Buying Ocean City, MD real estate can be a bit different from many inland real estate areas. From flood areas to researching critical property details in land records, buyers need to be prepared with a plan before buying a property in Ocean City’s coastal real estate market.
In this article, I share 8 best practices that I use when helping my buyer clients negotiate and buy real estate in Ocean City, MD.
BEST PRACTICE #1
Look up a property on FEMA Flood Map Service Center
FEMA’s website gives you the ability to research if the property you’re buying is located within a flood area. Simply enter an address, place, or coordinates to find out. This is a simple task and only takes a minute to complete.
Visit https://msc.fema.gov/portal/search to find out if a property you own or you are buying is in a flood area.
BEST PRACTICE #2
Investigate flood insurance, homeowners insurance, condo insurances
The Ocean City real estate market offers a variety of property types. There are over 1,100 condo buildings, single family home communities, and townhouse communities, and many may be within a flood area.
Condominiums are frequently sold in Ocean City and it’s common for the condo complex to assess association dues for each unit. Often, condo association fees cover the expense for the building's master flood insurance policy to protect the building's exterior common areas. Some townhome communities may also have association dues, which covers the master flood insurance policy too.
Condo owners may need to purchase an HO6 policy to insure the interior contents of the unit. It’s important to discuss your options with an insurance provider that insures properties in Ocean City, Maryland.
If you’re buying a single family home, you may have additional flood and homeowners insurance requirements depending on your location to the water, which could be a canal, bay, marsh or ocean.
BEST PRACTICE #3
Salt water corrosion is imminent. Don’t ignore it!
Living near coastal waters comes with salt water corrosion. Oceanfront properties receive a greater impact from salt water corrosion than more inland properties. No matter where you live near coastal waters, you need to expect corrosion!
When looking at properties pay close attention to the:
- Exterior of the property
- Windows
- Exterior doors and sliders
- Siding and roofing
- Decks, railings, and patios
- HVAC units
These are just a few of the areas to be mindful of.
BEST PRACTICE #4
Identify damage to direct oceanfront condos and properties
While it is expected that the weather can impact the integrity of any property that is close to the water, oceanfront condo buildings have a greater impact from weather. This is a continued best practice to number 3.
Coastal storms can cause damage to units. When winds blow off the ocean towards direct oceanfront properties, salt water is carried and blown directly at it. Salt water can find its way into cracks and cause war on the building. Northeast winds are something to watch. It is a best practice to pay attention to the exterior condition of any building that you are considering.
Want more information on buying Oceanfront condos for sale? Read my blog article, 5 Hard Lessons Learned from Buying Oceanfront Condos
BEST PRACTICE #5
Get a home inspection
Home inspections are an important part of the home buying process. Home or condo inspections can help you identify issues we may not be able to identify during your home tour.
If you want to learn why I love home inspections, read my blog article, Why I Love Home Inspections (and You Should Too!)
BEST PRACTICE #6
Protected coastal areas, woods, and wetlands
Some properties in Ocean City have areas that do not allow for additional buildings, piers or access.
Beach Dunes
One common area that is protected are the dunes. Ocean City takes great care of the beaches and dunes help protect from coastal flood.
Marsh
Marsh areas are also are great valuable resources for protection from coastal flooding and you may not be able to walk through it for whatever reason you may want to.
Wooded Areas
Some properties with trees may be protected. It’s always a best practice to research the deed for the property you’re buying to see if there are any restrictions. If you plan to remove trees anywhere in Worcester County, you’re better off contact local government offices to determine if trees can be removed. Maryland coastal areas are highly protected.
BEST PRACTICE #7
Research Deeds, Building Plats, Land and Lot Survey’s
Maryland Land records is a valuable resource for researching property deeds, building plats, land surveys, liens, and more.
Deeds and Deed of Trusts
Deeds will tell us if there are any restrictions to the property. A few restrictions may include, but are not limited to:
- Homeowners association restrictions
- Conservations
- Easements
- Right of Ways
- Ownership
Building Plats
When comparing unit sales, the building plat can help identify comparable unit floor plans and the location within the building. You don’t want to assume that two condo units have the same floor plan. Often, buildings can have different floor plan models. A different floor plan or location within a building can sometimes affect the value of the unit.
Land and Lot Surveys
Lot surveys can identify building restrictions such as protected areas as I mentioned in “Best Practice #6”. Subdivisions also have surveys and can help you when comparing recent sales or pricing a home for sale.
BEST PRACTICE #8
Hire a Local Ocean City, MD Realtor®
I feel hiring an experienced agent is the most important part of your home search. These best practices are just a few things that a knowledgeable real estate agent in Ocean City, MD will help you with during your new home search.
Whether you’re ready to buy Ocean City, MD real estate, or you’re researching homes and condos for sale in Ocean City, MD, it’s helpful to get local guidance about the area. Often, your search can get narrowed down so you can better research the market.
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