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        <title>Real Estate Blog</title>
        <link>http://www.mysantacruzrealestate.com/blog/santa-cruz-mortgage/</link>
        <description></description>
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            <guid>http://www.mysantacruzrealestate.com/blog/avoid-mortgage-application-rejection-on-your-santa-cruz-real-estate-purchase.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/avoid-mortgage-application-rejection-on-your-santa-cruz-real-estate-purchase.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Avoid Mortgage Application Rejection on Your Santa Cruz Real Estate Purchase</title>
            <description> <![CDATA[ 
The mortgage application process can be confusing -- so you only want to have to go through it once when buying Santa Cruz real estate.  Keep these tips in mind as you complete the application process to make sure you get the answer you want: Approved!


• Make Sure Your Credit is Clear: If there are any lingering issues on your credit report, get them resolved prior to application and get your credit in high standing for the best loan rates. 


• Lower Your Debt: If you meet the income requirements, but have substantial debts elsewhere – car payments, student loans, credit card debt – your application may be denied.  Budget, save up and pay off as much as you can. 


• Have the Required Income: With the tightening of regulations, any wiggle room you may have had before is gone. You must meet the income requirements for the loan.  Remember that not all income may be counted toward your loan – rental property income, for instance, is often excluded.   


• Negotiate the Repair of Any Condition Issues with the Seller: Lenders are leery of extending loans on any Santa Cruz real estate that could later be deemed distressed.  Issues exposed during the appraisal process should be addressed for loan purposes, as well as for your own comfort and safety.


• Follow the Instructions: The stacks of paperwork documenting your application are a nuisance, yes, but they are required.  Do the work and make sure your application is complete.


Put these tips into action and your application is more likely to be approved.


If you’re ready to buy Santa Cruz real estate, I can help. Whether you need help finding a reputable lender or a home to buy, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.


For additional information please visit www.MySantaCruzRealEstate.com.


Links:


Credit


Student loans


Budget


 
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            <pubDate>Wed, 01 Feb 2012 11:20:45 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/resolution-for-2012-buy-a-santa-cruz-home.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/resolution-for-2012-buy-a-santa-cruz-home.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Resolution for 2012: Buy a Santa Cruz Home</title>
            <description> <![CDATA[ 
As the new year starts, pursuing your dream of buying a Santa Cruz home may be on your list of resolutions. Prices and interest rates are extremely low, which means 2012 could be the perfect year to buy a home. As exciting as that is, I bet it can also feel a little overwhelming.


One of the best ways to attack a big goal is to break it down into smaller goals. So here are four smaller goals you can tackle to accomplish your larger goal of buying a home:


1) Prepare for battle: Before you begin looking for a house, look at your financial situation. Do what you can to clean up any credit blemishes, pay off debt and save toward a down payment.


2) Check your qualifications: There's no sense looking at million dollar mansions if that's not in your budget. Talk to a mortgage professional, or preferably several, to get an idea of what loan amount is available to you. Get preapproved for your mortgage so that you're ready to make an offer when you locate your perfect Santa Cruz home.


3) Build your army: Finding a real estate agent that you click with can make all the difference in navigating the home buying process successfully. He or she can save you tons of time by pointing out the advantages and disadvantages of neighborhoods and homes so that you only look at places that truly fit your needs.


4) Define your perfect space: It's worth spending some time considering which characteristics of a home are most important to you. Think about the neighborhood, school system, and commute times, along with basics like number of bedrooms and square footage.


Once you have a clear understanding of your financial situation, know what you're looking for, and have the help you need to find the perfect Santa Cruz home, you will be amazed at how much more prepared you feel to take the next steps in the process.


If you want to discuss more details on the home buying process, contact me today at 831.662.6522 or Lauren@LaurenSpencer.com.


Visit my website at www.MySantaCruzRealEstate.com for additional information.


Links:


Break it down into smaller goals


Credit blemishes


Preapproved for your mortgage
 ]]> </description>
            <pubDate>Fri, 27 Jan 2012 01:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/2012-new-years-resolution-sell-your-santa-cruz-real-estate.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/2012-new-years-resolution-sell-your-santa-cruz-real-estate.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>2012 New Year’s Resolution: Sell Your Santa Cruz Real Estate</title>
            <description> <![CDATA[ 
With a new year beginning, its time for you to get rid of last years baggage and concentrate on making 2012 the best it can be. So if you had a home for sale in 2011 and its still on the market, then you only need to have one New Years resolution: do whatever it takes to sell that house!

