2012 Could Be Your Year to Buy a Second Home in Santa Cruz

Posted by Lauren Spencer on Tuesday, February 7th, 2012 at 1:01am.

If you've ever dreamed of purchasing investment property, owning a vacation home or buying a home in Santa Cruz for a family member, this could be the year to check that off your bucket list.  With record low interest rates and decreased prices, it is a buyer’s market, particularly in the second-home market. 

Before you sign on the dotted line of another mortgage, be it for a beach condo in Florida or a home in Santa Cruz that you plan to rent, be sure to:

• Check your credit. The same rules apply for a getting a mortgage on a second home as on a first.  Good credit means better loan terms.

• Save for a down payment. The more money you can put down, the lower your mortgage.  If you put 20% down, you can save money by avoiding Private Mortgage Insurance (PMI) requirements

• Check your budget.  It may be cheaper to rent that ski villa or palm tree paradise for a month than pay a mortgage year round. Consider what you really want in a second home, and what you are willing to pay for that. 

• Check your time.  Choose a second home carefully and make sure that you will really use it, or can rent it when you are not using it. There is no sense paying for a second home that remains shuttered and locked. 

Once you consider the basics of your situation, you can begin looking for a second home with the confidence that you can afford the time and expense it requires.  Your second home could be just around the corner – or palm tree.

If buying a second home in Santa Cruz is on your bucket list, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit www.MySantaCruzRealEstate.com.


Good credit

Private Mortgage Insurance

Ski villa


About Lauren Spencer

Award-Winning Santa Cruz REALTOR®

Lauren Spencer is your local real estate expert, specializing in Santa Cruz real estate and surrounding communities—this is where she lives, works, and plays too. Let her know your questions about the community and county and she'll be happy to fill you in on all you want to know! Lauren Spencer has consistently been voted best local REALTOR in Santa Cruz and is always happy to offer her advice and expertise. Call her at: 800.226.4717.

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