Home Buying in Lehigh Acres>Question Details

Tony, Home Buyer in Lehigh Acres, FL

Older home, cheap price but think twice before buying it because of the costly Insurance

Asked by Tony, Lehigh Acres, FL Sun Oct 17, 2010

This is an advice for someone wants to purchase older home in Lehigh Acres, FL. You should think twice before making a purchase. I don't mean to discourage you to buy an older home. It is cheap, affordable and low budget; but the costly insurance may hurt your pocket; in addition it may not pass 4 points inspections . In addition, there are many things are old that need either to replace or fix up.
I just bought an older home in Lehigh Acres, FL. I called few insurance companies for the quote. They all told me the cost to insure my home is $1,200/year for $130,000 for the dwelling replacement but my home has to pass 4pts inspection. I don't think I am able to purchase the insurance for my home because the roof is too old and it can't pass the 4pts inspection. The insurance co. denied to cover for my home. Advices, thanks

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Toni you need to take the condition of the home into consideration BEFORE buying the house, especially an older home, a hoem inspection should have pointed out the need for a roof so you could have got teh price lowered, asked teh seller to replace it or got a credit to fix it. Your buyer agent should have guided you through this process before you bought it. If you didnt have an agent asissting you, the inspector definately should have pointe dthis, if you didnt have an inspection, this is why you should have. At this point you need to get estimates from a reputable roofing company and get the roof fixed, the lesson is never close on a house that cant have insurance from teh minute you close, never go without insurance.
1 vote Thank Flag Link Sun Oct 17, 2010
Toni, that is a great point. However in some situation older homes are in the best location. You have to weigh in the updates & work needed in both short term and long term. Also in Virginia we typically ask the Insurance company for a Clue report to know if the insurance on the property had any major claims.

Ritu Desai
Associate Broker
Samson Properties
Serving Northern Virginia - Fairfax & Loudoun County
Web Reference: http://www.eNOVAhomes.com
1 vote Thank Flag Link Sun Oct 17, 2010
hi Toni, Florida is always expensive to insure with hurricane and flood risks. But yes, you will need to make sure the home is in good order to insure it. That is what separates a home from a shack! So do some shopping around and get that new roof up. It will add to the home's value at this point.
1 vote Thank Flag Link Sun Oct 17, 2010
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