This economy has made it challenging to get acceptable offers from prospective buyers. While this is extremely discouraging, the lack of offers might mean its time to bite the bullet and lower the price on your Santa Cruz real estate. Then you might be able to sell quickly and start a new lease on life. 

Below are reasons you should lower your price now to sell fast and start anew:

&bull;&nbsp;It costs time and money to keep a house on the market. Maintaining a house and waiting for the right offer is a full-time job. There is constant cleaning, upkeep and improvements that can cost you time and money &mdash; which you could be investing into your new house.

&bull;&nbsp;Your Santa Cruz real estate may be overpriced. If you arent receiving any offers, have your real estate agent pull information on comparable properties in your neighborhood that have recently sold. This will give you a better idea of where your home should be priced.

&bull;&nbsp;Your Santa Cruz real estate agent recommends it. He or she knows your market and can tell if your property has been for sale longer than expected. If a property sits on the market too long, potential buyers might suspect that something is wrong. If your house has more days on market than your agent expected it to have, then its probably time to reduce the price. 

Consider dropping your price so you can accomplish your New Years resolution early in 2012. Reducing your price might draw attention to your property, increase activity and bring more people through the doors. 

If your home isnt currently listed with an agent, and youre ready to get it sold, please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com. Ill implement my proven marketing plan to get your home sold as quickly as possible.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Acceptable offers

Comparable properties 

Days on market
 ]]> </description>
            <pubDate>Tue, 03 Jan 2012 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/santa-cruz-real-estate-urban-legends.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/santa-cruz-real-estate-urban-legends.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Santa Cruz Real Estate Urban Legends</title>
            <description> <![CDATA[ 
Urban legends can be found within every industry, and Santa Cruz real estate is no exception. Getting a big discount because a home needs minor repairs or being able to acquire 100 percent financing in a snap definitely isnt as easy as it sounds and is probably just what you think &mdash; a big fat myth.

Whether youre an experienced buyer or its your first time purchasing Santa Cruz real estate, do your research and dont get sidetracked by enticing fables that might cause you to miss out on your dream home. Below are three debunked mortgage urban legends that have been plaguing the industry for years. 

1.&nbsp;You can get a foreclosed home for almost nothing. While foreclosed homes do tend to sell consistently lower than other homes on the market, theyre not always a great deal. Banks are required to sell a property as close to fair market value as possible, and only drop the price in small increments after 60 to 90 days. Foreclosed homes are also usually in worse repair and banks are less likely to negotiate on them.

2.&nbsp;As a first-time homebuyer, its easy to get 100 percent financing. While some homebuyers might be nostalgic for the subprime mortgage era when anyone could obtain full financing &mdash; that just isnt the case any longer. While there is assistance out there, most first-time buyer programs require that you put down a certain amount.

3.&nbsp;A fixer-upper means a lowball offer. Gone are the days when just because a home needed a little cosmetic help you could make an incredibly low offer. Dont do it because youll get rejected, and the buyer wont take you seriously. 

The market may be down, but that doesnt mean youre going to walk away with a steal. Save your money, keep your credit score in check and dont fall prey to any of these common Santa Cruz real estate urban legends.&nbsp; 

If youre in the market for a new home or youd like to hear about more urban legends that buyers typically fall for, please call me at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.

For additional information, please visit my website at www.MySantaCruzRealEstate.com.

Links:

First time purchasing Santa Cruz real estate 

Foreclosed homes

Lowball offer
 ]]> </description>
            <pubDate>Thu, 22 Dec 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/top-ten-reasons-to-invest-in-santa-cruz-short-sales.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/top-ten-reasons-to-invest-in-santa-cruz-short-sales.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Top Ten Reasons to Invest in Santa Cruz Short Sales</title>
            <description> <![CDATA[ 
Now is a fabulous time to take advantage of today's real estate market and boost your investment portfolio with Santa Cruz short sales. Here are the top ten reasons why investing in short sales might be beneficial for you: 

1.&nbsp;Short sales benefit buyers, sellers and investors. You get to help a lender and homeowner out of a tough financial situation.2.&nbsp;You can make a nice profit because Santa Cruz short sales are priced at or below market.3.&nbsp;Banks are closing them faster than ever before and, from start to finish, its not as painful as it used to be.4.&nbsp;There is a huge inventory of short sales from which to choose.5.&nbsp;The competition is low because there arent enough investors to gobble them all up.6.&nbsp;It doesnt take a ton of time. Youll spend even less time when you work with a real estate agent who specializes in short sales.7.&nbsp;Short sales are generally in better condition than foreclosures.8.&nbsp;You can work with luxury home short sales. Luxury short sales require the same amount of time and work as short sales on less expensive homes, but the profit margins are much higher.9.&nbsp;In some cases, the banks will pay closing costs and Home Owner Association transfer fees.10.&nbsp;You can work real estate short sales in all markets: urban, suburban and rural areas.

