Myrtle Beach Waterfront Homes: 5 Things to Check Before You Make an Offer

by Mike Fiebernitz

Most buyers looking at waterfront homes in Myrtle Beach spend all their time looking at the view. I get it. But what a lot of buyers miss are the costs sitting underneath that view: the insurance, the flood zone, the dock, and the HOA.

Here's what I see all the time. Buyers fall in love with a house that sits on the water, they get under contract, and then they find out what flood insurance costs, or that the dock needs work, or what it would cost to put a dock in. By then, you're already on the clock.

In this article, I'll walk you through the five things I'd check before you ever make an offer on a waterfront home here on the Grand Strand.

Quick Summary

- "Waterfront" in a Myrtle Beach listing can mean the Intracoastal Waterway, the ocean, a marsh or creek, or a pond. Each one is a different purchase.
- Get a real flood insurance quote on the specific house before your due diligence period ends.
- Flood insurance and homeowner's insurance are separate policies with separate deductibles, and hurricane deductibles are usually a percentage of your home's value.
- Have the dock and bulkhead inspected by someone who does that for a living, and go see the house at low tide.
- Look past the HOA dues. Ask for the budget, the reserve study, and any upcoming special assessments.

1. Know What Type of Waterfront You're Buying

Did you know that in listings here, "waterfront" can mean several different types of water? They're not the same purchase, and it's worth knowing the difference before you start touring.

Intracoastal Waterway (ICW)
The Intracoastal Waterway is where you deal with boat docks, boats, boat traffic, wakes, and tides. Communities like Wild Wing Plantation, The Bluffs on the Waterway, and Waterway Palms Plantation all sit along the water in our area.

Oceanfront
Oceanfront here is mostly condos, which is a completely different story. There are some oceanfront houses where you're right there on the beach and can walk right off into the ocean.

Marsh and Creek Front
These are mostly houses in Murrells Inlet and Pawleys Island. They're usually tidal and usually shallow at low tide, but the views are beautiful.

Lake or Pond Front
These are usually houses on a small body of water inside a master-planned community. In a lot of these ponds, you really can't put any kind of motorized boat in the water.

Water View vs. Water Access
A water view and water access are two different things. If you want to keep a boat in the water behind your house, tell your agent on day one. That narrows the list pretty fast, and it keeps you from touring homes that can't do what you want.

I had a buyer about three years ago who had a little jon boat with a small motor. He fell in love with a house on a pond and planned to put his boat in the water, motor around, and do a little fishing. But the HOA documents said no motorized boats on the pond. That saved him a lot of headache, and we found him a place where he could actually put his boat in the water.

2. Get a Real Flood Insurance Quote (Not an Online Estimate)

This is a big one. Before your due diligence period is up, get an actual flood insurance quote from an insurance agent. Not an estimate off a website, but a real quote for the actual house you're buying.

Know Your Flood Zone
Because we're a coastal market, every property here sits in a FEMA flood zone. The three you'll hear about most are AE, VE, and X. If you're financing:

- AE: you're going to need flood insurance per the lender
- VE: you'll need flood insurance
- X: flood insurance is not required by the lender

Ask for the Elevation Certificate
While you're under contract, during your due diligence period, ask the seller for an elevation certificate. It tells you how high the house sits relative to the flood level, so you're not overpaying for coverage you don't need.

Don't Go by the Neighbor's Premium
Two houses on the same street can have completely different flood premiums. Don't assume that because your neighbor pays a certain amount, that's what you'll pay.

Ask if the Seller's Policy Can Transfer
Ask the seller for their flood insurance policy and whether it can be transferred to you. Sometimes that's the cheaper option.

I'd much rather you find out the flood insurance number in week one than at the closing table, when it's a complete surprise.

3. Flood and Wind Are Two Separate Policies

A lot of people moving here from up north don't realize this: your flood policy and your homeowner's policy have two completely different deductibles. One covers flood but not wind. The other covers hurricane wind damage but not flood.

Understand Your Hurricane Deductible
On the coast here, there's a separate wind and hurricane deductible. It's usually not a flat dollar amount. It's typically a percentage of your home's value. Make sure you know that percentage, so you understand how much you'd pay out of pocket for hurricane wind damage before the insurance kicks in.

