People often ask us what types of homes are good for investing in the Tampa Bay market. There are a lot of options and variety in this area, and at Dennis Property Management, we work in a number of cities and counties. We help our clients identify great investment opportunities in Hillsborough, Hernando, Pasco, and Pinellas counties.
Choosing Homes in Good Condition
When you’re looking at houses, you want to buy something that is going to provide the highest return on your investment. That means investing in homes that don’t need a lot of repairs. Different areas have different price points, so there isn’t a specific area that you need to look. South Tampa will have a higher purchase price point while New Port Richey will have a lower price point, but those areas are excellent for investors.
Single Family Homes Appreciate MoreWe always recommend that investors stick to single family homes. These are better investments because there’s often a higher rate of appreciation on those. I personally like simple single family homes that aren’t too big and don’t come with a lot of upkeep and expenses. You don’t want a pool or any complicated apparatus. Personally, I prefer homes that are not in an HOA. These are easier to manage, and you don’t have to deal with regulation issues. You also don’t have the added expense of HOA dues or the risk of potential tenant violations. Most condos and townhomes can seem like a good idea, but you don’t have a lot of control over the associations. Duplexes can be a great investment, but be careful with the location of the property. Some are better than others. Small apartment buildings can also be fantastic investments, so don’t be afraid to consider those.
These are my two cents when it comes to choosing an investment property in the Tampa are. To talk more in depth about investment properties in Tampa, please contact us at Dennis Property Management, and we’d be happy to help you.