I recently closed on my first home (August 23) to have it flood three days later during Harvey. The home was located in a floodplain so I did have flood insurance as a requirement of my loan. I was days away from moving in and my possessions were spared, they are scattered between my parent's house and brother's apartment. At this time I am waiting for the insurance company to process my claim to rebuild/remodel.
Also pertinent is I work as a realtor in Houston and am new to the profession, and struggling to maintain commissions, especially in a post-flood market and dealing with my house.
Originally my plan was to move into the house once restored and take on a roommate, but now I am reconsidering everything. I am not confident I will be able to make ends meet in a recessed market as an unestablished agent, and feel like it may be better to sell the house and relocate to Cental Texas, rent an apartment and practice real estate there instead.
I know there are many folks making difficult decisions with their flooded houses right now and was hoping for some input and advice on how to move forward. Other options would be to lease the house and rent a cheap apartment in this area, but I am worried about flood insurance reform in the future, premium increases, or eventually being uninsurable in a flood zone if the insurance becomes privatized.
If you are still with me any guidance would be much appreciated!
Submitted September 25, 2017 at 05:54AM by DynamoPro http://ift.tt/2wMFFYh
