Santa Cruz Real Estate News & Information

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.

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Good credit

Private Mortgage Insurance

Ski villa

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• Investment Property (22)
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