Buying a vacation beach house in Ocean City, MD, is something you’ve considered for years.
And why not? You love OC, you value your time at the beach and you’ve been wondering if there’s a way you can spend more time there—while also spending less money.
Turns out, you can. Owning a vacation beach house in Ocean City, Maryland, that you use as a rental property can bring you not only more days by the ocean, but a great return on investment and a reliable income stream year after year.
In fact, Ocean City, MD, is such a popular market that your own vacations there could be free, all paid for by your rental income.
Though we’re a long way from a warm day at the beach, the start of 2020 is the perfect time to buy property. Come late winter, there’s a big jump in rental bookings, as vacation planning kicks into high gear. If you wait until spring or summer to buy a home, you’ll miss summer bookings, the most profitable time of year. That’s just one of the reasons that it’s the right moment to go from prospective property owner to vacation home owner.
Read on to learn more about why the time is now to buy a second home in Ocean City, and how a great property management company can alleviate rental responsibilities and help you spend your time enjoying your new property rather than worrying about it.
OC: A hot real estate market that keeps getting hotter
When buying real estate as an investment, it would be nice to know that you’re getting a sure thing. With Ocean City, MD, you’ll be coming awfully close.
Earlier this year, Maryland Realtors issued a statement that the real estate market in the state remains stable and steady. Average home prices rose by 5.9 percent while the median price increased by 7.1 percent compared to the same time in 2018.
While all of Maryland being a safe bet is a good thing for OC, the town itself is practically insulated. Ocean City, MD, properties that went to settlement during October sold on average at 96 percent of the list price. And recently, Ocean City ranked seventh for best places to buy a beach house across the entire country. With its proximity to the water, as well as the robust rental market and rental revenue, it’s no surprise that OC is in the top ten.
Ocean City homes appreciate in value
That’s good news for your future home’s appreciation. A property in Ocean City, Maryland, makes you money in the short term, but also in the long term, as your property value quickly goes up. That means that in the future, if you want to sell your home, the odds are high that you’ll get a bigger number than what you paid. Don’t let others keep making money while you pay rent. Flip the switch and start building equity in a high demand rental market.
In winter, the market’s in your favor
While it might feel like you need to see homes and condos in summer to truly see them, you’ll be doing yourself a disservice if you wait a few more months to start your vacation property house hunt. The busiest property sales times in OC are spring and fall. That means in an already competitive market, with low inventory and high demand, it’s smart to strike when the iron is not hot. In spring and fall, many new properties will hit the market, which might sound like a good thing, but what it really means is that your search will need to be aggressive and you might have to pay more for your dream property. Instead, let the calm of winter work in your favor.
Another perk of buying in Ocean City, MD? Relatively low real estate taxes for a destination town.
Low risk factor
Compared to the many other kinds of property investments, vacation properties are much lower in risk. And in a booming market like Ocean City, Maryland, that risk is even lower, because you can charge competitive rates, will have high occupancy and will benefit from many guests vying for a stay at your home. You’ll also be able to attract repeat guests, as Ocean City, MD, is a tradition, and families flock there even in the off-season.
Knowing that you’re buying a home with such low risk, you can comfortably start relying on your rental income to pay off your buying expenses, as well as your mortgage, cleaning services, utilities, HOA fees and more.
High fun factor
One of the best parts of being a vacation home owner is that you control when you use it and when you rent it. Is your dream to spend Fourth of July at the beach? Then just block out that week. You can still enjoy Ocean City when you want to and allow the other days of the season to be income generating. It will truly be a two-purpose property.
Other kinds of second homes, ones that you rent out year-round, do not have this dual-use perk.
You can let the pros sweat the small (and big) stuff
The most important part of owning a beach house is enjoying your beach house. Calling yourself a home owner, especially in a place like Ocean City, MD, is something to celebrate, and a great property rental company can help you focus on that.
While you may have heard horror stories about how managing a rental property can be a part-time job—even a full-time job in peak season—there’s no need to fear when a good property management company is near.
At Vantage, we make sure that you earn extra income with zero stress.
If you list with Vantage, you’ll have a single point of contact for reservations, guest experience, maintenance and other property needs—plus a team standing by to help any time you have a concern or request.
We’re here to help you with:
- 24/7 client services
- Property care services
- Guest services
With good marketing, your new home will be booked year-round
We’re proud of our commitment to property care, providing guests with turnkey service and proven technology like key codes for your house and a digital thermostat you can alters from anywhere. But we’re also marketing pros, a must for first-time vacation home buyers.
Our comprehensive marketing initiatives include weekly customized emails to more than 30,000 potential guests and professionally written property listings on vacation sites such as HomeAway, VRBO and Airbnb. Our multi-channel approach to attracting and retaining guests translates into real income in your pocket. And we market your property year-round.
After you purchase a property, or even before, come see what you could earn on rentals with our free market analysis.
At Vantage, your second home is our first priority. We are local and understand just how significant a revenue stream your property can be. And we’ll make sure that the stream doesn’t dry up.
If you have any questions, just give our friendly team a call at 410.723.1780 option 5. We’re here and always glad to help. Happy house hunting!
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Founded in 2007, Vantage Vacation Rentals specializes in delivering exceptional experiences for both vacation property owners and their rental guests in popular Maryland destinations such as Ocean City, Annapolis and the Eastern Shore of the Chesapeake Bay, as well as the Delaware beaches and North Myrtle Beach, South Carolina. Vantage serves owners with extensive property marketing and promotion as well as comprehensive property management services to help maximize rental income opportunities. With over 550 managed properties, Vantage makes it easy for vacationing guests to find and reserve the perfect option—then enhances their stay with exclusive benefits and discounts. To learn more about Vantage Vacation Rentals, visit VantageOceanCity.com, VantageMyrtleBeach.com, VantageDelawareBeaches.com, VantageAnnapolis.com and EasternShoreVacations.com.