Home Buying in 10528>Question Details

Seeker, Home Buyer in 10528

Buy or not to buy, House in AE flood zone in Harrison, New York.

Asked by Seeker, 10528 Mon Sep 28, 2009

Hi, we are looking into a house in 10528 and liked it. The problem is that it is in an AE flood zone, this is 3 bedroom house with full unfinished basement. We really need utilize the basement to make a bedroom and a playing room had we buy it. We are really concerning the flooding situation. The water did get into the basement (1-2 feet) a few years ago while many house in this area suffered, especially those nearby a river or brook. And the flood insurance is very expensive, $3000 plus based on the elevation certificate. That's about $50000-$60000 buying power for us to buy the houses which don't need flood insurance.
The good part of this house is that location is very good, close to school,park,train, and quite neiberhood, and we might get it at a bargin price.
Can anybody give us some suggestions? Thanks in advance

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Answers

5
Consider, too, that flooding and major storm activity is predicted to increase, not decrease or hold steady. You will flood. I guess the question is, will you be able to find insurance that is affordable and will cover your losses? We live in a flood plain in Rye, and we've had enough -- and this is before our house has flooded!
0 votes Thank Flag Link Wed Mar 13, 2013
I personally wouldn't want to live in a flood zone. I can imgaine the worry everytime it rains, especially if I have things of value in my basement. Not only the water damage but the possibility of mold scares me. When I'm home I want to be home, enjoy my home and have a few less things to worry about. You should definitely look into the severity of the flooding in the area, some homes may be in the zone but not have much of a problem. It really comes down to what you are willing to settle for.

Sincerely,

Christopher Pagli
Licensed Associate Broker
Accredited Buyer Representative
914.406.9023
0 votes Thank Flag Link Tue Sep 29, 2009
I've lived in Harrison since 1992. The only time we had an issue with water in the basement is during the Nor'Easter 2 1/2 yrs ago. Its depends on where in Harrison on whether this will be an ongoing issue for you.
There are parts of Harrison, mostly in/around downtown that do have ongoing issues. If this house is in a flood plain, the cost of flood insurance does need to be factored in. What needs to be asked is whether this is something that you are willing to deal with, financially as well as dealing with regular clean ups that may become an issue. Not to mention any health issues that may arise as a result. Sometimes a bargain, isnt a bargain.
If I can be of further assistance, please feel free to contact me.
Ann Marie Damashek
Licensed Real Estate Salesperson
Weichert, Realtors
914-833-0800 x 208
0 votes Thank Flag Link Mon Sep 28, 2009
When did it flood there....two years ago when areas that NEVER flooded, flooded during the Noreaster? It was a very rare thing for some of the areas that flooded during that time....was this one of them? Try to find out those answers and it may help you decide.
0 votes Thank Flag Link Mon Sep 28, 2009
Is the expense of flood insurance worth it to you? Is the bedroom going to be for your children? Do you want to take a chance with that? Don't forget the expense to fix the bedroom and finished area should it flood not to mention health issues with possible mold growing in the walls when it floods. Is it worth the bargain price?
0 votes Thank Flag Link Mon Sep 28, 2009
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