Well, I decided that the best thing for me would be to rent my condo year-round and wait until the market picks up before listing it for sale again. However, I have seen the prices creeping up again, so it won't be long until you will find yourselves having to make a quick decision. The good part is that there are so many to choose from, that you will have no trouble finding what you want.
In the past I have given you suggestions that I thought would help you choose the right condo without getting yourselves into a chaotic situation such as high condo fees, taxes, etc. Here they are and hopefully it is helpful:
1-Water view, water front is all nice, but can you do without a Dock? Yes, you should do without it as it does add to more of your responsibilities and burden. Find out if it is considered a separate ownership and what are the extra taxes that you might have to pay. Unless you are big on fishing, you will not venture to far out in the ocean and if you will stay on the bay, an outboard motor which you can put in and out when you want to use it will be best. Of course this will depend on your condo parking situation. Think about keeping the boat on the Marina or take out an add for rental space from a homeowner.
2-You think you will make money renting to other people? Not likely, but maybe you may break out even. Take into consideration the following: license fees, commissions to rental companies who will also charge extra for cleaning services. I never used a company because I did it myself but have heard the renters they put in there will not be gentle to your place and the cleaning is not the best. You can only do it yourself if you live nearby or are able to come in after renter to clean and check things out. It wore me rugged! Friends and Family members won't be any different, if you have the heart to rent to them (I didn't, so they got it when available).
3-Ocean City taxes are high. Repairs will cost you as there are lots of opportunists out there.
4-Condo Fees- In 2005, I heard that there were people paying about $700/month just for the condo fees! That was because they have purchased on a fancy-new condo. Look for an older condo which will give you the same satisfaction. I mean, unless you are going to live there permanently, why go there to live in luxury when all you and/or your kids want is spend time on the beach, the boardwalk, etc. Nobody wants to go there to worry about Mom's vase breaking, her floor getting scratched and the bedroom staying perfectly in tact just like she wants it at home. Believe me, the model looks good, but it wont stay that way for long. My condo fees are $550/quarter, and believe me, that bill comes sooner than you expect.
This is just some of the things I can think of right now. I am sure that there are lots more to consider, so just do your homework and don't jump into anything without thinking ahead. My husband and I just saw the water view, fell in love with it and we felt the pain later. Don't let it happen to you.
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