Are you planning to buy a
Tampa real estate
investment?
Tampa real estate property investments have the potential to offer a steady, passive income and long-term wealth.
Investment properties don’t differ from other investments in terms of conducting due diligence. You need to understand what you're investing in, and the associated risks. Without having a clear answer and plan, you may be making risky bets. That’s why it pays to research your property investment destination and understand the rental market in Tampa FL.
When it comes to Tampa real estate investments, you won’t have to worry about a weak market. Consider the tourism potential, advanced infrastructure, and strong economy. Oh, and did we mention the climate yet?
In the following paragraphs, we here at
Advantage Realty
will outline the major reasons for putting your hard-earned investing dollars into Tampa real estate. You’ll get an in-depth look into the potential of this corner of the Sunshine State.
A Look at the Tampa Rental Market
#1. Affordable Opportunity for New Investors
Not all active investors have accumulated a vast portfolio. Everyone has to start from somewhere. Starting your investment journey in Tampa makes sense as the property investments are relatively affordable.
The early 2020s show that the Tampa property market is one of the hottest in the nation. That’s because the properties are considerably more affordable for first-time buyers than in many other big cities across the States.
Whenever you are investing, it’s smart to aim for properties that get you the most value for every single dollar you put in. Another way to see things is this: you can purchase a cheaper comparable property than elsewhere and put the leftover cash towards future investments.
#2. Dynamic Lifestyle with Endless Activities
You can try out a variety of lifestyles if you live in Tampa. The city together with its surroundings offers a
plethora of entertainment options,
foodie hot-spots, and opportunities for outdoor recreation.
The
Florida Aquarium is a family-friendly attraction that offers interactive programs, including swimming with the fish. This aquarium host over 14,000 animals from the state and all across the world.
Adventure Island can be found just across the street from Busch Gardens Tampa. This is a tropical-styled water park that could fill a whole day with serious fun for the entire family. Thrill slides, chill areas, and private cabanas await!
If you are looking to shop until you drop, Tampa covers all of your retail therapy needs. One of the top highlights of the local shopping scene is Hyde Park Village. You’ll find a variety of local and national retailers in this outdoor center.
#3: Tampa Properties Show Great Appreciation
Tampa real estate is favored among investors thanks to the properties’ great appreciation rates. The past ten years have shown an appreciation of over 30%. Harsh economic conditions fail to diminish this outstanding trend.
When you look at the various projections for the early and mid-2020s, it’s clear that the city is unlikely to experience depreciation. As a property investor, you should keep this is in mind when making your moves.
#4: Everyday Living Expenses Aren’t That High
There’s no doubt that Tampa is a big city. But when you put its daily living costs side by side with comparable cities in the U.S., the averages are definitely more on the lower side.
The lower expenses boost the rental market as people move in to get their financials under control. Tampa investment properties show the greatest return under solid rental market conditions, making it another investing factor to focus on.
#5: Enjoy the Local Tax Benefits of Tampa
Taxes and investing go hand in hand. Since Tampa is located in Florida, you can reap the benefits of the state’s
zero individual income tax. Compared to numerous states, Florida is more tax-friendly even if you account for the potential state franchise tax.
#6: Invest in a Diverse Area
Both Tampa itself and Florida as a state are considered diverse places. Since you have people from a variety of backgrounds living and working side by side, the resulting environment boosts creativity, mutual understanding, and respect.
Where to Make your Tampa Real Estate Investment
The city of Tampa covers a wide spectrum of neighborhoods and communities. As an investor, you have a lot of choices in front of you in terms of local amenities, history, educational opportunities, and tourism factors.
Here are some of the top areas with investor appeal in Tampa:
Beach Park
Beach Park belongs to some of the more affluent communities in the city. Most of its area is covered in residential buildings. The streets are quiet. You get convenient access from Beach Park to the city of St. Petersburg across the Old Tampa Bay.
Riverside Heights
The neighborhood of Riverside Heights isn’t that big. But it does provide superb comfort, great amenities, and charming settings to anyone living there. It’s a great place for families as the Water Works Park is located just south of this community.
Ybor City
Ybor City has undergone huge developments in the past decades. The neighborhood offers convenient access to other Tampa areas while having an abundance of things to do in its own quarters as well. Plus, it’s a very diverse Tampa community.
Downtown Tampa
Are you looking to invest in properties that come with the best amenities in Tampa? Then Downtown investments may just be what you are looking for. The area is full of dining and entertainment options. However, the property prices are definitely higher than average.
In a Nutshell: Reasons to Invest in Tampa Real Estate
Tampa is a great pick for property investors. The strong local economy, favorable climate, appreciating homes, and diverse population create outstanding value for purchasing investment properties.
Since the city is big, you have many neighborhoods to choose from. Some of the communities that get investors interested include Ybor City, Riverside Heights, Downtown Tampa, and Beach Park.