If youd like more information on investing in Santa Cruz short sales, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Short sales 

Huge inventory of short sales 

Luxury home short sales 
 ]]> </description>
            <pubDate>Wed, 30 Nov 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/second-mortgages-on-santa-cruz-homes-what-you-need-to-know.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/second-mortgages-on-santa-cruz-homes-what-you-need-to-know.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Second Mortgages on Santa Cruz Homes: What You Need to Know</title>
            <description> <![CDATA[ 
Second mortgages on Santa Cruz homes are used by people who need to access the equity on their homes. Heres some information to help you decide if a second mortgage is right for you.

What is a Second Mortgage?

A second mortgage is taking out a second loan on top of the existing mortgage on your home. The collateral for the second mortgage is your home. The loan process is similar to getting a primary mortgage, including the need to pay for appraisals and closing costs.

The maximum amount of the second mortgage is determined by the equity in your home. The equity is the difference between what you owe on the home and the current fair market value of your home.

Why Get a Second Mortgage?

People take out second mortgages on their Santa Cruz homes to:&bull;&nbsp;Finance home improvements&bull;&nbsp;Consolidate other debt for a lower monthly payment&bull;&nbsp;Pay for college tuition&bull;&nbsp;Invest in a business&bull;&nbsp;Pay medical bills&bull;&nbsp;Avoid paying for Private Mortgage Insurance 

What Should I Consider Before Getting a Second Mortgage?

Taking out a second mortgage is a big risk because your home is your collateral on the loan. Second mortgages on Santa Cruz homes are riskier for the lender, so they usually have a much higher interest rate than your first mortgage.&nbsp; 

According to an article in the Wall Street Journal, almost 40% of homeowners who took out second mortgages are underwater on their loans. This is more than twice the rate of owners who didn't take out second mortgages.

Make sure that you can afford the monthly payments as well as the costs associated with getting a second mortgage including the appraisal fee, closing costs, etc. Before signing on the dotted line, investigate financially safer alternatives such as refinancing, selling or renting out.

If youre considering getting a second mortgage, please think it through very carefully and weigh all your options before making a final decision.

If youd like help determining if refinancing, selling or renting out your home is the best option for you, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Avoid paying for Private Mortgage Insurance 

Wall Street Journal 

Underwater on their loans 
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            <pubDate>Sun, 27 Nov 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/how-to-beat-cash-buyers-when-purchasing-santa-cruz-homes-for-sale.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/how-to-beat-cash-buyers-when-purchasing-santa-cruz-homes-for-sale.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>How to Beat Cash Buyers when Purchasing Santa Cruz Homes for Sale</title>
            <description> <![CDATA[ 
In this economy, cash buyers have the advantage and are swooping in on great housing deals to beat out buyers obtaining loans through banks. Sellers are jumping on these offers because the cash is already secured, they dont have to worry about finances falling through at the last minute, and it can guarantee quick closing dates on their Santa Cruz homes for sale.

While dealing in ready money definitely gives real estate investors an advantage, dont get discouraged. There are a few guidelines financed buyers can follow to give them a better hand when it comes to beating out competitors that throw down the cash card.

&bull;&nbsp;Get pre-approved. Talk with a reputable bank and get a pre-approved home loan for a certain amount before you start shopping for Santa Cruz homes for sale. This will give you an idea of the maximum you can spend and ensure you have the funds to back up your bid.

&bull;&nbsp;Save for a large down payment. The more money you can put down up front, the more likely it is that you will sway the seller to accept your bid. This is especially true if the seller is a bank, because it wants to erase bad debt quickly.

&bull;&nbsp;Build a relationship. Cash investors usually have a good rapport with listing agents, and so should you. Figure out who the sellers agent is and introduce yourself, or have your real estate agent send greetings on your behalf. You should also be sure youve hired an agent who knows how to build beneficial relationships with buyers, sellers, other agents, and everyone involved in the home selling process. The more the sellers agent gets to know and trust you and your agent, the better chance you will have.

