Let’s face it. A lot of people like the idea of the easy lifestyle condos in Santa Cruz County provide. While there are a multitude of positive reasons to buy a condo, many people are so glamorized by the idea that they fail to make sure condos fit their needs.
Before you jump in and buy one of the condos in Santa Cruz County, make sure you also consider what some people consider the downside to owning a condo:
1. Space – Buying a condo means sharing an interest in it. What you own is your personal “box of air.” The rest of the condo - the common areas - is shared between the other owners.
2. Neighbors – Because you share walls and common areas, there’s a high chance that you’ll be able to hear them as they move about their own space. You’ll run into them more often, and have to coordinate with them in issues regarding the common areas.
3. Reselling – If you own a condominium and think you might resell it later, be aware that condos in Santa Cruz County are typically more sensitive to the real estate market and take longer to recover than traditional single family homes.
4. Fees – You’ll have to pay monthly condo fees to take care of the maintenance of the common areas and for amenities you may not use, such as a swimming pool or fitness facility.
5. Rules – All condominiums have CC&Rs, or Covenants, Conditions and Restrictions. The CC&Rs may not fit your lifestyle. They can include noise level restrictions, types of renovations, owning a pet or even the type of curtains you use.
6. Association – Instead of property management professionals, the association is made up of homeowners. It may be weak or inefficient, and you might have to get approval to make renovations or rent out your unit.
Condos in Santa Cruz County are great to own, but they aren’t for everyone. Make an informed decision before buying one, and you’ll be a happy owner.
If you’re looking to buy the perfect condo, I’d love to help. Call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.