If you are thinking of buying property in the Clear Lake area, new homes are going for next to nothing in some of this city's up and coming property developments. There are some good buys to be found in just about every price range, and you would do well to get in on some of these developments before the growth stops.
So why would you want to buy a home in the Clear Lake area? New homes here were rated by CNN last year as one of the best new places to live in Texas, and this year Clear Lake made the top ten of best new places to live in the USA. This is in large part due to the decline in housing prices and standards countrywide that have yet to affect the greater Houston area as heavily as many parts of the country.
You can expect some of the new homes here to be a little bit pricey in comparison to some other areas, but this does not mean there isn't significant investment potential in this county. The prices for medium sized family homes have shown solid growth over the last decade and are expected to recover from the current housing crisis. There is no reason to expect a drastic drop in property value in the area any time soon.
So if you are looking to buy your new dream home and you want to invest in a property that is sure to appreciate dramatically in value, this area is a good option to look at. There are many advantages to living in this city, not the least of these is the pleasant weather that you don't usually find around Houston. The lake breeze does a lot to cool the afternoon heat, and winters around this area are not nearly as severe as they are in other parts of the state.
Another major benefit to living here is the choice of fine public and private schools. If you want your children to attend the best schools in Texas, then you should definitely consider looking at some of the new homes that are being built.
While property prices for some of the newer homes in the area remain high, these developments are definitely offering their buyers good value for money. You won't find cardboard box houses or squashed semi-detached housing in many places, and most of the security estates that are being built consist of medium size fully-detached homes that are well worth their market value and more. Most of these developers are offering large discounts if you pre-buy in the planned stages, so get down there straight away and start looking at blue prints.
If you are looking at top of the range homes in the Clear Lake area, new homes in the higher price ranges are definitely in those price ranges for a reason. In the upper $600s you can buy beautiful restored or brand new mansions that would cost over $1 million in other parts of the country. Some of these properties might look to be priced a little high though - but remember that capital appreciation on larger homes in this area is very strong, and you can expect significant returns on any significant investment.
The market here is also primed for smaller buyers right now, with many of the smaller developments going for next to nothing in the early phases. Developers are desperately trying to attract buyers despite the current subprime lending crisis, and if you have some capital to invest or sufficient credit it would be well worth your while to have a look at the new homes that are going up in the next few months to a year. Stay clear of any developments with a longer time frame than this, as then you could end up paying higher prices for these units as the market moves.
Unfortunately, regardless of how confusing these documents might appear, the buyer has a responsibility to review the title, survey and legal description. These documents should be provided to the buyer for inspection before the closing.
The Survey and Legal Description Are Related
Together, the survey and property description (also known as a "legal description") combine to create the very foundation of what is being purchased. These real estate documents describe in detail the boundaries of the land. An error in either the survey or property description can create costly troubles down the road.
Property descriptions and surveys are connected and need to be read together. A buyer can find the property description either within the deed itself or attached as an exhibit to the deed and other documents. The property description absolutely must match the survey. If there is a discrepancy, the error needs to be corrected before the sale to avoid title disputes in the future. To make sure this is corrected, the buyer needs to immediately notify the title company, his or her Realtor and perhaps the seller.
Types of Surveys
Surveys can be rectangular surveys or metes and bounds surveys. Rectangular surveys are based on a system that was approved by Congress in 1785. These surveys read something like "NW NW SW Section 24, Township 6 North, Range 12 East, Gila and Salt River Base and Meridian." This type of survey call describes a square 10-acre parcel of land in a section within a "township" and "range" within a state. The section itself is divided into 160-acre quarters, and these 160-acre quarters are divided into 40-acre quarters and 10-acre quarters, respectively. The rectangular survey is common in real estate transactions in the western United States.
Metes and bounds surveys, on the other hand, are based upon directional calls and bearings that were carefully made by a surveyor. They read something like "THENCE North 10 degrees 20 minutes 16 seconds West, a distance of 1400 feet," and so forth.
Regardless of whether real estate is described by a rectangular survey or a metes and bounds survey, the survey and the property description must match exactly. This cannot be emphasized enough!
Survey Stakes
Another important thing to do before buying real estate is to walk the land to make sure that the surveyor's stakes are located at the four corners of the land. Sometimes, there will be additional surveyor's stakes. Surveyor's stakes or pins are usually marked on the survey. Kids or vandals might pull these stakes out of the ground. If they are missing, make sure that the Realtor, title company, and seller are informed so that the problem can be corrected prior to closing.
Conclusion - Avoid Future Troubles
There is nothing worse than trying to correct property descriptions and title problems after closing. This can be an expensive problem that forces you to hire an attorney. The best way to avoid property line disputes is to review the property description and survey before signing any type of real estate contract.