&bull;&nbsp;Seek out the sellers needs. Ask your real estate agent to try and find out if the seller has any special requirements, such as needing a shorter or longer closing period. If you offer to be thoughtful and flexible, you have more of a chance of beating out the cash buyer.

Dont let cash investors deter you from getting good deals on Santa Cruz homes for sale. Prepare, save, build a relationship and be flexible, and you might have a new house before you know it. 

Want to work with an agent who knows how to build beneficial relationships?&nbsp; Give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Santa Cruz homes for sale

Pre-Approved Home Loan

Save for a Large Down Payment
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            <pubDate>Mon, 21 Nov 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/how-to-avoid-paying-private-mortgage-insurance-on-your-santa-cruz-real-estate.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/how-to-avoid-paying-private-mortgage-insurance-on-your-santa-cruz-real-estate.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>How to Avoid Paying Private Mortgage Insurance on Your Santa Cruz Real Estate</title>
            <description> <![CDATA[ 
If you get a mortgage for more than 80% of your Santa Cruz real estates fair market value, your lender will require that you pay Private Mortgage Insurance (PMI). PMI payments are expensive at about 0.5% to 1% of the entire loan amount on an annual basis.

Obviously, it would be a good thing if you didnt have to pay PMI. To help you achieve that goal, here are several tips to avoid paying PMI on your Santa Cruz real estate:

&bull;&nbsp;Save for a big down payment: The easiest way to avoid PMI is to have a down payment of at least 20% of the value of the home you want to purchase. 

&bull;&nbsp;Borrow to get 20% down: Check with friends and family for down payment assistance. You can offer repayment with interest and still never pay as much as you would have to for PMI.

&bull;&nbsp;Get a Second Mortgage: Getting a second mortgage to cover the difference between your down payment on your first mortgage and the 20% threshold for your PMI can make a substantial difference in your monthly payments. Talk to a qualified mortgage professional to discuss your options. 

&bull;&nbsp;Pay More Interest: Some lenders will waive PMI if you agree to a higher interest rate. Again, discuss your options with a mortgage professional. 

&bull;&nbsp;Consider a Less Expensive Home: This goes back to being able to hit that 20% threshold. As we've all seen in this tough economy, stretching beyond your means can have dire consequences if your circumstances change. Consider if you really need that extra bedroom and extra expense. If you havent saved enough to afford an expensive home, downsize your expectations and buy within your means.

If youd like a referral to an outstanding mortgage professional or need help finding Santa Cruz real estate that fits your budget, give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Private Mortgage Insurance

Avoid paying PMI

Second mortgage
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            <pubDate>Sat, 19 Nov 2011 23:01:00 -0800</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/short-sales-in-santa-cruz-real-estate-demystified.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/short-sales-in-santa-cruz-real-estate-demystified.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Short Sales in Santa Cruz Real Estate Demystified</title>
            <description> <![CDATA[ 
If you're a potential buyer of Santa Cruz real estate, when scanning the listings of homes for sale, you may see references to &ldquo;short sales.&rdquo;&nbsp; You may hear vague warnings about avoiding short sales from some people, while others tout the advantages.&nbsp; So who is right?&nbsp; Well, it depends&hellip;

Short Sales DefinedFirst, what is a short sale?&nbsp; A short sale is a situation in which the current market price of a home would not, in fact, cover the amount the home owner owes on the mortgage.&nbsp; Yes, that's what people mean when they say they are &ldquo;underwater&rdquo;  they owe more on their home than it is worth. 

Since the mortgage can't be paid off by the sale of the house, short sales become an option, albeit a complicated one. The seller and the bank (or banks, as is sometimes the case if there are multiple mortgages on the house) become, if the bank agrees, essentially co-sellers of the house.&nbsp; Any offers considered by the seller have to be approved by mortgage holder(s). 

Seller Short Sale Advantages Short sales can be a win-win situation for the seller and the mortgage company. The seller is relieved from his debt without the greater stigma of foreclosure attached to his credit standing. The mortgage company often gets more money than it would in a foreclosure auction, and without the time and expense of the foreclosure process.

Buyer Short Sale AdvantagesFor potential buyers, short sales can have some advantages. The biggest possible advantage is a better price. Keep in mind though that short sales are seldom amazing deals. The bank will usually do an analysis on comparable properties in the neighborhood, and will likely turn away any offers that fail to come in that range. 

What you are more likely to get with a short sale purchase is a home that has been cared for and recently lived in.&nbsp; Short sales are still officially owned by the seller, not the bank (as in foreclosures), and so someone is more likely to be living there, mowing the lawn, cleaning the kitchen and making repairs.

