Without a doubt, buying an Ocean City condo is one of the biggest decisions you’ll make during your lifetime. Whether you’ve decided to make Ocean City your permanent home, are planning to use your new condo as a second home, or will invest with the intention of becoming a landlord, the weeks and months leading up to your big purchase require a lot of planning and organization. To give yourself some wiggle room and make sure all of your bases are covered, let’s start one year from when you plan to buy an Ocean City condo. If you notice you’re further along in the process, feel free to adjust this timeline to your unique situation.
12 months out
Now is the time to make sure your credit report is squeaky clean. Be sure to clear up any errors, pay off your high-interest credit cards, and put your bills on auto-pay so you don’t miss any due dates.
6 months out
It’s time to start figuring out how much you’ll be able to afford. Research your options for financing, look up local property taxes, and take the costs of homeowners insurance, utilities, renovations, and repairs into account.
3 months out
This is not the time to purchase a flat screen TV or buy a new car. That is, unless you plan to pay in cash. Your FICO score is calculated by taking into account how much of your available credit you’re using, and will play a part in the mortgage rate you receive
8 weeks out
Head over to your bank to get pre-approved for a mortgage before you officially begin your home search. Now is also the time to call an Ocean City real estate agent so you can start looking at homes in your price range and attending open houses.
After a long year of saving, researching, planning, and organizing, you’re finally ready to buy an Ocean City condo. Whether you’re a first-time homebuyer or you’ve gone through this process before, I hope this timeline has helped you grasp the big picture of what it takes to navigate the Ocean City real estate market. Though most homebuyers enlist the help of an Ocean City real estate agent just before they’re ready to begin their home search, please feel free to reach out to us at McNamara & Associates at any stage in the home buying process. We’d be happy to help answer any questions you have about the local real estate market, or even recommend a great place to grab dinner in town.
Monica McNamara
Coldwell Banker Residential Brokerage
(410) 723-5344
Monicac@Ocean-CitySales.com
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