Nothing quite compares to a weekend getaway in Ocean City, Maryland. Whether you’ve recently established Ocean City as your summer destination or you’ve been visiting Maryland’s Eastern Shore for years, there’s something about the energy surrounding the boardwalk that keeps visitors coming back for more. If you’re considering buying a second home in Ocean City, I’m glad you’ve taken the time to stop by our blog.
There are many advantages to investing in an Ocean City condo. Waking up to an ocean view every morning, minimal maintenance and upkeep responsibilities, and the attractive tax benefits of owning a second home are just a few of the reasons why visitors regularly turn into homeowners. Before you dive headfirst into your Ocean City home search, take a look at these quick tips for making the home buying process as stress-free and fun as possible.
1. Determine if right now is truly the best time to buy
Though interest rates are at historic lows, it doesn’t mean that now is truly the best time for you to invest in a second home. Oftentimes, home buyers are taken aback by the ongoing expenses associated with owning a second home. Don’t let this be you! Before making any final decisions, sit down with a your financial planner and crunch the numbers to make sure buying a condo in Ocean City is a good move.
2. Enlist the help of an Ocean City, MD real estate agent
Once you’ve determined that investing in a second home is a sound financial move, it’s time to find the right Ocean City, MD real estate agent to guide you through the process. Make sure that the agent you choose has extensive experience with vacation home transactions, and is knowledgeable about the Ocean City real estate market. Great referrals and testimonials are a bonus!
3. Decide what type of property will suit your preferences and lifestyle
There are a few options you have when you decide to buy a second home in Ocean City. The costs and responsibilities associated with owning a single-family home are different than owning a condo or townhouse. To ensure you make the right choice, weigh the pros and cons of owning each type of property and see what type of home will best mesh with your preferences and lifestyle.
4. Get creative with and secure long-term financing
Much like when you bought your primary home, a second home is often purchased with a combination of a 20% down payment and a mortgage for the remaining balance. You can also get creative and explore the options of borrowing against a life insurance policy or using the equity in your primary home. Borrowing from family and friends can get messy, but if handled professionally it can save you thousands of dollars in interest over the life of your mortgage.
Though buying a condo in Ocean City may seem like a daunting task, it doesn’t need to be! Having the financial stability to invest in a property aside from your primary residence is a huge milestone. We at McNamara & Associates would be honored to walk you through the process from start to finish. If you’re ready to begin your second home search in Ocean City, Maryland, please contact us today! We look forward to helping you make Ocean City your summer vacation destination for years to com
Monica McNamara
Coldwell Banker Residential Brokerage
(410) 723-5344
Monicac@Ocean-CitySales.com
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