If you plan to move to the city or want to invest in its real estate market, you will find some of the best kinds of homes to buy in Tampa, Florida, here. In the last ten years, Tampa, Florida, has experienced a 17% population growth. This expansion is because the city has a warm, temperate climate, and booming businesses attract movers. It also has amazing theme parks, great schools, and professional sports teams.
With all major decisions, you must expect challenges, and deciding on a home to buy is not exempt. Tampa, Florida homes mostly offer older selections. The city also has some of the most expensive homeowners insurance premiums, HOA fees, and a six-month-long hurricane season.
Things to Consider When Buying a Tampa, Florida Home
- Affordability: regardless of location, you must first know the kind of house you can afford. This will save you time spent looking at houses you cannot afford to begin with.
- Plan for additional expenses: Things like maintenance and insurance should be considered, along with down payments and closing costs. In Tampa, it is even more important you do this as several homes have passed the 20-year milestone.
- How to negotiate price: Before making a purchase, ask questions like the age of the roof, HVAC, etc. These could help you get a better bargain than the listing price.
Best Kinds of Homes to Buy in Tampa
The best investment properties include single-family homes, townhomes, and condos. In 2018, prices for single-family homes rose in Hernando and Pasco because of the high demand. In Pinellas, the median price increased by 14%. On average, the price per square foot in Tampa is $192, and homes cost $314,900.
Multi-family housing is another great choice, and Tampa is among the top 7 markets in the country. The unit types discussed here offer both short and long-term investors a good chance of profit. Additionally, they attract high-quality tenants.
In the real estate market right now, many renters are looking to own their own homes but are not ready financially. These are the kinds of tenants that you want in your house. They take care of property properly since it feels like their own home, unlike those who rent apartments.
Property investors need to not only look at the building type but to note their location. Some of the best communities are Brandon, FishHawk, and Riverview. They are suburban areas close to the city center but far enough from downtown.
These neighborhoods have exceptional schools and numerous recreational options. They also have attractive prices, and investors can be assured that there will be a market for rentals.
A buyer that wants something father out of town can check South Tampa and Westchase. Homes in these locations are in excellent condition and in demand. Other areas include Palm Harbor, Trinity, Tarpon Springs, New Port Richey, and Holiday. They are by the water and reasonably priced, making them more attractive to renters.