The pros and cons of buying a flooded home

The pros and cons of buying a flooded home

MYRTLE BEACH, SC (WMBF) - People in the market to buy a new home have a lot to consider when choosing where they want to live. One option they might consider is buying a home that was flooded from Hurricane Florence.

But is it worth the risk?

Colleen Hord with Real Living Home Realty Group says there are some pros and cons to consider.

The main pro is the price.

“You can get it cheaper if you come in right away after the home has been damaged, then people are desperate to sell at a lower rate,” Hord said.

The low cost of the homes can be attractive to home buyers. But Hord says there are a lot of other factors to consider that she would speak with her clients about.

“I would absolutely talk to them about the increased price of your insurance because now you need to have flood insurance,” Hord said. “We need to find out how many times the area was flooded because you might be investing in something that you have no future in.”

People selling their home are required to reveal that their home was flooded in the past. Hord says with that knowledge, home buyers should beware.

“If you didn’t have proper mold remediation, then as soon as the water comes in contact with those spores, they’re going to regenerate and colonize in your home,” she said.

Overall, Hord says the risk is probably not worth the reward.

“There’s just too much headache involved with having to do a clean up on all of your personal possessions being destroyed,” she said.

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