What is a true Texan?
Thinking about relocating to Texas, adding an Austin real estate property to your portfolio or just hanging out in Houston? First you should find out if you have what it takes to live in Texas.
The great state of Texas is proud of its heritage and with good reason; like the saying goes, everything is bigger – and better – in Texas! From beautiful Bluebonnets to the melodious Mockingbird, the Lone Star State stands out as being just a little bit different from the rest.
Take our fun Texas test to see how you measure up with the locals and quiz the kids while driving to Texas real estate listings.
1. Texas has two state mammals - one large and one small - can you name them? Hint: when visiting houses for sale in Texas chances are you will see both when driving down the road.
Answer: Texas Longhorn and the Armadillo.
2. Try to properly pronounce the following locations in the presence of locals without eliciting a laugh:
- Decatur
- Nacogdoches
- Mexia
- Waxahachie
4. When asked for the distance to the nearest location you can translate minutes and miles seamlessly.
5. When you hear a tornado warning signal you immediately rush outside to spot the funnel cloud with all the other locals.
6. Before dressing you turn on the weather channel.
7. The Texas state motto - Friendship - isn't just a slogan but a way of life for you and your family!
More Real Estate Tips.
How should I title a property?
When buying Texas real estate it is important to give some consideration to how you will eventually title the property in order to reduce paper-work errors and avoid expensive legal changes. Take a few minutes before making an offer on any Texas real estate listing to determine how you will treat the title and be sure to speak to an attorney if you have special circumstances.
Whenever any Texas real estate is bought or sold there are a multitude of legal documents to be completed and filed with the clerk of the court, mortgage company, insurance and other entities. Although it sounds simple enough, title considerations are actually fairly complex. Something as simple as using the wrong name can create difficulty or even a "clouded title" in the future.
Here are a few basic title considerations to keep in mind when purchasing Texas real estate.
1. Consistency. If you are doing a 1031 Exchange or rolling over other funds for tax purposes it is vital to take title to the new property in the same way that you held the original property. For example, if you held the prior property in joint ownership with a spouse then be sure to title the new property the same way to avoid potential tax complications.
2. Marital Status. Changes in marital status should be updated to reflect the new relationship on the title to the property as well as mortgage, insurance and other related documents. Newly married couples in the process of buying a home should be aware of this in order to avoid documentation problems during closing.
3. Mortgage Matters. Married couples in Texas often have joint ownership of real estate but it is possible for one spouse to apply for a mortgage independent of the other spouse. In this situation, both spouses have ownership rights to the property but the mortgage is held in the name of only one spouse. Other common examples include children, non-married couples and other relationships where two or more people share in the rights of ownership but not the mortgage. Be sure to understand in advance how title will be conveyed.
When purchasing Texas real estate each individual situation is unique so it is advisable to consult with your attorney or trusted financial adviser to understand the legal and financial implications for your family.
More Real Estate Tips.
What impact does road construction have on real estate?
In the last decade Texas new homes seem to have sprouted all over the landscape so how can you determine which will appreciate or grow in value the fastest over the long term? One tried and true method of locating rapidly appreciating Texas homes for sale is to examine road construction planning.
Historically road construction is strongly associated with rapidly rising home values.
1. Access. Increased access is one of the major contributing factors associated with increased land and property values. Major highway expansions that reduce the time between metropolitan areas increases tourism, trucking and other venues while attracting commerce.
2. Visibility. Increased visibility automatically brings in industry and service dependent upon capturing the attention of people for sales. Success tends to breed success as new business moves into the same area in order to service the needs of the existing demand.
3. Commute. It may seem counter-intuitive but a close proximity to an express-way rarely decreases the value of a property and usually increases it significantly due to reduced commute times.
If you are interested in learning more about the roads and riches for your area of Texas then speak to a knowledgeable real estate agent and call the local road department in your county to request a list of up-coming road construction projects. With a little foresight and planning you might find your own road that eventually leads to real estate riches.
More Real Estate Tips.
What is SEAT?
If you are in the market for Texas real estate then it is time to measure your SEAT. No, we aren't referring to some elusive measure of your backside but rather an objective analysis designed to evaluate the investment potential of your Texas real estate portfolio.
S = Spendable Income. Before purchasing an investment or any other property for sale in Texas take time to calculate your current - and future - projected spendable income. A good rule of thumb is to use the same measure as banking institutions. Keep a minimum of 25 percentage of your income as a "buffer" to be used for unexpected repairs, increased property taxes and other unavoidable expenses.
E = Equity. Building equity is a long term proposition. While it is true that the recent years demonstrated double digit appreciation (with resulting equity growth) among Texas new homes and other real estate, that isn't the norm. Equity typically appreciates in a more steady fashion over a period of years as the mortgage is reduced.
A = Appreciation. Texas real estate has steadily appreciated for a number of years due to growth, inflation and other factors. The rate of appreciation can change from year to year but over the long term, most property for sale in Texas can expect to appreciate at the historical average of three to five percent annually.
T = Tax Incentives. Depending upon your individual situation and the type of property, there are considerable tax incentives to holding Texas real estate.
Take time to measure your SEAT before making an offer on a Texas real estate listing to determine your financial viability today and for the next five to seven years since that is the average time most people hold a property.
More Real Estate Tips.
What special tax incentives can I realize by holding real estate?
When it comes to gaming real estate is no place for speculation - instead, use our Texas Hold 'em tips to learn how to take advantage of favorable tax incentives when purchasing Texas real estate for the long haul.
In recent years the speculative market in Texas real estate produced sensational returns but historically, the way to make money in real estate has always been to buy and hold. As the banking industry cracks down on fraudulent loans, predatory lending practices and pure speculation the serious investor and home buyer are set to benefit. Purchasing Texas real estate for the long term may qualify for tax incentives for both homeowners and investors.
1. Capital Gains. Unlike ordinary income, investment property held for over a year may qualify for a lower rate of taxation under Capital gains rather than ordinary income. Depending upon your individual tax bracket, the difference between ordinary incomes versus capital gains taxation can result in savings of tens of thousands of dollars.
2. Primary Property. If you own your primary residence a minimum of five years and live in the home at least two of those five years it may be possible to use up to $250,000 ($500,000 for a couple) proceeds from the sale of your house without paying taxes. Specific guidelines must be met but the tax savings are well worth making sure you understand the rules and regulations governing this special tax incentive!
More Real Estate Tips.
What trends will impact Texas real estate?
Whether you are searching for Austin real estate or looking for larger than life Texas condos, take time to track Texas trends that could affect your property values in years to come.
1. Warm Wins. Across the nation Baby Boomers have started retiring in numbers never before seen in this nation...and they like warm weather! Expect this trend to continue for the next twenty years and peak between 2012 and 2020.
2. Size Matters After All. Texas has always thought bigger is better and now you know for sure – size does matter! Total square footage and living area have both steadily increased over the past decades due in part to larger furniture, telecommuting options and a plethora of hobbies.
3. Go Green. Environmentally friendly materials, increased energy efficiency and low maintenance are steadily gaining ground with no end in sight. With abundant sunshine, Texas might be a top spot for alternative energy initiatives.
More Real Estate Tips.
How can I tell truth in advertising?
When you are in the market for Texas real estate it won't take long before you encounter slick advertisements, land for sale by owner and other offers that seem too good to be true. While some may be genuine golden nuggets of opportunity, others could be nothing more than a Texas tall tale. Use our helpful guide to deciphering fact from fiction.
More Real Estate Tips.
