Local Real Estate June 15, 2022

Thinking 🤔 Of Buying A Santa Cruz Home 🏠 ?

Whether you’ve never owned a home before, or it’s been a while since you’ve purchased. Let’s talk about the Pros and Cons. Hi I’m Maya Crelan Ray with David Lyng Real Estate. So you’re thinking of buying a home in Santa Cruz California. Let’s review some of the Pros first.
#1. Your wealth can increase as you build equity in your home. Research from experts and economists from CoreLogic’s Home Price Index Growth believe that we are going to continue to see an increase in home equity through 2023, averaging around 4%. just to make easy math lets based your homes value at $1,000,000, after 6 years, you’d have over $240,000 of appreciation. Think of the equity potential within this market!
#2 You gain tax advantages. Mortgage interest is tax-deductible as per IRS code, you can speak to your accountant for more specific information and numbers. This can be a significant tax saving when owning a home.
#3 According to CoreLogic rents are going up and mortgages are going down.
#4 You can stabilize your payments. Monthly payments are relatively steady if your loan has a fixed interest rate, on the other hand, your landlord can increase your rent.
#5. You’ll have a secure place for your family to live and grow. You can also decorate and expand your home in a way that you like to create your dream home.
#6 Gain a sense of community. Homeowners often are more involved in the well-being of their communities; many homeowners work together for better schools and less crime.
Now, I have to be honest here, I could go on and on about the benefits, but let’s think about the Cons when purchasing a home in Santa Cruz California.
#1, You need to think about maintenance costs. It takes work and money to keep a home in good condition. It’s sorta like your car, if you don’t change the oil, the car can blow up.
#2 It can tie up your cash. Selling a house may not be possible during the first few years of ownership; moving is more difficult and complicated and you may not have as much flexibility in choosing a new job location.
#3 Your home can fluctuate in value. There is no guarantee that your home will increase in value. In fact, it could decrease in value.
#4 It obligates your finances. When you buy a home, you are obligated to make that monthly payment no matter what, so it’s always a good idea to have a bit of a nest egg as a backup for a rainy day.
So there you have it. But let’s be real, buying a home can seem scary. Call me and I can guide you and walk you through the process. I’ll help ease all the worries and pressure so that you can make an informed decision. Please feel free to reach out with any questions large or small, and as always I hope you have an amazing day.