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Posted on 4/20/18 at 5:57 am to Martini
quote:
Depending where it is located but many are selling 10-15% above market value prior to the storm.
I bought my house for $136k in 2014. Flooded in 2016. Have a contract on it right now for $175k. At least in my neighborhood, home values have increased a lot since the flood. Only took in 15 inches of water and is not in a flood zone so insurance is not required. I pay $425/year for more than enough coverage though. I’ll never go without flood insurance.
Posted on 4/20/18 at 6:05 am to CaCestBon
quote:
Another question: is adding on to a house in this situation impossible?
I don’t see why not. You’re adding on to an existing structure. You just might have to pay more fo flood insurance to cover its value.
Posted on 4/20/18 at 6:30 am to Mulat
quote:
No, absolutely no, unless the house was raised well above flood level of the most recent flood
Dude. It was a once in a lifetime event. FFS.
Posted on 4/20/18 at 6:32 am to elprez00
There are too many places for sale that never flooded to buy one that has
At least that's how I feel
At least that's how I feel
Posted on 4/20/18 at 6:39 am to yellowfin
Depends on where you want to buy and how much you want to spend.
Posted on 4/20/18 at 6:41 am to CaCestBon
I have bought and sold several flooded homes. We flooded as well and would not hesitate to buy and live in another home that flooded, provided the rebuild was quality.
Make sure they have a certificate/letter from a reputable company stating it was treated for mold.
Make sure it is under contract for termites. Termites were awful after the flood.
Ask if they had the proper permits to rebuild. Not all rebuilds required permits, but contact the city to see what was required.
Make sure they have a certificate/letter from a reputable company stating it was treated for mold.
Make sure it is under contract for termites. Termites were awful after the flood.
Ask if they had the proper permits to rebuild. Not all rebuilds required permits, but contact the city to see what was required.
Posted on 4/20/18 at 6:46 am to CaCestBon
Talked to a guy yesterday who put a 2016 flood house on the market a week ago. Said it sold in less than two hours for MORE than he was asking--which was already more than he paid in 2014. Apparently someone out there thinks it's worth the risk.
Personally, I've seen enough shitty refurbs to cure me of any desire to ever buy a place that flooded.
Personally, I've seen enough shitty refurbs to cure me of any desire to ever buy a place that flooded.
Posted on 4/20/18 at 7:53 am to CaCestBon
quote:
Good point. Flood insurance quotes will be necessary before making a decision.
You can put in an offer and even go under contract without flood insurance quotes, you can review/gather quotes during your inspection period and back out if you feel they're too costly. I did this back in January, the seller assured his cheaper flood insurance would transfer to me, we went under contract and then I found out that flood insurance was going to be 5k/year...so I backed out during inspection period.
Posted on 4/20/18 at 7:55 am to yellowfin
quote:
There are too many places for sale that never flooded to buy one that has
At least that's how I feel
Problem is, and what I figured out, flooded homes are going to be updated and feel newer then non-flooded homes. It progressed to where we were seeking out previously flooded homes.
Posted on 4/20/18 at 8:22 am to LSUsmartass
I live in an older neighborhood, most of the houses are 40 years old. Since the flood, all of these house have been redone, most of them inside and out. While the houses are older, some are better than new houses being built today. The values of the homes has all gone up since the flood too.
I'd buy a flooded home that was rebuilt right in a heartbeat.
I'd buy a flooded home that was rebuilt right in a heartbeat.
Posted on 4/20/18 at 8:34 am to CaCestBon
quote:
CaCestBon
quote:
Thinking about buying a house that was flooded in 2016.
It's since been repaired, but we would still want to put money into it to make it better.
Would you?
Brother-In-Law took 4' of water in Shadow Springs in Denham in August of 2016. Had Flood Insurance + Contents Coverage. Got paid max on both sections of policy. Owed <$100,000 on home. Paid it off and walked away with many thousands more.
Then sold his home flooded and gutted for over $50K cash.
Took that and bought a flooded a gutted house that was previously in foreclosure elsewhere in a really nice hood in Denham.
Bought that home for wayyyyy under ask thanks to flood damage. Took his cash and poured into a rebuild and reno, and then used some donations they got from his wife's work, his work and then some FEMA $ and they now have a $400K home for around $230K.
A lot of people have done this is in areas impacted by the Flood. Homes that are 10-12 years old that are totally renovated brand new. It's going to be a rising tide that helps all boats in terms of the median cost of homes in LP.
Posted on 4/20/18 at 8:35 am to jbro12
quote:
Chances are that it’ll never happen again. I received 15 inches of water.
I'm on the house hunt too. A lot of homes available in the Old Jefferson/Antioch area. I know the area took on some water, but I'm leaning towards banking on that being a once in my lifetime catastrophic incident.
I'm thinking give it some more years and especially if the St. George plan goes through, that that area will become an in demand spot in the future.
Posted on 4/20/18 at 8:42 am to lsufan112001
quote:
Up to 150 a month
That's it? I thought it would be way more?
Posted on 4/20/18 at 8:45 am to yellowfin
quote:
There are too many places for sale that never flooded to buy one that has
Kind of depends what the buying budget is. A good amount of homes that flooded got completely updated and are selling for around $160k-$175k.
Posted on 4/20/18 at 8:46 am to LSUsmartass
quote:
flood insurance was going to be 5k/year
What area was this in? Currently looking.
Posted on 4/20/18 at 8:48 am to Areddishfish
quote:
Areddishfish
quote:
I'm on the house hunt too. A lot of homes available in the Old Jefferson/Antioch area. I know the area took on some water, but I'm leaning towards banking on that being a once in my lifetime catastrophic incident.
I'm thinking give it some more years and especially if the St. George plan goes through, that that area will become an in demand spot in the future.
Free Advice: If you're considering a property in an X-Zone that has taken water...if it looks good and checks your boxes, go for it.
With one, single caveat: Buy a flood policy WITH contents coverage. In an X-Zone this is going to be a $400-550 annual expense TOPS.
Why am I suggesting this: Two Reasons.
Reason #1 - Flood Maps change. FEMA requires new mapping every 5 years. If you end up buying in an area that's an X-zone the day you close but later on gets remapped into an A or AE zone then-by virtue of your purchase of that policy when you didn't need it at that heavily subsidized $400-450-you can continue to pay at that subsidized cost even though you're rezoned into the Flood Zone which would ordinarily run you at least double if not triple that. Which means you lower your cost of home ownership in the future.
Reason #2 - If you buy the policy while in an X-Zone and are later remapped like in the example for Reason #1 and then go to sell your home and move...you can pass that subsidized rate onto subsequent homeowners. Which means that subsidized $400-550 cost becomes a sales feature of your home. You could have an identical home right next door after remapping and it cost THOUSANDS more to insure compared to yours.
At the end of the day that makes a huge difference when shopping for a house.
This post was edited on 4/20/18 at 8:49 am
Posted on 4/20/18 at 8:50 am to GFunk
Noted. Thanks! It's tough because I know areas that didn't flood at all but they are also going for $50k-$75k more than most of the house we are seeing that were updated after the flood.
Posted on 4/21/18 at 2:26 am to Areddishfish
quote:
What area was this in? Currently looking.
River run in Denham
Posted on 4/21/18 at 2:45 am to LeMarteau
quote:
I’d pay for it to be inspected for mold
Probably already had proof this occurred before the close wall inspection.
ETA ask the agent if the homeowner has an invoice for services provided.
This post was edited on 4/21/18 at 2:48 am
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