Paid my property off with insurance settlement. Income is less than half than before storms. I have an offer from the friend I've been living with since storm to help pay for an addition to his house and always have a place to live no matter what. My pregnant daughter and her husband want to buy a damaged place together and renovate. Undamaged property values have sky rocketed. My property now sits outside the levee protection area, If I rebuild there it has to be 13 feet above the base flood elevation. My damaged house was 2000 sq ft and beautiful. I can only afford to build a house that is 900 sq ft, 13 feet in the air. I do not know what to do
2006-10-18 06:14:42 · 7 answers · asked by Marylee D 1 in Home & Garden ➔ Other - Home & Garden
Well there are pros and cons to both if you rebuild, albeit smaller for now, it is all yours and it could be a lovely home even at 900sq ft. If you choose to build consider an open floor plan with kitchen dining and living as 1 space and bedroom master bath as the other. If you move in with your friend consider the case of ownership carefully, make sure you are a partner or otherwise listed in ownership or you could be evicted in the event of a falling out. There is the option of buying a place to rebuild as your daughter is - it looks like it would get you the most for your buck, ownership and rebuild control, maybe even a little slush fund for a vacation in a year or so. You don't mention what the value of your existing property is at current - there may be some potential there for income later-even if you don't build right away I would hold on to it. Incomes will improve as business move back and new businesses open-tourism will come back- this was a horrible tragedy but you will come through it OK. My heart goes out to you and everyone who suffered this tragedy. Good Luck and I hope you find the answer you need.
2006-10-18 06:28:02 · answer #1 · answered by Walking on Sunshine 7 · 0⤊ 0⤋
There would be no way I would rebuild. Learn from this and move where this is less likely to happen. Find a good job and have the home you want. It will be very hard to leave I am sure. But change is good and you might end up happier than before.
Good Luck!
2006-10-18 06:30:14 · answer #2 · answered by CTB 1 · 0⤊ 0⤋
I guess I would move to higher ground. You're wasting a lot of money building 13 feet up. You could use that money to get more house. Lots of luck. You guys down there really got screwed over by this regime.
2006-10-18 06:24:06 · answer #3 · answered by Jabberwock 5 · 0⤊ 0⤋
Why not move to another area, where you can make the money you are used to and have a house that is similar to the one you had before. If you rebuild, will you be happy there in such a small house?
2006-10-18 06:22:27 · answer #4 · answered by LittleLady 5 · 0⤊ 0⤋
I would relocate from ground 0 because you don't sound like a glutton for punishment. Seriously your insurance I'm sure will be higher because it is a high risk flooding area. It sounds like in the near future we could get another or what just happened in Hawaii with the tsunami you never know. good luck in your decision
2006-10-18 06:26:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I would be hesitant to build any where that isnt 20 to 25 feet above sea level along the gulf coast. It is getting harder and harder to get insurance in the coastal countys and New Orleans is below sea level. Remember; Burn me once shame on you, burn me twice shame on me!
2006-10-18 06:21:44 · answer #6 · answered by Captleemo 3 · 0⤊ 0⤋
Move and buy a new place.
2006-10-18 06:22:54 · answer #7 · answered by surfer_grl_ca 4 · 0⤊ 0⤋