Santa Cruz Real Estate News & Information

Condos are a great option anywhere - not least of all in Santa Cruz.

Whether you are a first-time home buyer, a second vacation home buyer or looking for a sound investment, condos have a lot going for them. Santa Cruz’s real estate is competitive, but the condo market is especially swift.

The sunny California coast and its appealing, laid-back lifestyle makes it an especially attractive locale. Condos offer an accessible way to enter the market, but the low-maintenance lifestyle they offer also make them especially perfect for part-time living, as well as short and long term rentals.

The process of purchasing a condo certainly has a lot in common with that of a single-family home, but there are certain differences that can make buying a condo more complex.

To help you get started, we’ve put together this Santa Cruz condo buyer’s guide for 2020.

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Be Ready to Move Fast

As we mentioned, the real estate market is competitive in Santa Cruz, but when it comes to condos it's especially swift.

As a result, it pays to be ready to move when making an offer. This means having your pre-approval in place for financing with all requirements satisfied.

When it comes to multi-offer situations, nothing is more appealing for sellers than having proven funds at the ready. Most of us won’t have the full purchase funds in cash at the ready, so a pre-approval is the next best.

Condo Financing is Different

You now know you should have financing in place before starting your search, but how does condo financing differ from single-family homes?

To start, there’s a lot more for lenders to factor in when calculating how much mortgage you can manage. In addition to the mortgage itself, there are also condo owners or HOA fees. Similar to HOA fees you might see in neighborhoods throughout the city, condo fees tend to be much higher.

This is understandable, as they tend to cover things like water, garbage disposal in addition to other recreational amenities.

In addition to the amenities, lenders may take the financial health of the condo organization itself and the composition of owners/renters when deciding if you qualify for certain types of mortgages.

Do Your Homework Already

You’ve likely already been gifted this sage, if cliched, bit of advice.

It’s never been more true when considering a condo though. As we’ve already pointed out, condos offer a lot more for your consideration - from building composition and on-site amenities to bylaws and regulations.

To start, do you even want to live in a condo? It may seem like an obvious question, but its also an important one. The low-maintenance lifestyle may seem like heaven to some, but hell to owners yearning for more space or a yard.

As with any real estate, the purchase of a condo is a big deal - and you’ll be spending a good amount of money on property you don’t wholly own. While you likely can’t pick your neighbors, you can look into the property management company running the property.

Where Do You Want to Live?

The community of Santa Cruz is a popular choice, of course, but there are also numerous communities just outside the well-known seaside city. Aptos, Capitola or La Selva Beach or any of these other nearby communities are also definitely worthy of consideration.

What do you plan to use the property for? Do you plan to live in the space yourself for the foreseeable future, or are you planning to sell in five years, so you can move up? Or, is this simply an investment? In which case, you need to be thinking about the wants and needs of potential renters.

Also worth considering is what your condo owner’s fees are actually paying for and do they make sense for you or your potential tenants. After all a pool may only be valuable if it's something you’ll actually use, but it could be a nice feature to attract vacationers.

Location within the city of Santa Cruz and the surrounding communities is also incredibly important. If its an vacation rental investment you’re after, a location close to the beach or top area amenities is a definite plus.

What Are You Waiting For?

Start your search right here, right now!

If you're interested in learning more about the available condos found in Santa Cruz, be sure to contact Lauren Spencer online or call 1.800.226.4717 to learn more about the area! She’s your local real estate expert and is always happy to help you with all your questions.