Condominium fees are the monthly maintenance costs associated with a particular Ocean City condo or townhome. They cover the operation, general maintenance and management of the respective community. Condominium fees will vary from community to community depending on the property type, age of the community and the amenities it offers. Common items that are covered in condominium fees are:
- Master Insurance Policies
- Flood Insurance
- Exterior Maintenance/Replacement (roofs, decks, railings, etc.)
- Water Usage
- Building Reserve Account Funding
- Trash Pick-Up
- Property Management
- Common Area Maintenance
- Amenity Usage and Maintenance
- Service Contracts (elevators, sprinkler systems, etc.)
Communities prepare budgets each year and the costs are then split amongst the properties that make up of the community to determine the annual condominium fee. Condominium fees are charged monthly or quarterly and are paid separately from the mortgage payment. The condominium fees for each Ocean City listing are noted on this website in the financial section on the listing detail pages.
When comparing properties, you don't want an association fee that is excessively high as you will likely be paying for prior mismanagement. Conversely, you don't want an association fee that is too low as it could lead to potential problems down the road. Be sure to give the association budget and related financial statements a thorough review during the association review phase of your contract.
If you have any other questions or would like to discuss the process of buying a home or condo in Ocean City in greater detail feel free to contact me directly anytime at 410-213-3591 or via email below.