Short Sale Buyer ComplicationsThe bad news on short sales is time and administrative detail. With the companies holding the lien having final say on the process, their review can delay acceptance of short sale offers, sometimes for months. And, of course, if there are multiple lien holders, the time can increase dramatically. A short sale can take three months  not much longer than a standard closing  but they can also take six months or longer.&nbsp; If that level of timing uncertainty doesn't work for you, you might want to consider other options in your quest for Santa Cruz real estate. 

Whether youre considering buying or selling a short sale, I can help. Give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com for more information.

For additional information, please visit my website at www.MySantaCruzRealEstate.com.

Links: 

Foreclosure auction 

Short sale buyer

Delay acceptance of short sale offers

&nbsp;

&nbsp;
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            <pubDate>Fri, 28 Oct 2011 23:01:00 -0700</pubDate>
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            <guid>http://www.mysantacruzrealestate.com/blog/renters-are-you-ready-to-buy-santa-cruz-real-estate-pros-and-cons-of-home-ownership.html</guid>
            <link>http://www.mysantacruzrealestate.com/blog/renters-are-you-ready-to-buy-santa-cruz-real-estate-pros-and-cons-of-home-ownership.html</link>
            <author>lauren@laurenspencer.com (Lauren Spencer)</author>
            <title>Renters: Are You Ready to Buy Santa Cruz Real Estate? Pros and Cons of Home Ownership</title>
            <description> <![CDATA[ 
If you're sitting in your apartment right now thinking: I wish I could paint it, but my lease doesn't allow it, maybe it's time to talk to a Santa Cruz real estate agent about purchasing a new home.&nbsp; Before you rush off to the store to look at paint samples or, more importantly, sign on the dotted line of any mortgages, consider the pros and cons of buying. 

Pros

1.&nbsp;Financial Investment: Given the gloomy news on foreclosure rates across the country, it is easy to forget that buying Santa Cruz real estate is also a means of saving and investing.&nbsp; The money you pay in rent to your landlord goes to your landlord; the money you put toward a mortgage goes toward building equity in your home.

2.&nbsp;Pride of Ownership: By buying a home, you will be able to paint the interior walls any color, renovate to your heart's content, put nails in the walls and know that it is truly your territory. As a homeowner, you have a level of control over your environment that renters lack. 

3.&nbsp;Putting Down Roots: Purchasing Santa Cruz real estate is a commitment to a community, akin to staking a flag in the ground.&nbsp; You're not just passing through, if you own your own home.&nbsp; Most mortgages are 15 to 30 years.&nbsp; Certainly, you can sell before that time is up, but with closing and moving costs and an uncertain market, the era of flipping houses for fun and profit is at a close. Buying your first home may involve considerations on other long-term decisions such as where you want to raise your children.&nbsp;

Cons

1.&nbsp;Additional Expenses: Even if the mortgage you secure on your home is less than your current rent, home ownership comes with a lot of extra bills.&nbsp; You may not have considered the cost of yearly real estate taxes, insurance, repairs, and maintenance.&nbsp; If your water heater dies as a renter, your landlord is required to replace it.&nbsp; As a homeowner, you're looking at the time and expense of getting it replaced yourself. 

2.&nbsp;Less Flexibility: Rental leases often include provisions for leaving before the termination of the lease.&nbsp; So, if you've decide to accept a job offer in Paris, while you might lose some money in security deposits, you can sever your connection relatively easily. That's not the case with a mortgage.&nbsp; You are responsible for the payment on the mortgage whether you live in your home, rent it out while you're in Paris or leave it vacant. Buying Santa Cruz real estate is a serious, long-term commitment. 

3.&nbsp;Less Time: With most apartments, someone else is raking the leaves, shoveling the snow, mowing the lawn, and replacing that broken water heater.&nbsp; As a homeowner, those duties would fall to you or someone you hire to tend to those issues.&nbsp; Whether youre ready to stop renting and buy a home or you need more information before taking the plunge, I can help. Give me a call today at 831.662.6522 or email me at Lauren@LaurenSpencer.com.

For additional information please visit my website at www.MySantaCruzRealEstate.com.

Links:

Commitment to a community

Flipping houses&nbsp;

Home ownership comes with a lot of extra bills

&nbsp;

&nbsp;

&nbsp;
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            <pubDate>Sat, 22 Oct 2011 23:01:00 -0700</pubDate>
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