Texas is a beautiful state that has a lot to offer. The state offers a wide range of employment opportunities. The growth rate of job has gone up to a staggering 4%.
Few reasons why Texas is a good investment option
– The tax exemptions you get on your property will help you stay in your budget. The exemptions include agricultural, wildlife, and timber exemptions. For those who want to use the land for agricultural activities, this exemption saves quite a few bucks.
– Land in Texas can also be used for establishing a business. A wide range of businesses can be established including B&Bs, inn, camping grounds for hunting.
– The prices in the state vary as we move from different parts of the state. However, broadly speaking, land is affordable. Buying property in Texas will prove to be a good investment in the long run.
– It can get tricky to get loans from financial institutions as they do not look at the market in the same way as a real estate investor. They usually undervalue the land, thereby making it difficult to procure loans. Nonetheless, there are many institutions in Texas that are basically run by farmers and landowners. These institutions provide easy loans and alleviate the headache of providing financing.
– Texas is a well-developed state but it also has rural areas that are yet to be developed. The prices are low and it is fairly easy to get a profitable deal.
– Another advantage of rural areas is that there are no restrictions on the development of land here unlike metropolitan areas.
– Those using their land for agriculture can file Schedule F in their Federal income tax. This schedule allows one to write off his expenses incurred by farming. It also allows one to write off the interest accrued on the loan taken for purchasing land. The interest on loan taken for construction can also be claimed.
– The economy is strong and thriving. The state has plenty of natural resources. It has many esteemed universities and colleges to offer.
– There are about 50 Fortune 500 companies that are residing in the state including Tenet Healthcare, Texas Instruments, AT&T, Exxon Mobil, American Airlines, Sysco and so on.
– The state boasts some of the best cities in the United States like Houston, Austin, San Antonio, and Dallas.