Asked by itw, Bloomfield Hills, MI • Fri Jan 11, 2013
We're days away to closing on a home in bloomfield hills for 318k. our mortgage company (not the owner) informed us we're in the middle of a flood plain, rated AE (note, it had been rated low-risk until last year). We had anticipated the homeowner's insurance to be no more $860, but now the mandatory flood insurance will put us over 3k a year. To mitigate, we're asking for significant owner concessions. We were also planning on doing a kitchen renovation (60K) in addition to updating the house overall, including renovating a 1/2 bath and adding a new porch & patio. If we pursue, I now fear not being able to recoup the costs of the upgrades in addition to having to discount the home price for the flood plain issue to prospective buyers. However, should we decide to buy the house, we have no foreseeable timeframe for selling. Also, while the value of the upgrades are appx. 60k, they will cost us almost half that due to discounts that are available to me. Are my fears exaggerated?
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