hanging planters, wall-mounted pots, and tiered plant stands allow you to cultivate a variety of plants without taking up valuable floor space. Consider growing easy-to-care-for climbers like jasmine or morning glories to add fragrance and charm to your patio or balcony.

Want to learn more about making the Carolina Coast your home? Let’s chat!

👉 Schedule your moving consultation today and let’s map out a plan that works for you.