Should I buy this house, or not?
October 8, 2013 6:14 AM Subscribe
I'm looking at buying a house on the bayou, but am unsure whether the flood and flood insurance issues mean I should offer less, or just run.
posted by atchafalaya to Home & Garden (12 answers total)
I live in Lafayette, LA. Found a nice house on the bayou, which I've been looking for. Built in 1968, one owner, in immaculate shape, right size. Asking price is 159K, got them down to 145 without too much trouble.
The problem: It's two feet below the flood line. I can continue the guy's flood policy, which is about 1.5K a year.
However, the premiums could go up. I don't know if when I go to sell it (no plans to) I could transfer the policy again.
It's on a slab, and there is zip I could do to mitigate.
Do I make another offer for less with this in mind, or should I just run screaming?