Buying a home is a significant investment, and it's essential to make an informed decision before taking the plunge. If you're planning to buy a home in the Lone Star State, here are some things you should know before making your purchase.

1. Property Taxes

Texas is known for it's high property taxes. This is due in part because Texan's do not pay a personal income tax in this state. It's important to factor in property taxes when determining your budget. The tax rate can vary by county, school district and other factors play a part. When purchasing a new property as your primary residence, you do get a tax break by filing for a homestead exemption with your county appraisal district. The homestead exemption entitles the the homeowner to receive a reduction in value for some taxation purposes.

2. Home Insurance

Home insurance is an important factor to consider when buying a home in Texas. Due to the state's location, it can be susceptible to natural disasters such as hurricanes, tornadoes, and floods. Here in the North Houston area, some locations can be more prone to flooding. You will want to check the FEMA flood map and follow up with your home insurance representative, to see if flood insurance is required for your property of interest. 

3. Real Estate Market

Generally speaking, Texas is still in seller's market territory. In the North Houston area and specifically here in The Woodlands, Texas, demand remains high and prices are still up year-over- year. There are more buyers than sellers. As we head into our busy Spring/Summer season, it is important to get pre-approved for a home loan before starting the home search process and be prepared to act fast when you find a home you like as to avoid missing out on your dream home

4. Closing Costs

There are various closing costs associated with buying a home in Texas. When financing with a home loan, these costs can include appraisal fees, title insurance, and loan origination fees. It's important to factor in these costs when determining your budget. 

In Conclusion

Buying a home in Texas can be an exciting and rewarding experience; however, it's important to do your research and be prepared before making your purchase. If you're considering moving to the North Houston area and looking for more information on the home buying process, I would love to be your go-to resource! I specialize in Residential Real Estate Sales in The Woodlands, Texas and throughout the North Houston Area.  Contact me by email, phone or text and let's chat about your real estate goals!