What to Know About Owning a Home in the Houston Area

The prospect of getting a home in a popular area like Houston is exciting for first-time home buyers.

However, you might have also heard that the process is challenging, demanding, and highly competitive. And some statistics back up this trend.

A NAR (National Association of Realtors) report states that less than 20% of homebuyers experienced a smooth home-buying procedure.

There are several challenges with getting a home in Houston, including locating choice property and paperwork.

As daunting as all of this seems, there are ways to circumvent the difficulty. It’s not all rough-sailing, and there are many good things to look forward to.

However, as a prospective homeowner with interests in the Houston area, you should be aware of certain things:

Consider the Additional Costs of Flood Insurance

The Bayou City is prone to floods, which are a function of its location and the tropical weather conditions.

Houston has a unique waterway network that cuts a scenic and picturesque landscape from any point in the metropolis. But, these same waterways tend to flood when the annual hurricanes and storms rage across the city.

If the property you acquire is close to the bayou, you’re at high risk of flooding. Further inland, the risk is reduced but still exists considerably.

As a potential homeowner in Houston, if your property is within the floodplains or the property has sustained water-related damage from previous spates of flooding, then you have to factor in the cost of a flooding insurance.

In addition, residents within these prone areas are required by law to join a fixed insurance program. However, the flooding records for the less prone areas are nearly as damning, so it’s better to consider this from the start.

You’ll Have to Pay High Property Taxes

The state of Texas has no individual income tax, which is one of the reasons why many people want to move to the capital, Houston.

However, this advantage is offset by something else- high property taxes. Texas has some of the most expensive property taxes in the USA. To put this into context, a home valued at $300,000 will command around $7000 in annual taxes.

There Are No Zoning Regulations

Houston is a rarity among big US cities. Unlike many other parts of the country, there are no laws here regarding zoning.

While its pros and cons can be debated to equal zeal, the fact is that the residents continue to vote in favor of this policy.

he result is that commercial and residential structures will often sit side by side in the same area. Not everyone finds it convenient. But it’s an excellent experience for those who like the adventure and unique twist it brings.

Deed Restrictions

This is an extension of the zoning regulations and grants homeowners the power to fine you for parking in the wrong spots and committing other civil infringements.

In addition, many neighborhoods require that you pay annual maintenance fees.

Let the professional real estate brokers help you land your dream home today!