Are you looking to invest in real estate in the US? There are several reasons why this can be a sound decision for your future. But if you haven’t yet narrowed down where you’d like to do this, you could use some good advice. Today we give you the top 5 reasons to invest in Texas real estate.
There Are Favorable Tax Laws In Texas
One of the top reasons people give for moving their home or business to Texas is that is a tax-friendly state. Sure, there are pros and cons of Texas living, as with anywhere else in the US. But more and more people are choosing to make Texas their home for this reason.
When compared to all the other US states, Texas ranks 46th for overall state and local tax burdens. There’s no personal income tax, and no taxes on estates either. Texas also enjoys fairly low sales taxes and property taxes on homes. This makes the state of Texas a haven for many retirees.
The Housing Market In Texas Is Booming
The housing market in the Lone Star State is booming and is set to do so for the foreseeable future. The Alamo city of San Antonio, in particular, is experiencing a steady growth in property value. This makes Texas one of the best places to buy property right now.
But Texas has been an excellent choice for property investors for the past few years. Even during the global pandemic of 2020, investment properties in this state continued to generate good returns. This proves how economically resilient Texas is.
The Texan Economy Is Strong And Resilient
Construction is an important factor in the Texan economy, driven by population growth, an improving housing market, and robust business investment. The economy of the State of Texas is the second largest by GDP in the country, beaten only by the state of California.
This state boasts a strong business environment and is one of only 4 US states with no corporate income tax. It is also home to many Fortune 500 companies. Texans enjoy the fastest income growth in the country as a result, which is also good news for those wanting to rent out a property here.
Your Residential Property Is Protected Here
Texas has a long history of strong debtor protection laws. And the state affords its citizens many protections regarding their property. Besides the right to protect and defend one’s property from intrusion, the most important safeguard is the Texas Homestead Law.
This law prevents your home from being seized and sold to satisfy creditors. To qualify as a homestead, whether rural or urban, you must be using the property as your home. It still qualifies for this protection if used for both residential and business purposes.
Texas Has A Wealth Of Natural Resources
A wealth of natural resources can be found here. While oil is the top commercial asset, Texas also has several deposits of natural gas. But the natural beauty that can be found here is a major factor in attracting families to the region.
And let’s not forget one of the top natural resources: the sun. There are an average of 235 sunny days per year in Texas. That’s 30 days more than the US average. Best of all, several Texan utilities and local government agencies offer incentives for installing solar energy.
It’s Considered One Of The Best Places To Live
Due to the availability of good education, many families have relocated to Texas in recent years. With people here more inclined to rent than buy property, this can be very good news for savvy investors.
Texas is home to some of the top schools in the country. This means that the student market is another avenue of opportunity for those investing in property to rent out. Fort Worth and Garland are 2 cities that are especially worthwhile to property investors.
Meanwhile, in a survey reported on by CBS news, Irving, Texas has been named one of the best places to live in the US in 2022. The top reasons given were the availability of green outdoor spaces and the healthy lifestyle of its citizens.
