Texas has been an increasingly popular relocation zone over the last few years, and who can blame anyone? Texas has something for everyone: excellent sports teams, warm weather, and traditional cowboy charm.
But it’s always a great idea to thoroughly research your next move– especially if you’re moving to a new state. So here are five top things to know about buying a home in Texas from a team of local Texas realtors.
1. Most Popular Destinations in Texas
While there are plenty of quiet ranch towns for those who enjoy a quiet life, the most popular Texas destinations are larger cities.
Austin has been a hot location for several years with a thriving economy. The Dallas/Fort Worth area is warm year-round and has a thriving modern economy with many job opportunities. San Antonio and Houston are also popular destinations.
Want to live close to the coast? Corpus Christi is one of Texas’ most popular cities on the Gulf of Mexico!
2. Texas Downpayment Assistance Programs
Texas offers several downpayment assistance programs for first-time homebuyers and other special situations. These programs can significantly reduce the financial burden for those trying to get into their own place.
Texas Department of Housing and Community Affairs (TDHCA) Assistance. The TDHCA works with low- to moderate-income families to own a home through two main programs: My First Texas Home and My Choice Texas Home.
You can get help covering your down payment and closing costs for your first home by meeting a few requirements, like having a credit score at or above 620.
And you can still qualify for help even if you aren’t buying your first home! The My Choice Texas Home program offers similar assistance and requirements (but has income limits).
Texas Mortgage Credit Certificate
Get additional tax breaks on your federal taxes by applying for a mortgage credit certificate through tax credits for mortgage interest payments. This program is available to veterans and first-time homebuyers!
3. No State Income Tax or State Property Tax
Another perk of living in Texas is that there isn’t a state income or property tax. However, local municipalities do issue property taxes. So, research local tax rates to understand what you will pay to maintain roads, schools, and emergency services.
4. Budget for Homeowner’s Insurance
While Texas is typically warm, that doesn’t always mean nice weather. Certain parts of the state are at higher risk for natural disasters than others, meaning homeowner’s insurance averages higher prices than the national average.
5. Find the Most Buyer-Friendly Prices During Winter
While this is true for many other states, Texas real estate is often the most affordable during the winter. And while no one wants to move during the holidays or colder weather, it’ll be very unlikely to move during a snowstorm in Texas.
Work With Trusted Local Realtors
At AltaTerra Realty and Auction, we’re helping people relocate to the best properties in Texas for their family or business. We have an established network with local lenders, tradespeople, and companies to help you settle in with everything you need at the right price!
Call us today to set up an appointment and find you the perfect land for your family or business!
References:
https://themortgagereports.com/76978/texas-first-time-home-buyer-programs-grant
https://www.rockethomes.com/blog/home-buying/buying-a-house-in-texas
https://www.bankrate.com/real-estate/buying-a-house-in-texas/#afford