It's a nice place ... but I can't afford it

This is a phrase I hear in my practice on a regular basis. Houston is still the 4th largest US city by population and what's more we have a busy amount of new residents relocating. Houston's thriving economy from hydro-carbon and energy companys, education and medical industry draws large numbers of people to live, work and thrive in our cosmopolitan and unique metropolis.

There is a rumor that Houston is one of the 5 most affordable places to live in this country. This is in part based on the very affordable cost of housing and the strong local economy. As I've mentioned before Houston's economy is based around the world and that makes it one of the most resiliant.

If it's so affordable here why do I hear "I can't afford it" so often? The answer is simple; Houston is a VERY diverse area and the cost of housing varies greatly from place to place. Just like any other major urban area there are some areas of town that are more coveted than others.

So how does one overcome this? Well, first of all, consult a professional. Any REALTOR® worth his or her salt will be able to speak intelligently about housing costs and what is driving home values in a given area.

I pride myself on my current knowledge of home prices and the whys and wherefores of those valuations. It's important to know what to compromise on and to look at your home purchase in the long term. When you decide to sell how will the neighborhood look to future potential buyers? Chances are if you were anxious to buy in a particular location others will be too.

Houston is slowly getting more friendly with condominiums, townhomes and other home styles that allows us to densify sensibly while allowing us to live close to the fantastic arts and leisure our great city has to offer and still keep home prices affordable. (Ask me about some of the amazing prices on brand new town homes close to just about anything you can think of!).

Obviously Inner-Loop living is going to be more expensive but here are some ideas to help you find the right place that you can afford:

• Trade in yard space for living space: Often times you can get more house for the money if you are willing to give up on yard size or even eliminate yards altogether. Remember, our warm weather means nearly all year spent on mowing and upkeep in addition to an exceptionally long fall where leaves will clutter your landscaping for a couple months instead of just a few weeks.
• Have your REALTOR(r) look for undiscovered neighborhood: A savvy REALTOR® will be able to search out those undiscovered neighborhoods that are cost effective but still offer everything you want and need.
• Smaller space for a Better Place: There are very few problems with a home that cannot be cured. Location, however is one. NO matter how fancy the upgrades in the kitchen you can't remodel a home to be further away from a freeway or closer to the school. When buying a home consider losing a few hundred square feet of living space to get into that home on the cul-de-sac or in the better school zone.
• Follow the money: Look for a smaller home in an affluent neighborhood. When the time comes to sell others will undoubtedly do the same. But also, look for a house with lower property taxes and be certain to take advantage of all your exemptions. Lower property taxes can help you afford more home. Again, consult your REALTOR® to find the lowest tax rates.

Hope these tips have helped! Feel free to ask me for details or if you have any questions or comments.