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

[mater-three]

Are they giving it away? Because that’s the only way I’d consider it.

[CotterpinDoozer]

I wouldn't buy a home that flooded once, let alone 3 times

[mama_danetta]

$0

[nmkj]

Screw that. You're better off just lighting your money on fire.

[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.

[bluebunnybabe]

Nothing. I would spend nothing. But taxes will be spent. These homes should have never been permitted. Contractors and banks made millions. The city made taxes. And the taxpayers get to pickup the tab to buy them.

Not to mention the flood insurance premium is probably astronomical.

I can't even imagine that premium...

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!

[Bakingmomma]

I wouldn't buy a house that flooded 3 times.

[hey]

Nothing. I would spend nothing. But taxes will be spent. These homes should have never been permitted. Contractors and banks made millions. The city made taxes. And the taxpayers get to pickup the tab to buy them.

Not to mention the flood insurance premium is probably astronomical.

I can't even imagine that premium...

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

[bluebunnybabe]

I can't even imagine that premium...

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.

[Inmybizz]

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

10 feet this last time

The house is in Houston?