Home Buying in Tampa>Question Details

Prajit, Home Buyer in Tampa, FL

Hi,I am going to be in Tampa for about 3 years more and currently I am renting ($700/month). I am thinking

Asked by Prajit, Tampa, FL Wed Jun 25, 2008

of buying a condominium or a townhouse as it is better than paying $700 a month towards my rent. So after3 years which will be better investment when it comes to either renting or sale: Condo or townhouse . Is renting/selling

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If you are only planning on staying for 3 years, I would say absolutely do not buy. No one knows what the market will do, but all signs leads towards continuing downward pressure follwed by stagnated prices for a while.
2 votes Thank Flag Link Wed Jun 25, 2008
There seems to be alot of differing opinions about whether or not you should buy now, knowing that you will be selling in 3 years. Michael I think had the best answer-do the math and see what really makes the most sense for you. And if you do buy, are you willing to become a landlord if the market continues to decline for a while yet? While Florida may rebound quicker than some areas, make no mistake that there will be many, many, many more bank foreclosures before the market stabilizes because we will have to sell off all that inventory over the next year or 2. No one ever predicted that the market would be on a decline since late 2005 or early 2006. How long will it last? My crystal ball is in the shop so I just can't answer that. And, if I did it would be a disservice to you because how many people are left now going into foreclosure, losing their dream homes because someone said jump in over your head and you can refinance in 2 years when the market goes even higher!!

So, all that being said-consider all your options, do the math, look at the pros & cons, and if you buy, make sure you have an exit strategy if things don't go the way you are hoping they will. If everything lines up to your satisfaction, then go out there a find a good deal-buy right so you can sell right later!! Good luck!!
2 votes Thank Flag Link Thu Jul 10, 2008
If I had to choose, it would be townhome. If you only plan on staying 3 years, I am not sure I would recommend buying, unless it is a phenomenal deal. If your at $700 per month, that is $25200 that you will spend on rent in the next 3 years. You must now compare that to what you will spend on the mortgage, plus the rest of the owner "fees" You will have taxes, HOA dues, Homeowners insurance, possible CDD fees, repair and maintenance, etc. HOA fees in some places may be close to your current rent. It is hard to tell you what these numbers will be, since I don't know what you are interested in but I would be more then happy to help you figure it out and see what makes more sense. Maybe you would consider becoming a landlord, once your time here is complete and then this would be a good way to start that process. Feel free to contact me to further discuss. Thanks
2 votes Thank Flag Link Wed Jun 25, 2008
I know the Tampa Market very well - have lived and worked here for many years. I believing that buying is your best choice right now. Here's why:
1) Taxes - you will be able to adjust you income tax withholding to increase your take-home pay... You get to keep more of your hard earned money.
2) Town home prices are so low right now for great units - many new, with 3 beds, 2 baths, garages, and amenities - that its easy to find an exceptional deal.
3) When you're ready to move away, you can sell, or rent and continue to build wealth (and if you buy right, you will make money either way.) I help people buy right! (Buying right is how people make money in real estate.)
4) Some strong loan programs still exist for first time home buyers, enabling you to buy with little or no money down. These are FHA programs, so they're not the 'funny' mortgages that have so many people in trouble today.
For more info, please visit my web site: http://www.prettydogrealty.com or give me a call: 800-737-3454.
2 votes Thank Flag Link Wed Jun 25, 2008
It is always to invest in property then to rent. Renting you are just throwing your money away, This is a time to buy. There are alot of propteries to choice from. If you decided to buy get pre-qualify that will make it easier for you and your realtor. If me a call at 813-892-8256 or email vickiebhomes@yahoo.com. Visit our website and look for properties.
Web Reference: http://www.thebruniteam.com
1 vote Thank Flag Link Wed Jun 25, 2008
Hi, depends on your lifestyle in a condo you are more restricted to the unit, in the townhouse you may be able to have a little courtyard, a dog. In this market I think it will be better to buy and try to put as much down payment so your monthly expenses will be the same or close to where you are in your rent fees now. If you have any questions please let me know. My email is octaviacheveresan19@hotmail.com.
I hope I was able to help in any way. Octavia
Web Reference: http://www.c21weinert.com
1 vote Thank Flag Link Wed Jun 25, 2008
If you are only going to be there for 3 years. Renting is the better solution for you. Search for "Rent vs Buy" calculators on google. Put in your information, and you will see that renting is the best solution for you.
0 votes Thank Flag Link Fri Jul 11, 2008
Hi Prajit-----

You might want to look at buying as there are amazing oppotunities at this point. That said, I would be careful that where you are looking to buy does not have issues with either many units still being owned by the developer or many owners not paying their HOA fees. Either of these situations could mean a harder resale or much higher fees. If I can assist you in any way, please feel free to contact me at (813) 810-4663 or KWDawn1@aol.com. Good luck!

Dawn Dougherty
Keller Williams SouthShore
0 votes Thank Flag Link Fri Jul 11, 2008
Fortune Magazine's analysts believe that Tampa will see a faster rebound on Real Estate prices that most places in the US. There is an oversupply of townhouses and condos so you can find a fairly nice townhouse for $100k or less. I have 2 specific townhouse properties that are bank owned near the Citrus Park (Westfield Shoppingtown) Mall that you might want to consider.

Also the tax benefits of paying mortage interests instead of rent may give you a larger tax refund so even if you're paying more than $700 per month you may end up spending the equivalent (or possibly less) than $700 for rent.

The other advantage to buying verus renting is that a "rental" complex may have more crime, a higher density of criminals, sexual offenders, etc. On that note, don't forget to check the Hillsborough County Sheriff's site to search for sexual offenders before renting or buying.

Call me if you're looking for help from a Realtor in Upper Tampa Bay (Westchase, Citrus Park, Countryway, Bayport Colony), Odessa or Carrollwood. I've been a Realtor for over 8 years and this is my area of expertise.

Alma Rose Kee, P.A., Real Estate Consultant
Charles Rutenberg Realty, Inc.
Web Reference: http://www.soldontampa.com
0 votes Thank Flag Link Wed Jul 2, 2008
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