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Need honest opinions, please.
Our house is in a 100 year flood plain. When I bought it, I did immense amounts of research and the last "flood" they had was from a neighboring community that had an overspill from a creek (this neighboring community is approximately 3-5+ miles away). I could not find any evidence that supported any damage to the homes where we are located, however. It just happened close enough that its now a requirement to have flood insurance if you carry a mortgage on the property.
FWIW, I've had the house for almost 5 years now and I've spoken w/ several of the neighbors who have lived there long enough to raise their kids and be retired now and they do not ever recall any issues. The previous owners of my home owned it since it was built (its 94 years old now) and I also spoke w/ them about it and they also said no problems in the time they owned the house.
If you were very interested in the house itself and there were no other deterrents, would the flood insurance make you think twice? We are willing to negotiate paying for the first year of the insurance if it means selling (I did the same thing when I bought the house) if that helps.
I'm feeling a bit deflated b/c I guess in my mind it didn't seem like a big deal (obviously since I bought the house and have to deal with it myself) but my REA mentioned in a nice way that it might be an issue for some people. I'm trying REALLY hard not to take things like that personally b/c this is a business transaction, but its hard when I feel like that comment meant "No one will want to buy it" ya know? TIA!
Re: Need honest opinions, please.
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This is my take on it. People who are looking near rivers and creeks are aware of the possibility of flooding, and that possibility of flooding has not stopped them from looking yet. These people are also aware that flood insurance is something they will have to buy.
People who don't want to buy flood insurance are not going to bother looking in potential flood plain areas, unless they're completely uneducated.
It depends on (a) what type of flood plain you are in, (b) whether you get coverage for contents only or contents plus structural, (c) and whether you are in what the govt. calls a "preferred zone". Not being in a "preferred zone" means you can get the inexpensive coverage.
Our house is not in a preferred zone so its a bit more, but not outrageous (imo), either. We only do structural coverage b/c we don't have much in our basement (and certainly not anything very expensive that we are worried about) that we couldn't easily/quickly replace (things like decorations, a pool table which is on its last leg that we barely use, etc) that we are concerned with. Our house is also very large for the area we are in, just shy of 2100 sq ft, so the coverage is a little more exp. b/c of that. We pay $1300/year.
There has NEVER been a flood as far back as our street (believe me, I did extensive research), and there has never been a water issue in our house. Our entire street has not seen the nearby creek get close to flooding; even with the horrible, extensive rains we've had the past month. My dad has lived in this same neighborhood 50 years and they have never had this happen, so I felt confident to buy the house based on several factors.
That makes a great deal of sense and I really appreciate the insight on both sides of the spectrum.
I was feeling a bit deflated b/c my REA (whom I love dearly he's been helping my family for over 26 years) mentioned that it might be an issue for some people. I know I can't take things like that personally b/c this is a business transaction and nothing more. Its hard not too sometimes, though. I made sure to educate myself when I bought the house and would like to think that some people would, too ya know?
I also posted this on the buying a home board and most of the responses were "no I wouldn't even consider the house". I wonder if what munkii said about not being educated about the situation/area has something to do with some of those responses, though...
Obviously most of my neighbors have to deal with this same thing, but I would almost bet that they aren't worried this being an issue. My next door neighbor bought her house a month before I bought mine and she was going to sell this year, but wants to wait until the market turns around a bit, so I know she has considered this as well.
I'd consider it... do research, weigh out the risks, etc...
The main issue for me would be the added cost and whether or not I could afford that.
MY BLOG!
This was exactly word for word what H & I decided yest. I'm not going to bring it up unless someone tells either their agent or ours that it would be a determining factor on their offer. Then we will def offer the incentive and see where it goes. It makes me feel a bit better hearing some other opinions, whatever side of the spectrum it is. I like the object point of views, so thank you all for being honest with me!!