Raising a home would involve expenses that are shared by both owners through the condo association. Flood insurance is also a shared expense. You are responsible for damage inside your door but the association is responsible for for damage to common areas. If this property has been up remediated since Sandy, I advise you to get a thorough inspection, including mold which will be a budget buster!
Your flood insurance rates will be higher but it all depends on the current elevation of the property, which zone the property is located and how far under the required elevation the first floor is located. All issues that require the experience of a professional realtor to help with your purchase.
View this video that I just did on this subject with Tom Heist of Heist Insurance and it should answer your questions. Call me if you would like me to help you find a Ocean City property at 609-412-8258
Ken Fowser NJ REALTY Ocean City