The opportunities for property investment in Tampa, FL are excellent, and what you buy will depend on your investment goals. You might want to rent the property out for a long time while its value appreciates, or perhaps you are mostly interested in making as much money as possible from rental income for the short term. Whatever your goals, there is a market for you in the Tampa Bay area.
Types of Homes
The best investment properties for any owner include single family residences, condominiums and townhomes. These types of properties provide investment potential for the short term and the long term investor. They also attract high quality tenants. In the current market, many prospective renters want to buy their own homes, but they are not financially ready yet. They still want to take care of a property and feel like they are in their own home, so they’ll stay away from apartment buildings. Think about that tenant when you’re looking at potential properties to purchase. Your best tenant will want privacy as well as ample space and modern amenities.
The best communities for property investors include residential areas such as Brandon, Riverview and FishHawk. These are suburban areas close to Tampa’s city center but outside of the immediate downtown area. The schools in these areas are exceptional and there are a number of recreational opportunities. Housing developments are still offering attractive prices and there will always be a market for rentals in these neighborhoods. If you want to buy closer to the city center, look at South Tampa and Westchase. These are sought-after neighborhoods with homes that are in fantastic condition.
Farther outside of Tampa you can find investment opportunities in areas such as Palm Harbor, Tarpon Springs, Trinity, Holiday and New Port Richey. You’ll find quieter neighborhoods close to the water that are affordably priced. Tenants like the properties here because the rents are priced reasonably.
Property Management Help
Talk to a property manager before you buy a home that you plan to rent out. It’s important to understand the rental rates in the area that you’re considering and you’ll also want to know whether it’s the type of property that tenants are willing to rent.
Contact Rent it Network if you have any questions about how to buy an ideal investment property in Tampa and the surrounding areas.