How much would you spend on a home that was flooded 3 separate times?

[BlueberryMuffin]

I wouldn't.
How high did the flood waters get?

10 feet this last time

The house is in Houston?

Well suburb of Houston, yes.

[BlueberryMuffin]

What’s the value of it hadn’t flooded? If they’re able to get flood insurance, it’s going to be super high & be required by the lender so a lot of people aren’t going to be able to or want to buy it.
I’ve already said, if we ever flood, we would sell, rather than rehabbing.

I can’t imagine anyone would buy it. I wonder, if they want the government to buy them out if they need to put it up for sale? Maybe that’s why?

[BlueberryMuffin]

I’m in the same area as op and from what I’ve seen, if you don’t raise the house after they’ve deemed it “substantially damaged” the premium will be about 10% of the value. If you have a 300K house, you’re looking at probably 50-60K to raise it or 30K a year for flood insurance. It would have to be a really nice house!

Plus if it's rebuilt it has to be brought up to current building codes which means updating practically everything.

Razing is usually based on square footage and the number of storeys though, not market value

I didn’t mean that raising the house was based on market value, just that that’s around the price I have seen around here. The flood insurance is what I was referring to with the value. I probably should have worded that differently. As far as codes, it really does depend on where the house is located. If they’re in an unincorporated area like we are, you can do pretty much all the work yourself without permits or inspections, assuming it’s your residence. I’m not familiar with the exact area op is talking about as we’re about an hour apart.

It’s squarly in the city. Galveston county too.

[Guest]

Zero dollars. The insurance must be astronomical!

[Guest]

I wouldn't pay anything for it. I would not live in a flood zone.

[bluebunnybabe]

Plus if it's rebuilt it has to be brought up to current building codes which means updating practically everything.

Razing is usually based on square footage and the number of storeys though, not market value

I didn’t mean that raising the house was based on market value, just that that’s around the price I have seen around here. The flood insurance is what I was referring to with the value. I probably should have worded that differently. As far as codes, it really does depend on where the house is located. If they’re in an unincorporated area like we are, you can do pretty much all the work yourself without permits or inspections, assuming it’s your residence. I’m not familiar with the exact area op is talking about as we’re about an hour apart.

It’s squarly in the city. Galveston county too.

They’re definitely going to have some aggravation with rehabbing then, especially if they received a “substantially damaged” designation. From what I’ve seen, they seem to be selling for around half of market value. Mostly investors rehabbing them for rentals.

[bluebunnybabe]

What’s the value of it hadn’t flooded? If they’re able to get flood insurance, it’s going to be super high & be required by the lender so a lot of people aren’t going to be able to or want to buy it.
I’ve already said, if we ever flood, we would sell, rather than rehabbing.

I can’t imagine anyone would buy it. I wonder, if they want the government to buy them out if they need to put it up for sale? Maybe that’s why?

Investors were buying them up like crazy down here.

[nassivera]

I’d never buy it to begin with lol

[Inmybizz]

10 feet this last time

The house is in Houston?

Well suburb of Houston, yes.

I saw a news report about some of the flooded houses going to auction. Many of them did not make the auction minimum. I believe there was a couple trying to sell there 240-300K flooded home but no one bid on it. They are going to put it on the market.

My mother and I have beach houses in Galveston. Hers was totaled during ike. Mine made it through. I also have a house not far from Galveston it's made it through all the storms with no damage.

[Love]

I wouldn't buy it.