Hi, I've never renoed a home before and looking to by a rental property that was flooded in Harvey. This specific home has never flooded before and is not in a flood zone. Right now is 60k under market value. It's in need of all drywall, floors, and cabinetry.
Have any of you renoed flooded homes?
What's to know? What to look out for? Should i stay away all together?
feedback is greatly appreciated
1) Do you have contractors lined up or are you going to do the work?
2) Are the other properties in the area going to be fixed?
3) Is the property $60,000 below the after repairs value or $60,000 below the gutted flooded price?
4) Have you talked to city inspectors about things they will make you bring up to code?
5) Was the home flooded with chemicals that you know of?
6) How much mold is there?
7) What price range of house are you talking about?
8) Have you had a structural engineer inspect the building?
I think this is best to consult with your local contractors because everything can theoretically be fixed it's just going to cost a lot to fix some.
What neighborhood are you buying in . I know Norchester and several others flooded homes are still selling.. you must price correctly though ! After Tax Day floods it took 18 months for prices to cone back so expect a hit .
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