If you're like many buyers in Ocean City, MD, you're probably looking for the perfect beach place that the best vacation rental income potential. It's easy to search properties online. But, with over 1,100 condo buildings in Ocean City, MD, how do you know the properties in your favorites list are worthwhile real estate investments? How do you know which one has the best rental potential?
In this post, I'll share some helpful tips to improve your beach home search to identify the best Ocean City, MD Vacation Rentals.
Buyers want to buy a condo in Ocean City, MD that fits their wish list. Your options can range significantly from:
While your wish list is definitely an important factor to buying Ocean City, MD real estate, you need to find the right location within your budget. The right locale and amenities are ideal for attracting the best Vacation Rental Income.
Most buyers want to enjoy their beach place, so buying a condo for it's location must make you happy. That doesn't mean you can't find a place that fits your wish list, and also has solid rental potential.
Many vacationers want to be close to the beach. Oceanfront condos have one of the higher rental rates, but you're also going to pay a higher price tag. You'll need to determine if the price for an oceanfront condo will balance your expenses or cost of ownership. There are some affordable Oceanfront condo options.
As an alternative, an Oceanblock condo with views or a short distance to the beach may be a less expensive option and yield rental income to cover your cost of ownership. It's not uncommon to find a 2 bedroom oceanblock condo for sale under $200,000. With a higher budget, you'll open up more possibilities.
Overall, the cost to homeowners with Vacation Rentals in Ocean City, MD is going to be a major factor to take into consideration.
You don't have to buy a condo in Ocean City, MD with amenities, but amenities can be attractive when a vacationer is looking at their options for their next family retreat. What you may need to consider is if amenities (like a pool) will make up for the property's location.
If you buy an Oceanfront condo for sale in Ocean City, MD, the ocean views and location of the building may be attractive enough to weigh out not having a pool.
Helpful related article: 5 Hard Lessons Learned from Buying Oceanfront Condos
However, if buy a condo on the bayside, someone may want a pool to make up for the walk or short drive they'll take to relax on the beach. Sometimes the beach isn't comfortable, for example when there is no wind and very high temperatures, so having a pool gives renters another option to enjoy their vacation time.
I mention planning a budget to balance your cost of ownership. You can read more about the 3 expenses when buying a condo in my blog here. To summarize, annual condo association fees are very common.
If you get a mortgage, your condo association dues may be escrowed as part of your monthly mortgage payment, but it's not always the case. You could be looking at a few thousand dollars a year, which break down to a couple hundred bucks a month. If you're buying Ocean City, MD real estate on a budget, this matters a lot.
It's possible that a condo for sale in Ocean City, MD has existing vacation rental income or rental history. Your real estate agent can help gather information from the sellers to help you set a plan. Also, your real estate agent may be able to get estimates from a vacation rental company in Ocean City, which can be an aid to determine if it's worth buying.
While this article is just a starting point, it's beneficial to not search alone. Whether you're ready to buy now, or you're considering your options for the future, start working with a local Ocean City, MD real estate agent. You'll get a trusted resource by your side to point you in the right direction, and helping you plan for your own beach place.
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