Your Retirement Home in Santa Cruz County May Be a Good Nest Egg With Some Strategic Planning

Posted by Lauren Spencer on Sunday, October 2nd, 2011 at 11:01pm.

In the recent downturn of the economy, many homes nationwide as well as homes in Santa Cruz have taken a dive in value. As a result, they may not be the nest eggs that potential retirees were hoping for. Now, retirees need to know their options and what to do with their homes in Santa Cruz.

If you find yourself in this predicament and aren’t sure what to do, speak with your financial expert and review the following options for your financial future so that you can retire on time — and enjoy it!

• Wait it out. Most retirees want to try this tactic and are hoping that the housing market will rebound. However, if your property’s upkeep costs, such as taxes, insurance and utilities, continue to rise, you might need to consider other options.

• Pay down the mortgage.  If you have the extra dough, start investing in your property by paying off your mortgage faster. You’ll build more equity and soon see that extra money each month going straight into savings. To come up with some extra money to pay down your mortgage, you could refinance to take advantage of lower interest rates, or cut back on consumer spending. Whatever your plan, just know that most financial experts agree that you should not stop contributing to your retirement fund or take money out of your retirement investment accounts to be mortgage free.

• Sell and downsize.  If you’re still living in the home in which you raised your children, chances are it’s probably too large for your retirement life. Consider selling and downsizing, especially if you have a good amount of equity built up in your current property. You could have your newer, smaller and cheaper home paid off quickly, and could start contributing more to your retirement fund.

Whatever your current financial situation as you approach retirement, consider all of the options. Retirement is for relaxation — which is hard to do when you’re stressed about monthly finances.

If you’re weighing your retirement options and want to see at what price point homes in Santa Cruz are currently selling, call me at 831.662.6522 or email me at

For additional information please visit my website at






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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