Dreaming of homeownership along the sunny shores of Myrtle Beach? Buying a property here is great to enjoy ocean breezes and vacation vibes year-round.
However, coastal living also comes with some unique—and often surprising—expenses.
If you want to avoid budget shocks, planning ahead for both the usual and “hidden” costs is key. Here’s how to develop a realistic budget for buying (or keeping) a Myrtle Beach home in 2026.
Know the Real Housing Costs
Start with your basics: mortgage payments, property taxes, and homeowner’s insurance. Housing prices in Myrtle Beach remain relatively competitive, but expect insurance premiums to be higher than average. Why? Coastal weather brings extra risk.
- Mortgage: Shop around for the best rates and factor in closing costs, which are usually about 2–5% of the purchase price.
- Property Taxes: South Carolina has lower property taxes than many states, but rates vary by exact location. Take time to check with your county for estimates.
- Homeowner’s Insurance: Standard insurance covers fire, theft, and some storms, but doesn’t always include everything you’ll need when your property is located near the ocean.
Plan in advance for potential delays. For instance, if you are a freelancer, the process of getting a mortgage may be different than for someone who is employed. Consult a specialist to understand what to expect from the journey ahead.
Don’t Skip Flood and Wind Coverage
Most homeowners in Myrtle Beach need extra insurance protection. Floods and hurricanes can happen anytime, and a standard policy probably won’t be enough.
- Flood Insurance: Required for homes in flood zones, this coverage can cost several hundred to over a thousand dollars a year, depending on your risk. However, it is not to be overlooked given that South Carolina is very vulnerable to flooding.
- Wind/Hail Insurance: Many policies in coastal South Carolina exclude wind and hail damage. Double-check your coverage and consider an add-on or separate policy.
Check for Repairs and Upgrades Before Buying
Be sure to walk your new home with a qualified inspector before closing so you can plan for any needed repairs or upgrades up front. This is especially important near the coast, where small problems can add up quickly.
- Roofing and flashing: Salt air and storms can wear out roofs faster compared to other locations, so inspect for leaks or missing shingles.
- HVAC units: Coastal humidity can lead to rust and corrosion, so you may want to inspect exposed areas of the home and possibly budget for repairs or replacement.
- Windows and doors: Seal issues are common. So, take time to walk around with an inspector and check for drafts, water intrusion, or moisture build-up.
- Decks and trim: Look for wood rot or warping, which happens more in damp beach climates.
- Attic or crawl spaces: Check for mold, moisture, or insulation damage after storms or high humidity.
- Pest and termite activity: If the home you are about to buy has a pest or termite issue, you will need to be prepared to spend a significant amount for infestation and repairs. So, before you buy, book a consultation with a local specialist, such as Clark’s Pest Control in Myrtle Beach, to keep your investment secure.
Account for HOA Dues
Many beach properties, especially condos or homes in planned communities, have a homeowners’ association (HOA). HOA dues in Myrtle Beach vary widely but often run $100–$400 a month. These fees typically cover landscaping, security, pools, and sometimes pest control, but you should always ask what’s included.
Storm Prep and Seasonal Upkeep
Coastal homes should always have a storm prep reserve fund. Plan for costs like hurricane shutters, emergency supplies, trimming trees, or small repairs after storms. Even if you’re not hit directly every year, it’s smart to have a cushion for inevitable coastal weather.
Setting aside an annual amount (many recommend $1,000–$2,500) ensures you’re ready for unexpected maintenance or repairs, big or small. Remember that being prepared for disasters can pay off, being less expensive than having to deal with severe or structural damages!
Final Thoughts: Plan Ahead for a Smooth Beach Life
Owning a Myrtle Beach home offers sun and fun, but also brings unique financial considerations. To avoid surprises, calculate insurance, utilities, and maintenance with the beach climate in mind, and never underestimate the importance of a property inspection before closing the deal. Talking to local providers can help you fine-tune your annual budget and avoid unexpected costs.
