Recently, we talked about what type of home you should invest in when you’re looking for a Tampa rental property. Today, we want to share some of the things you should also be thinking about when you’re preparing to buy.
Tampa Landlords: Think about Property Location
Location is always important, and this is especially true when you’re choosing an investment. The quality of the neighborhood matters. Take a look at school districts and crime statistics to get an idea of the area. Decide if you want a suburban area or an urban area. People want to be close to grocery stores, restaurants, and recreational opportunities, even if they’re living outside of the city.
Urban living is having a revival in the Tampa area right now. People want to live in neighborhoods that are more walkable. Think about this when you’re looking for property; you don’t always have to buy a three bedroom, two bath home in a subdivision. There are a lot of opportunities in areas that modern tenants find interesting.
Tampa Investors: Consider Property Condition and Size
Evaluate the condition of a property before you buy it. Look for signs that the previous owner kept it maintained. Check the plumbing and electrical systems, and make sure the roof and the HVAC units are operational and in good shape. If improvements are needed, you’ll have to factor that into your budget.
Consider the size of your property. Most tenants will look for some outdoor space, a place for parking, and at least two or three bedrooms. The size of the property you buy will impact the amount of rent you’re able to charge.
Tampa Landlords: Anticipating the Tenant Pool
Get to know the local economy, and what kind of jobs people in the area hold. You’ll want to know how much income the average Tampa tenants earn, and what they’re looking for in a home. See what the job market is doing, and check out how close a potential property is to highways and commuter routes. Talk to a property manager about rental rates in the area. Are they lower, higher, or about the same as the average rents in the entire market?
When you have an idea of what you want to buy and where you want to buy it, let a property manager help you make your final decision. You’ll want to consider the number of days the property has been on the market, and what kind of rent you can expect to earn.
If you need help with Tampa property management, please don’t hesitate to contact us at Rent It Network. We can help you choose the right Tampa rental property and help you find the perfect tenants to rent it.