The Greater Houston area has been afflicted with some of the worst floodings the United States has ever seen over the last 3-4 years.
While the factors of these events are plentiful, there are two major, consistent factors:
The billions of dollars in damage and shocking photos are terrible, to say the least, but become far more amplified when you consider the individual people, the individual friends, family members, and neighbors that are directly affected by these storms.
Hope can seem bleak, and the path is never easy; however, we as humans and especially as Texans are resilient and always fight back against the odds. We have an innate ability to overcome and come back better than ever.
So, how do residents pick up the pieces and begin to move forward?
After the water recedes, the pictures are taken, insurance claims are filed, and demolition is finished, follow this guide to help your family make an informed decision on what to consider about your home and how to handle life after a flood event.
One of the most significant deciding factors as to how limited or open your options are is going to be the amount of equity you have in your home when disaster strikes.
Loans can be made for immediate repairs using your equity; however, it is crucial to consider that adding this debt combined with the post-flood market value of your home can be risky.
Dumping your home in fear of what may or may not occur in the future can also be quite dangerous to your financial health and you risk losing the equity you have built up within your investment. We’ll touch on this a bit later in this article.
The overall fear in regards to a homeowner’s structure, beyond the physical aspects associated with the home, is the home’s value and the future of that value after a flood event.
Real estate markets are always changing, and when disaster strikes, the already high amount of variables are amplified even more so.
Taking a step back and evaluating your situation in depth with a knowledgeable, respected real estate agent in your home’s market area is priceless in times like these and can help you save time, money, and stress in the long run.
Before you act, be sure you take time to assess the market and speak with a Realtor that can give you an expert evaluation for your home’s marketplace in relation to your equity and future.
Repairing your home and rebuilding your home can be a viable pathway for some and for others seem out of reach entirely.
Government loans and aid are usually available, but it is well documented how government entities have handled massive flooding events in the past.
Not to mention that government loans need to be repaid and adding additional debt can again work for some and for others may be ill-advised.
According to FEMA, over 20% of flood claims come from homeowners that reside outside of “flood zones”; additionally, they mention that most of the government assistance that comes for homeowners is in the form of the previously mentioned loans.
Are you beginning to see a disconnect?
Many homeowners that are affected live in areas that are flood zones and yet do not have flood insurance.
This creates a financial hardship for many when disaster strikes.
And mortgages don’t simply disappear because of an unfortunate circumstance.
The bank/credit union/mortgage lender will expect their payments on your flooded home, and even with grace periods, if any, these factors can lead many to the conclusion of selling their home.
Even when your chance of flooding is minimal, flood insurance can help you save money during hard times by protecting your home and the things you work hard for.
Leaving your home after flooding is never an easy decision to make and regardless of how positive your future may look, it is understandable to have reservations.
So, overall, what is the best thing homeowners can do?
Remain calm, take a step back, and speak with an experienced Realtor. When it comes to the Lake Houston real estate market, nobody leads this field quite like Amanda Petree.
Look, even if you aren’t sure what to do or aren’t even considering selling your home, speaking with a leading expert can provide the options you need at a detailed level and a professional home evaluation so that you can make an informed choice for your home.
Leaders like Amanda thrive by ensuring the best possible outcome for their clients and taking the correct route to reach that destination.
Remember the investors we mentioned before?
How are you sure in a market where prices and conditions are always changing that you are truly getting an offer based on your home’s value?
Unsure about government loans and your equity to debt ratio?
Amanda Petree and her team are prepared to work with their network of experts to provide trusted answers to provide accurate market conditions and assist in healthy decisions.
Contact Amanda Petree today and receive a helping hand to standing back on your two feet.