Condo or House in Myrtle Beach: What Should Buyers Know?

Last updated October 2026

I am licensed in both North and South Carolina. Before real estate became my full-time work again, I spent about 20 years in high-end restaurant and bar service. That work taught me to learn the house rules before anything else. Condo buildings work the same way. The rules and the budget come with the unit.

What do condo regime fees pay for in Myrtle Beach?

Regime fees pay your share of running and repairing the shared parts of the building. In South Carolina, most condos are set up under the Horizontal Property Act. The law says co-owners must pay their share of the costs to run, maintain, and repair the common elements.

The law also says you cannot skip those costs by not using the pool or by leaving the unit empty. Before you buy, ask for:

• The current budget and how much is set aside in reserves
• Recent board meeting minutes
• Any special assessments that are passed or being discussed
• The master deed and bylaws, including rental rules

A house has no regime fee. It may still have HOA dues if it sits in a planned neighborhood. The difference is that the roof, siding, and yard are all on you.

How is insurance different for a condo and a house?

A condo association insures the building, and you insure your own unit. A house owner insures the whole thing. Under the Horizontal Property Act, the council of co-owners must insure the property. Each owner still has the right to insure their own unit.

Here is how flood coverage usually works:

• Condo. The association can buy an NFIP Residential Condominium Building Association Policy. FEMA says it can pay up to $250,000 in building loss for any one unit. FEMA also says unit owners should buy their own coverage for their belongings and their unit.
• House. The owner buys the flood policy. For a single home, NFIP covers up to $250,000 for the building and up to $100,000 for contents.

Wind is a separate question. Near the coast, some owners get wind and hail coverage through the South Carolina Wind and Hail Underwriting Association. It covers wind and hail only, not flood. Ask the association which policies it carries, and get your own quotes in writing before closing.

Is it harder to get a loan on a Myrtle Beach condo?

It can be, because the lender reviews the building as well as you. With a house, the lender mainly looks at you and the property. With a condo, the lender also looks at the project.

• FHA loans. HUD has a free public search of FHA-approved condo projects. You can search by state and city. If a building is not on the list, FHA may still approve a single unit, within limits FHA sets.
• Conventional loans. Lenders check whether the project meets their guidelines. People call this “warrantable.” In general, lenders look at the budget and reserves, how many units are owner-occupied, any lawsuits, and how much space is used for business.
• Units run like a hotel. Buildings with a front desk and a rental program can be harder to finance. Ask a local lender before you write an offer.

If you are paying cash, these rules matter less today. They still matter when you sell, because your buyer may need a loan.

Can you rent a Myrtle Beach condo or house short term?

Only where zoning allows it, and only if the regime or HOA rules allow it too. The City of Myrtle Beach defines short-term as any rental of less than 90 days.

The city says any zoning district that starts with R, for residential, does not allow short-term rentals. The one exception it names is the RMV zone. You can check the city zoning map or call the Zoning Division at 843-918-1179. The city also says you need a business license if you rent out a property.

This applies to houses and condos alike. A building can be zoned for rentals and still have its own rules. Read the master deed and bylaws.

Do property taxes change if I rent it or live in it?

Yes. South Carolina taxes a primary home at a lower rate than a second home or rental. The SC Department of Revenue explains it this way:

• An owner-occupied legal residence is assessed at 4% of fair market value.
• A second home or rental is assessed at 6%.
• A legal residence is also exempt from school operating taxes.
• Renting your legal residence for more than 72 days in a tax year can disqualify it from the 4% rate.

You must apply for the 4% rate. This rule is the same for a condo or a house.

Frequently Asked Questions

What is a regime fee in Myrtle Beach?

It is the fee condo owners pay for their share of running and repairing the shared parts of the building. South Carolina’s Horizontal Property Act requires co-owners to pay their share.

How do I know if a Myrtle Beach condo is FHA approved?

Search the HUD list of FHA-approved condo projects by state and city. If the building is not listed, ask your lender about single-unit approval.

Does condo master insurance cover my unit for flood?

An association flood policy can pay up to $250,000 in building loss per unit. FEMA says owners should buy their own coverage for belongings and their unit.

Are short-term rentals allowed everywhere in Myrtle Beach?

No. The city says zoning districts that start with R do not allow rentals of less than 90 days, except the RMV zone. Check the zoning map or call the Zoning Division.

Related Reading

Myrtle Beach SC Homes for Sale and Area Guide
North Myrtle Beach Homes for Sale
Carolina Forest Homes for Sale
Moving to Horry County, SC: Your New Resident Guide

This post is general information, not insurance, lending, tax, or legal advice. Rules and rates change. Confirm details with a licensed insurance agent, a lender, the City of Myrtle Beach, and your closing attorney.

DANIELLE KING, REALTOR®

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