If you’re considering moving to Tampa, you probably have a lot of things on your mind. You’re probably thinking about what crime rates are like, or what things there are to do in the city. These are all things you’ll probably be considering, and they’re valid questions to ask, but there’s another thing you’ll want to decide on: are you going to rent, or are you going to buy?
With home prices higher than ever, there is a good chance that you’ll be considering renting. However, there are a fair few downsides to renting that have to be considered before you commit to a rental agreement. On the other hand, there are quite a few negatives that you’ll need to take into account if you’re considering buying instead of renting. To get you in the know, we’ve put together this list of quick tips on renting vs. buying in Tampa. Let’s get into it!
Renting in Tampa
First, let’s look at renting in Tampa. Those whose minds are set on renting in Tampa will be happy to know that monthly rent prices are surprisingly low! While the average price of rent is around $1,300, twenty-four percent of all rentals in Tampa are between $700 and $1,000, making it fairly affordable for low-income households.
However, there are a number of other factors to consider before you whip out your pen and put your signature on the lease. Before you go rushing into anything, consider a couple of these pros and cons we layout here. Let’s get started.
Pros of renting in Tampa
Before we get into the negatives of renting in Tampa, let’s take a quick look at the positives. There are quite a few! First up is the freedom that renting affords you. When you rent, you gain the ability to move at any time, provided your lease is up. If you aren’t sure if Tampa is going to be right for you in the long run, renting is probably the right option.
Another advantage of renting is the accessibility. If you are considering buying, even if you take out a mortgage, you’re still going to be paying out a significantly larger monthly price on average, and if you decide to move, you will miss out on a lot of value. In the short term, renting offers lower monthly prices and eliminates the financial hit that you’d take if you defaulted on your mortgage.
One more advantage of renting in Tampa is the peace of mind that comes with living in a managed apartment or condominium complex. As most landlords take care of maintenance, you won’t have to worry about fixing broken water lines, damaged appliances or unmaintained interior furnishings. When compared to a residential, privately-owned home, this leaves you with far fewer hassles related to upkeep to deal with.
Cons of renting in Tampa
Now, let’s get into the negatives of renting in Tampa; while this is a great city for renters, much like any other city, there are certain drawbacks to renting in Tampa. For starters, renting is not a good investment. When you rent, you’re essentially throwing money away every month. It may win you a place to lay your head, in the long run you’ll have nothing to show for your rent money.
Another disadvantage of renting in Tampa is the restrictions most landlords and apartment complexes put on their tenants. If you have pets most landlords will instantly write you off, and the same thing goes for smokers and musicians. Essentially, if your lifestyle has the potential to disturb others, chances are you’ll be better off buying instead of renting.
Buying a home in Tampa
Buying a home in Tampa is your second option when considering a move to the area. With home prices far lower than the national average and a housing market that is hotter than hot, buying a home in Tampa Florida is sure to be a good investment. However, just like renting, purchasing a house in Tampa isn't all sunshine and roses. There are plenty of downsides that accompany the benefits.
If you decide to buy a home in the area instead of renting, the best way to do that is by contacting one of the top realtors in Tampa FL. These skilled real estate professionals will help you find a listing that suits you and meets all your needs, at the lowest cost possible. That being said, let’s look at some of the pros and cons of buying a home in Tampa.
Pros of living in Tampa
There are quite a few advantages to buying a home in Tampa; the first and most obvious, of course, is the investment potential. With a low average home price and high turnover rate, buying a home upfront or even buying utilizing a mortgage can have a huge potential as an investment for sale in a couple of years.
Another great advantage of buying instead of renting is the control you have over your property. Whether you mortgage the home or buy it outright, unless there is a specific clause in your contract or the deed restrictions, you are free to modify the property to your heart’s content. Whether that means building a couple of outbuildings, an addition to the home or simply remodeling or updating the interior, this freedom can be invaluable to those who enjoy home improvement or DIY projects.
Cons of buying a home in Tampa
The first and most obvious disadvantage is the commitment. If you have a family and have firmly chosen Tampa as your new home, this might not be all that big of a downside, but this commitment might be a deal-breaker for others. When you commit to buy a home, you are tied to that property until the mortgage is paid off or until you find someone to buy it from you. If you encounter financial difficulties you stand to lose a great deal of capital.
Another obvious con is upkeep. When you own your home, you will be responsible for the upkeep, and this can eat up a serious chunk of your time. One week it might be repairing a faulty water heater, the next week it might be the refrigerator. While some may enjoy the challenge of performing these maintenance tasks, most will likely be nonplussed by these responsibilities.
Whether you are renting or buying, the fact remains that Tampa is a highly desirable city in which to live, and there’s no danger of you regretting your decision to move there. If you enjoyed our article, or if we missed anything, let us know what you think in the comments below. Enjoy Tampa!