Add It All Up Before You Commit
When you get your flood insurance quote, get your homeowner's insurance quote at the same time. Then take that total yearly insurance cost and add it to your mortgage payment and your HOA fees. If that number works for you, great. If not, it's better to know early.

If you need an insurance agent to quote homeowner's and flood insurance, don't worry. I have a list of preferred insurance agents and can help you get in touch with them to get those numbers.

4. Check the Dock, the Bulkhead, and the Low Tide

Your home inspector inspects the house. When it comes to the dock and the bulkhead, you want to hire someone who does that work for a living.

Condition
Docks and bulkheads are not cheap to repair or replace, so you want to know what condition they're in before you buy.

Who Owns the Dock
Is it a dedicated dock attached to the property, meaning you own it? Or is it a community dock where you have your own boat slip, or a communal slip? These are questions you definitely need to ask.

Permits
Docks and bulkheads go through the state for permitting. If you're planning to expand a dock, add a bulkhead, or put in a new dock, you have to go through the proper channels before you start construction. Get those permits first.

Go See It at Low Tide
I'm dead serious about this one. Listing photos usually show the house at high tide, and it looks great. If you only see the house at high tide, you won't realize that at low tide you could be staring at mud, and you're not getting a boat in or out of the water.

I had a past buyer who wanted a channel house in Cherry Grove. We looked at it during high tide, and I told him we needed to come back at low tide. When we did, we were staring at nothing but mud from the bulkhead.

5. Look Past the HOA Dues

In a lot of waterway communities, the HOA owns some of the most expensive stuff: the community dock, the boat ramp, the storage lot, and sometimes even the shoreline. Somebody has to pay to maintain all of it.

Ask for the Budget and Reserve Study
These show you where the money is allocated and how big-ticket items will get paid for in the future.

Ask About Special Assessments
Ask whether any special assessments are coming down the pipeline. Low HOA dues can still mean a big bill coming your way in the near future.

Read the Rules on Boats, Docks, Lifts and Trailers
Some communities limit where you can keep them.

Check the Rental Rules
If you're thinking about renting the home out, read the rules and regulations. They'll tell you whether you can rent short-term or long-term, and what rental periods are allowed, whether that's by the week, by the month, six months, or by the year. It's better to know before you buy than to have the HOA knocking on your door saying you can't do that anymore.

Frequently Asked Questions

Do I need flood insurance in an AE or VE flood zone in Myrtle Beach?
If you're financing, yes. Lenders require flood insurance in AE and VE zones. In an X zone, flood insurance isn't required by the lender.

Does homeowner's insurance cover flood damage?
No. Flood and homeowner's insurance are separate policies with separate deductibles. One covers flood but not wind, and the other covers hurricane wind damage but not flood.

How does a hurricane deductible work in Myrtle Beach?
On the coast, the wind and hurricane deductible is usually a percentage of your home's value rather than a flat amount. Know that percentage before you buy.

Does a home inspection cover the dock and bulkhead?
A home inspector inspects the house. For the dock and bulkhead, hire someone who inspects or builds them for a living.

Why should I look at a waterfront home at low tide?
Listing photos usually show high tide. At low tide, some homes are left facing mud, which can make it impossible to get a boat in or out.

The Bottom Line

A waterfront home in Myrtle Beach can be a great purchase. Just make sure you understand the full cost before you're under contract: the type of water, the real flood and wind insurance numbers, the condition of the dock and bulkhead, what it looks like at low tide, and what the HOA is responsible for. Then put the insurance, mortgage, and HOA together and make sure the total works for you.

LINK: Waterway Palms Plantation Neighborhood Spotlight
LINK: Wild Wing Plantation Neighborhood Spotlight
LINK: The REAL Cost of Living in Myrtle Beach

Thinking About Buying on the Water?

If you're looking at waterfront property anywhere in the Myrtle Beach market, reach out. I'd love to put my 16 years of experience to work for you and help you avoid a massive headache before you're ever under contract. Call or text me at 843-907-0355