Buying a house in the flood zone - would you?
As I mentioned in an other thread, my wife and are looking for a house these days. However, it seems like a lot of our favorite neighborhoods (Inglewood, Sunnyside etc) were hit to varying degrees by the flood. We love those neighborhoods because of their proximity to downtown and the river parks etc, but are not sure whether they should be on our list anymore.
What would your risk tolerance be? Would you buy a house that had overland flooding? What if it was only sewer backup?
I also wonder how this has affected the market in those areas. From one agent we talked to at an open house in Sunnyside (who was selling a house), he says nothing has sold since the flood. But he thinks its only a matter of time before people come around again.
For those who are in the flood zones, how have your insurance rates been affected?
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