We live in northern New Jersey, and there is a really nice house I am considering to buy.
it is in a high risk zone A flood zone, and i am having second thoughts about giving an offer.
the house is amazing, however.
we are planning to live there for only 5-10 years, so should we do it?
the land is perfectly flat on a .87 acre lot.
there is no basement, but it is a split.
Warm thanks in advance!
2007-02-28 14:28:57 · 19 answers · asked by Jerry 1 in Home & Garden ➔ Other - Home & Garden
Thank you all for your excellent answers so quickly
2007-02-28 14:41:38 · update #1
Go ahead and get it. Just remember, flood insurance can't possibly replace family keepsakes. You will also have to keep making payments while it's being repaired after a flood, which could take months. You will also be paying rent somewhere else while the repairs are being done. You might have to sell at a loss after 5 or 10 years.
You might find another stupid person to buy it.
2007-03-03 20:03:32 · answer #1 · answered by mountainriley 6 · 0⤊ 0⤋
I would highly recommend, NO. I have lived in a house that has flooded out in the basement every year for about 9 yrs now. I have had several pieces of furniture completely ruined. I have several pieces of my childhood destroyed. Pictures, papers, etc... Unless you don't care about any of your posessions i would recommend not buying that house. It's probably an amazing house because it was just rebuilt or remodeled to clean up from the last flood.
2007-03-05 00:00:34 · answer #2 · answered by Jen R 2 · 0⤊ 0⤋
I have a home in FL on a canal off the bay that ironically flooded form my hot water heater busting, not from a hurricane flood. Flooding is not fun anyway you look at it, especially when you are not ready for it. There is a neighborhood right next to me that is on a skinny penisula (only 4 homes reside there). We almost bought one of those homes until we found out that no insurance company would insure any of the homes on this strip of land which is why we decided to purchase the next neighborhood over. At least we had insurance cover us for our accident! Before you proceed call the insurance companies and see if you can get insurance!
2007-02-28 23:49:29 · answer #3 · answered by whitetreehome 1 · 0⤊ 0⤋
Insurane will not cover the loss in a high risk flood area because the will not carrey flood insurance so if you buy the place you are taking a big risk. Good luck.
2007-02-28 22:33:41 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Your insurance if you can get it on that house will be outraegous. Keep looking the market is flooded right now with homes and the interest rates is low. You should have lots of choices. Good Luck
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2014-06-19 01:22:33 · answer #7 · answered by ? 1 · 0⤊ 0⤋
You will be assuming a lot of risk...you have to ask yourself how much it will cost if the house is totally flooded. You should also consider whether it will be hard to sell to someone else...
2007-02-28 22:32:59 · answer #8 · answered by Anne 4 · 0⤊ 0⤋
if you dont think you'll find another house then buy it. But be prepared for floods. and get flood insurance. I dont know about NJ but in texas where i am flood insurance is a whole seperate policy from homeowners. good luck!
2007-02-28 22:33:21 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Sure if you have enough $$$ to pay for the insurance neccessary to repair or rebuild your home after a major storm or Tsunami that might hit the area you live in!
2007-02-28 22:33:20 · answer #10 · answered by BAILEY 2 · 0⤊ 0⤋