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I always wanted to be a vacation property owner. We got our first waterfront home in 2000, and after that, it seems like every body else had the same idea. All of a sudden it seem to be the hottest thing to do. Properties value starting rising and since I always wanted to own a condo in Ocean City, I convinced my husband to purchase one before they became so expensive that it would be an impossible dream. Well, we got one. The seller made out like a bandit and we are the proud owners of a condo which we should have probably paid a lot less for. Nonetheless, we still came out pretty good and got it just in time.
A few things to remember when looking to buy a condo in Ocean City (or maybe anywhere else) are these:
1. Don't think about the price you are paying, wether it's low or high. Think about the prices
you will be paying. such as,
a- your condo association (could be very high on those new ones)
b- those high city taxes
c- those very high state taxes
d- high utilities bills
e- high Cable bills
f- high labor costs (you better be handy and do it yourself)
g- Insurance
2. If you want you own Dock, it might be separately taxed and besides, it will be your responsibility to keep it in shape. The water can make it be a constant chore.
3. If you think renting will be the answer, think twice. You may not rent all the weeks in the summer and in the winter, there is nobody interested in doing so. Besides, so many big hotels starving for guests during that time, that you won't stand a chance. I don't think you can even get a permanent tenant, unless you rent it real cheap. There are owners who paid Peanuts for their condo, and can rent for the same price.
I am not trying to discourage anyone from experiencing the joy of vacation condo ownership. In fact, I should be saying how great it is, so that I can sell mine. I think most of you will follow your heart and go ahead and make your purchase anyway.
One thing I will say for Ocean City is that the Gas prices always seem to be lower than anywhere else. It is a lot of fun there and being a property owner is great. It's too bad that it has been overbuilt, and that the hotels have taken away the nice view of the ocean!
I will welcome your own view and comments on my perspective.
By the way, we are asking $299,000 this year. Next year, who knows? We have a great Condo Association, which is well organized and takes good care of the place while trying to keep costs down.
Moving to Florida? Here is a good house you can purchase. About 1/2 hour from Ft. Lauderdale and 1/2 hour from Miami. Pembroke Pines is a fairly new community, close to Hollywood Beach, plenty of shopping including a nice Mall. See Details
Go to Our Condo
I always wanted to be a vacation property owner. We got our first waterfront home in 2000, and after that, it seems like every body else had the same idea. All of a sudden it seem to be the hottest thing to do. Properties value starting rising and since I always wanted to own a condo in Ocean City, I convinced my husband to purchase one before they became so expensive that it would be an impossible dream. Well, we got one. The seller made out like a bandit and we are the proud owners of a condo which we should have probably paid a lot less for. Nonetheless, we still came out pretty good and got it just in time.
A few things to remember when looking to buy a condo in Ocean City (or maybe anywhere else) are these:
1. Don't think about the price you are paying, wether it's low or high. Think about the prices
you will be paying. such as,
a- your condo association (could be very high on those new ones)
b- those high city taxes
c- those very high state taxes
d- high utilities bills
e- high Cable bills
f- high labor costs (you better be handy and do it yourself)
g- Insurance
2. If you want you own Dock, it might be separately taxed and besides, it will be your responsibility to keep it in shape. The water can make it be a constant chore.
3. If you think renting will be the answer, think twice. You may not rent all the weeks in the summer and in the winter, there is nobody interested in doing so. Besides, so many big hotels starving for guests during that time, that you won't stand a chance. I don't think you can even get a permanent tenant, unless you rent it real cheap. There are owners who paid Peanuts for their condo, and can rent for the same price.
I am not trying to discourage anyone from experiencing the joy of vacation condo ownership. In fact, I should be saying how great it is, so that I can sell mine. I think most of you will follow your heart and go ahead and make your purchase anyway.
One thing I will say for Ocean City is that the Gas prices always seem to be lower than anywhere else. It is a lot of fun there and being a property owner is great. It's too bad that it has been overbuilt, and that the hotels have taken away the nice view of the ocean!
I will welcome your own view and comments on my perspective.
By the way, we are asking $299,000 this year. Next year, who knows? We have a great Condo Association, which is well organized and takes good care of the place while trying to keep costs down.
Moving to Florida? Here is a good house you can purchase. About 1/2 hour from Ft. Lauderdale and 1/2 hour from Miami. Pembroke Pines is a fairly new community, close to Hollywood Beach, plenty of shopping including a nice Mall. See Details
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