2007-09-03 14:21:08 · 10 answers · asked by LilMzFlaca 1 in Business & Finance ➔ Renting & Real Estate
That you think you are insured but then Hurricane Katrina hits and you house is destroyed and you find out you should have had flood insurance but you don't.
2007-09-03 14:32:52 · answer #1 · answered by Village Player 7 · 0⤊ 0⤋
Risks?
The downsides that we've had in 8 years (though we expected some of them) are these so far:
basement leaks
the water heater died (was 10 years old)
the furnace died at age 23 (they only last 20-25 years)
loose windows, we replaced them
reshingled the roof, it had 2 layers on already
redid the plumbing lines from the water meter to the kitchen sink.
replaced two toilets (one cracked, the other broke inside the workings on top)
ceiling crack in bedroom
foundation crack hidden by large bush in front had to be recemented
lightning strike 2 houses away blew out our side light & took out both modems on the computers
replaced old electrical box to update amperage
trimmed tree branches hanging over house
2007-09-03 22:13:53 · answer #2 · answered by Elaine M 7 · 0⤊ 0⤋
Not making your payments is one.
Not being able to maintain your property including your house. Maintenance is an on going expense.
The only other real risk is if you buy in a poor area that does not increase in value or decreases, or if you build or remoldel in excess of the value of housing around you.
2007-09-03 21:27:46 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Having your Deadbeat brother-in-law move in with you.
I've owned houses and they're a lot of maintainance and something *ALWAYS* needs to be fixed.
I now live in a condo in Myrtle Beach, SC and everything outside is taken care of by the condo association!
Lawn, pool, trash, parking lot, bushes and shrubs, painting, washing whatever.
It gives me a lot more time off to do what I want to do.
I'll never own a house again.
Condos are the way to go!
2007-09-03 22:21:31 · answer #4 · answered by tom p 3 · 0⤊ 0⤋
Major debt for 25 to 30 years
2007-09-03 21:29:03 · answer #5 · answered by That 70's girl 4 · 0⤊ 0⤋
that the water heater will bust and flood your home.
that you will lose your job and be unable to pay the mortgage.
that your neighbprs will sell their house to slobs who lower your property values.
2007-09-03 21:24:37 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Unexpected repairs are YOUR responsibility when you own a home. It can be daunting but I love having my own house. :)
2007-09-03 21:26:22 · answer #7 · answered by :://::Christi::\\:: 2 · 0⤊ 0⤋
decline of home prices
loss of home(can be expensive even if insurance rebuilds the home)
2007-09-03 21:24:21 · answer #8 · answered by VATreasures 6 · 0⤊ 0⤋
that you will be unable to pay the mortgage
2007-09-03 21:26:03 · answer #9 · answered by Anonymous · 0⤊ 0⤋
FORECLOSURE!
2007-09-07 08:14:01 · answer #10 · answered by Ms Betty 4 · 0⤊ 0⤋