Purchasing a Condo in Maryland – FAQ

How much does a condo cost in Maryland?

Condo prices in Maryland vary by location, size, and amenities. On average, expect to pay $220,000 to $450,000, with higher prices in areas like Annapolis, Bethesda, and waterfront communities.

What are typical condo fees in Maryland?

Monthly condo fees usually range from $200 to $700. These fees often cover:

Exterior maintenance
Landscaping and snow removal
Common area utilities
Amenities like pools, gyms, or security

What should I review before buying a condo?

Always review:

Condo Association Bylaws (rules, pet policies, rental restrictions)
Financial Health (budget, reserves, special assessments)
Insurance Coverage (what’s included vs. what you need)
Pending Litigation (legal issues can affect financing)

Can I use FHA or VA loans to buy a condo in Maryland?

Yes, but the condo must be FHA- or VA-approved. Check the HUD or VA approved condo list before making an offer.

Are there special assessments for condos?

Yes. Associations may charge special assessments for major repairs or upgrades (e.g., roof replacement, structural work). Ask for the resale package to see if any are planned.

What are Maryland condo property taxes?

Maryland property taxes vary by county and assessed value. The average effective tax rate is about 1.06%. Use your county’s tax calculator for an exact estimate.

Is condo insurance required in Maryland?

Yes. While the association covers the building and common areas, you’ll need an HO-6 policy for your unit’s interior and personal belongings.

✅ Pro Tip: Work with a real estate agent experienced in condos to help you navigate this purchase. Contact me and let’s discuss your options.