What are the pros and cons of owning a condo in Ocean City Maryland? That's what I'm going to go over in this blog, so you’ll want to stick around if you're thinking of buying one here by the beach.
My name is Rich, your local Maryland and Delaware real estate agent, and if you need to reach out for any reason, my contact information is going to be down below towards the end of my post here, and never too busy to talk.
Check out my video version on my YouTube channel if that is your preference.
Watch it on my Youtube channel here = Rich Price - MD & DE Real Estate
#1 Pro- It's a vacation getaway. So that's a big perk and why most clients that I've helped in the past actually purchased one here at the beach in Ocean City, Maryland. They create memories that are going to last forever. Makes sense to purchase one if OCMD is a place you vacation or visit frequently, so why not start building equity instead of just paying rent to a hotel or someone else’s property.
#1 Con- Seasonal Area. Seasonality can be looked at maybe in a good or bad way as there's a certain amount of months in the year where it gets pretty slow in the area and a lot of businesses will close during the off season after September. Less things to do and not a lot of action especially in the colder months. A lot of people do look forward to the off season and actually use their Summer Place more as its quieter and less traffic. There are more businesses staying open year round and those restaurants will run some great specials too.
#2 Pro- Affordability vs. Single Family Home. A condo here in Ocean City, Maryland can be a more affordable option to get into a place vs. a larger single-family home or townhome. Ocean City, MD offers a wide variety and a lot more condo options than its surrounding Delaware neighbors. Don't get me wrong, there is a big variety in price ranges with condos depending on the size, location and view of the water but the average sold price in OC is around $400,000 price as of this blog post.
#2 Con- Lack Of Privacy. With a condo building, you're attached to other people, other families, and other vacation renters so there's a little bit less privacy. You may not have that dedicated piece of yard outside of your unit/building that’s just for you and your pet dog.
#3 Pro- Maintenance Convenience. What I mean by that is usually you'll have an HOA or condo fee that includes any exterior maintenance, yardwork, landscaping, parking lot upkeep, etc that you don’t personally have to do or coordinate as the association handles and pay for this automatically from the building’s funds which is a big perk.
#3 Con- Extra Condo Fee Expense. The flip side of that convenience of having the maintenance taken care of for you is you will have that extra condo fee expense. An average condo fee here at the beach in Ocean City, MD is right around $500 per month. That does cover in most cases your exterior maintenance, landscaping, and any common areas that you would share like a gym facility or maybe an outdoor deck area, or outdoor showers. A master insurance policy for the whole building is covered in most condo associations too.
#4 Pro- Convenience With Amenities & Security. Most people are buying a condo in the Ocean City, MD area usually as their second home or vacation investment. If you're coming into town to visit it or leave the area, it is very easy to open up or lock and leave a condo as most buildings have security or other year-round unit owners that can watch the property. Also, all your amenities are usually right there if you do have some in the building like a pool, gym, convenience store, restaurant/bar…etc so no worries about having to hop in a car.
#4 Con- Surprise Expenses. You could also have special assessments that pop up when you own a condo. I did make a whole Youtube video about this that you can check out if interested called, #1 Surprise Expense. Like any real estate that you own, you'll have maintenance issues that pop up and maybe a major renovation that needs to be done. This can include a roof, or maybe you know all the slider doors and windows need to be replaced in the building and sometimes it's better just to do it all in one shot and if the reserves don't have enough to cover it along with other planned maintenance then they'll tag a special assessment to each unit owner above and beyond the normal condo fee.
#5 Pro- Rental Income. Ocean City Maryland pulls about 8 million+ vacationers that come in and out of here within a year, which is a lot of people. It is known as a top destination resort area and located just 3 to 6 hours from large metropolitan areas like Philadelphia, Mid and Western PA, New Jersey, Baltimore, and DC. Probably 99% of the clients that I help out want a vacation home/property and they use it one to two weeks out of the year. Then they will rent it out for the rest of the year when they are not using it to help cover those condo fees, taxes, and maybe their mortgage payment, insurance, and so forth to at least break even and have a free place to vacation and enjoy while building equity over time.
#5 Con- Remodeling Noise. In a condo, you are connected with other units in the same building. One thing that I’ve heard from others that can be an inconvenience is when a neighbor decides to remodel their unit, you may suffer through a period of loud noise. Major remodeling is usually only allowed during the off-season because there is left traffic, vacationers, and renters in a condo building in OC. A lot of owners like to use their unit in the winter when it's quiet but you may have been surprised to hear tile being jackhammered up when you came down for a quiet weekend to read your book.
Well, there we have it. Those are the pros and cons of owning a condo in Ocean City Maryland. Hopefully, that's helped you out if you're thinking of purchasing one or investing in the area to kind of give you a little bit of insight into maybe the type of property that you would want.
Thanks for reading and reach out if I can help you in any way over here in the Coastal Maryland and Delaware area.
#5 Pro- Rental Income. Ocean City Maryland pulls about 8 million+ vacationers that come in and out of here within a year, which is a lot of people. It is known as a top destination resort area and located just 3 to 6 hours from large metropolitan areas like Philadelphia, Mid and Western PA, New Jersey, Baltimore, and DC. Probably 99% of the clients that I help out want a vacation home/property and they use it one to two weeks out of the year. Then they will rent it out for the rest of the year when they are not using it to help cover those condo fees, taxes, and maybe their mortgage payment, insurance, and so forth to at least break even and have a free place to vacation and enjoy while building equity over time.
#5 Con- Remodeling Noise. In a condo, you are connected with other units in the same building. One thing that I’ve heard from others that can be an inconvenience is when a neighbor decides to remodel their unit, you may suffer through a period of loud noise. Major remodeling is usually only allowed during the off-season because there is left traffic, vacationers, and renters in a condo building in OC. A lot of owners like to use their unit in the winter when it's quiet but you may have been surprised to hear tile being jackhammered up when you came down for a quiet weekend to read your book.
Well, there we have it. Those are the pros and cons of owning a condo in Ocean City Maryland. Hopefully, that's helped you out if you're thinking of purchasing one or investing in the area to kind of give you a little bit of insight into maybe the type of property that you would want.
Thanks for reading and reach out if I can help you in any way over here in the Coastal Maryland and Delaware area.
Cheers, Rich.
