How Your Manor, TX Home is Losing Your Money
While you may be excited to own a home, it doesn’t necessarily mean that it is a smart investment and a good way for you to be making money. In fact, in the case of Manor, TX, your home may just end up being a big expense and here’s why.
With its close distance to Austin, TX, the home prices increasing in Manor, sadly don’t really show what they are worth. In 2017, Austin reported home sale prices hitting record highs1, making it an unaffordable city for many people, both in terms of living and buying. This forced many people to neighboring cities, such as Manor, driving up prices. As an owner in Manor, you may be paying more for your home than what you should be, and may be able to make money as people from Austin go looking for property to purchase.
When you own a property, you are required to pay taxes on it every year. These taxes are determined based on the value of the property and the current property tax rate of your state or county. The property tax rate in Texas2 sits at over 2.25%, making it one of the top ten highest rates in all of America. With properties in Manor going up in value, while your house may become worth more over time, you will continue to pay over $5000 per year in property taxes.
There has long been interest in purchasing property in Texas as an investment, and in some cases, it can pay off. In the case of Manor, however, this isn’t always the case. In April, Forbes published3 their list of the best cities in Texas to purchase an investment home, but Manor did not make the list. This means, that not only is it not likely a good idea for you to hold onto your property in hopes of making money from it, but with the high tax rates, you may not start to see a return on your property any time soon. It will continue to cost you money and given that, you should plan to sell your house fast in Manor, TX. If you don’t want to keep losing money on your home, or are feeling like you could better invest your money elsewhere, start thinking about a quick sale of your home. Reach out to HomeGo to learn more about how we can help you sell your house fast in Manor, TX, without any of the usual hassle or stress.