Things to know before buying a house in Texas – “Texas is a state of mind. Texas is an obsession. Above all, Texas is a nation in every sense of the word.” -John Steinbeck
Texas has a unique quality. It fits perfectly in every person’s life. So, if you are thinking of moving into one of the cities in Texas, don’t be surprised when you see queues of people entering there. After all, it’s Texas! Numbers only tell you this much that it is the second most populated state in the US, but the real story is behind those numbers.
The natural beauty, a booming economy, the culture, and of course, the food. Who wouldn’t want to move there?
Oh! Have you already decided to move there? Here are 11 things you should consider when looking for your new place in Texas:
- Do your research
Texas can be tricky for newcomers. There are too many considerations. Finances are the foremost step you should take before investing in any venture.
Review your credit score and check how much credit you can handle. The Internet is your friend. Research by the National Association of Realtors shows that 44% of home buyers looked for their homes online.
- Prepare for warm weather
Texas is very welcoming for people from East, West, and North unless it is summer. Generally, summers are hot, and temperatures may go between mid to the upper 90s. Meanwhile, winters have an average temperature in the mid-60s. Even though the temperatures vary, the overall weather conditions are warm. So, if you are moving there, you know that you need to pack light on clothes.
- Get ready for lower taxes
Texans do not have to pay the income tax. They dislike it so much that they have put it in their constitution. Also, sales tax is menial. So, if you are planning to shift here, it is going to be a pleasant experience financially.
- Find a real-estate agent
Having a credible real-estate agent by your side reduces the chances of being siphoned off and making errors in documentation. Although ‘it is not mandatory in Texas to hire a real estate agent,‘ but you can have one to make the process easier for yourself.
You can seek a reliable agent upon referrals of friends/family or look for agents’ information on the Texas Real Estate Commission portal. Make sure that the chosen person/company has a solid track record in the state.
- Obtain approval for a loan
You must get pre-approved for a mortgage before you start your home hunt in Texas. A mortgage agent/company will aid you in having your loans accepted. If they are asking for too much markup upfront, that’s a red flag! Also, make sure you know all about the lender’s requirements before you pursue them.
- Write an offer
Once you have your dream house in sight, it is now the time to fulfill other requirements. In Texas, the purchase offers must be in written form. Your real estate agent will guide you about the contingencies and miscellaneous terms on the offer.
- Property inspection
Every seller in Texas has to fill a seller disclosure form. It provides a detailed account of the features and status of the entire property. Any decision you make should be based on this form. It is recommended to hire a professional home inspector who will assess the property with an expert’s lens.
A certified home inspector knows well how to conduct a pre-sale real estate pluming inspection as well as the examination of the ceiling structure, roofs, chimneys, and electrical systems. It is also preferred to hire professionals in every aspect. After all, no one can claim to be an expert in every detail.
- Work with a title company
Getting on board with a title company will allow you to detect if there are any problems with the insurance title. It will also check the rights of the seller and the history of mortgages on the property.
- Reach out to an attorney
Legal representation is mandatory if you are new to a state. It becomes even more essential when an agent interacts with you on behalf of the seller. You must look for ‘a reliable real estate attorney’ in Texas. It should be someone reputable and authentic.
- Study the contract
The most common form of the residential sales contract in Texas is, ‘One to Four Family Residential Contract.’ It secures the interests of both the buyer and the seller. Also, there are a few other types of contracts, like Unimproved Property Contract and Residential Condominium Contract Resale. Whichever contract you agree upon, make sure it secures all your fundamental rights, and you must read it thoroughly. Do not rely on verbal statements made by the seller, even if they are someone you know.
- Fix the selling price
Finalize the selling price after the mutual consultation of the legal advisers and the seller. You should only go for the property if the sales price falls in your budget. If there is a hint of expensive home fixtures in the future, do not go for it. Your ultimate concern should be to save up your finances for the future.
Final Verdict
According to Statista, around 9.58 million people lived in Texas in 1960. By 2019, this figure had increased to about 29 million people. The massive population boom in Texas is indicative of a good profile of the state.
However, moving into a new place will impact life. It is a big decision that requires immense considerations. You should make an informed decision after taking into account every factor. A financial advisor and trusted real estate agent can help you navigate these changes smoothly.
We hope you will have an exhilarating experience in Texas!
