We’re so close! In just a few weeks, spring breakers will start flocking to Maryland and Delaware’s Eastern Shore for some much-needed relaxation. Whether this will be your first vacation in Ocean City or your fifth, we at McNamara & Associates are confident you’ll fall in love with the beautiful golf courses, vibrant boardwalk, and tranquil beaches. So much, in fact, that you may start thinking about buying an Ocean City condo to enjoy all year round. Before you start searching for your second home on Maryland and Delaware’s Eastern Shore, take these tips into consideration to ensure you make a smart investment.
Resist making an impulse purchase
It can be tempting to make an impulse buy while you’re on vacation in Ocean City. Be sure to speak to your financial advisor to ensure you’re in a good place financially before you start searching for an Ocean City condo. If you buy on a whim, you may end up with a property you can’t afford.
Think about your long-term goals
How you plan to use your Ocean City condo and how long you plan to stay will both play major roles in the home you ultimately purchase. If you’re planning to retire on Maryland and Delaware’s Eastern Shore, assess each home’s accessibility and look into health care services in the area.
Factor in additional expenses
Your monthly mortgage payment won’t be the only expense associated with your Ocean City condo. You’ll need to set aside money to pay for insurance and maintenance, as well as utilities like water, electricity, gas, and cable. It’s also a good idea to set up an emergency fund in case you need a significant amount of cash to make a major repair.
Decide what type of home you want
From condos, to townhouses, to single-family residences, you have several options when it comes to deciding what type of home is right for you. Consider the amount of time and effort you’re willing to dedicate towards maintenance, as well as how much value you place on privacy.
Hire an Ocean City real estate agent
Residential real estate is very localized. Especially in a resort community like Ocean City! Therefore, it’s a good idea to enlist an Ocean City real estate agent to guide you through your home purchase. He or she will help you get to know the market and help you make informed decisions.
Once you’ve checked these items off of your list, you’ll be well on your way to making a smart buying decision in the Ocean City real estate market. If you have plans to visit Maryland and Delaware’s Eastern Shore this spring, feel free to give us a call. Whether you’d like a restaurant recommendation from a couple of locals or have a few questions about buying an Ocean City condo, we at McNamara & Associates would be happy to help.
Monica McNamara
Coldwell Banker Residential Brokerage
(410) 723-5344
Monicac@Ocean-CitySales.com
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