Thinking of Relocating, Retiring, or Investing in Tampa Bay?
By Sally Anne Dishong

Wouldn’t it be great to own a vacation property that you can retire to when you’re ready…and let your renters make your payments? Or to have a second home to enjoy when you need to get away from the rest of the world? You’ll want to consider the Tampa Bay area.

Why Tampa Bay?
Ask the experts. It’s one of the best places to live in the country—not just in Florida! The Tampa Bay metro area is ranked #4 out of over 350 metropolitan areas in North America in the Places Rated Almanac! And it’s easy to see why. This metro area includes Tampa, Clearwater, and St. Petersburg, along with a plethora of smaller cities and neighborhoods—each with its own unique charm and ambience. Here you’ll find just about everything you love! We have just the right combination of first-class restaurants, culture, education, health facilities, recreational activities, sports teams, entertainment, shopping, sunshine, and waterfronts. And it’s still more affordable than many other parts of the country. Tampa is wonderfully accessible by air from most metro areas.

A Few Tips
Figure out your motivation. Most second-home buyers want a vacation spot, an investment property, a retirement home, or some combination of all three. Before you begin to look at sites, you need to figure out your vision and consider whether home No. 2 is a realistic fit for your lifestyle.
 
Find a good real estate agent. If you’re on vacation, you may get the urge to look at vacation properties. But if you wait to set an appointment with an agent until after you’re already on vacation, you may be out of luck. In popular spots as Tampa Bay, real estate agents often hesitate to spend time with vacationers for fear that they’ll only serve as glorified tour guides.

Think about taxes. How you use your second home will determine its impact on your taxes. Check with your tax consultant before committing.

Check out the neighborhood. Hang out at the local coffee house. It’s a good idea to spend time driving around neighborhoods at different times of day and night to get a feel for their characteristics such as noise, traffic, kids, dogs, parking, etc. Stop people and ask in a friendly way what they like best (and least) about their neighborhood, shopping, schools, hospitals, and other things that are important to you.

Check out the vacation rental market. Your agent can clue you in on local home values, but perhaps more important is how well vacation properties rent, and for how much. One factor is proximity to local tourist attractions. If you’re not interested in renting and handling maintenance on the property yourself, make a few calls to local property management agencies and ask about their cut. It may be up to 50 percent, with extra fees tacked onto that.
 
When you find something you like, think about big-picture numbers: Beyond the down payment and monthly mortgage payments, you’ll need to factor in about 2 percent of the price of your home for yearly maintenance costs, plus another $5,000 to $15,000 for furnishings.
 
You may also find that insurance is pricier than what you’re used to. For instance, hurricane insurance for a beachfront home in Florida could run up to $4,000 a year. Property taxes are another consideration.

Get Your Ducks
in a Row First
Invest about 20 minutes over the phone with a lender and get a pre-qualification letter—or even better a pre-approval—for a loan amount so you’ll know your price range. Using a local lender who knows the Tampa Bay market will make the process easier for you. This can help you avoid a big disappointment and waste of time. Sometimes it can give you a pleasant surprise to find out you can afford more than you thought with today’s low interest rates. Many sellers in this seller’s market are demanding a letter of pre-approval with all offers. One excellent resource is Michelle Roy of Established Mortgage Professionals. She can help you find creative ways to finance your dreams of Florida sunshine.

Determine a tentative time-frame for making a move or purchasing if you find just the right home. Interest rates are edging back up and property values are increasing steadily.

Whether you’re visiting from out-of–town or live in the area, feel free to call or email me in advance. I will be happy to connect you with one of the expert real estate professionals in the area to schedule neighborhood/home tour appointments. They will  work with you via email so you can preview the homes beforehand.

Sally Anne Dishong is a former member of the Pinellas Realtor Organization® and the Women’s Council of Realtors®. She can be reached at sdishong@tampabay.rr.com or at (727)742-5765.

Michelle Roy of Established Mortgage Professionals can be reached at (727) 526-4620 or at michelle@mortagesdonerite.com.