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Should I Buy a Condo in Tampa?

Should I Buy a Condo in Tampa

Tampa has many great neighborhoods for both houses and condos. It offers buyers a chance to decide if they should buy a condo in Tampa or go for the house option.

Many prefer houses with big yards in planned communities, which is understandable considering the many amazing neighborhoods Tampa offers. However, others may want the lifestyle a condo can provide.

If you are debating whether to buy a condo in Tampa, here are some of the advantages.

Why Buy a Condo in Tampa

If you are seriously thinking you may buy a condo in Tampa, it’s important to consider many of the advantages of the “lock and leave” lifestyle.

Less Maintenance

Have somewhere you need to go for a long weekend? Maybe you’ve got a week-long vacation planned? Condos offer the ability to turn off the lights, lock the front door and go wherever you want to go without having to worry about mowing the lawn, trimming the hedges or any other kind of maintenance. That’s why the “lock and leave” lifestyle has become increasingly popular through the years. Also, it’s far easier to move into a condo and focus on decorating the interior without having to worry about mowing and landscaping.

Potential Rental

Yes, you can rent out a single-family home if you leave. However, it’s far easier to do with a condo. If the condo is situated in the right area – near a vacation spot or in an area where professionals live – it makes it relatively easy to rent. Also, buying a condo is typically cheaper than buying a house, making it easier to make the initial investment (and cover the mortgage payment down the road with a tenant’s rent payment).

Community and Amenities

No two neighborhoods are exactly alike. However, in general, condo communities tend to have more of a community feel because people live close together. Also, most condo communities come with many amenities, including swimming pools, indoor gyms and even small parks to walk in – or take the dog out.

Tax Breaks

If you’ve already decided on the condo lifestyle, it often makes sense to buy. While the initial cost is more, you will get the same tax breaks enjoyed by those who purchase single-family homes. You also will build equity over time. If the value increases, you can make a handsome profit when you eventually sell. Or, as mentioned above, you can keep the property and rent it out.

For those who want to buy a condo in Tampa, there are plenty of choices and advantages. As with buying a house, it’s important to investigate issues such as the neighborhood, the cost, the valuation history and any repairs that need to be made.

But if handled properly, a condo can make for both a wonderful place to live and a great investment.

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