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Hapa_Fodder

Buying a home

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3 hours ago, Mykk said:

Does anyone ever know all this stuff?????? Every first house buying story is filled with "wish I knew" stuff. But even when you read all that, it sounds like people still miss stuff. There is just too much that can go wrong, that you can't catch it all?

Hopefully it's like every time I've ever bought a car: when a deal fell through, it wasn't meant to be, and I was better off for it.

BIGGEST THING @Mykk, before you even look at buying, MAKE SURE your DTI (debt to income) is at or BELOW 30%

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On the bright side, getting the "addendum" to your divorce decree will protect you later down the line if your ex decides that she wants back child support from the date you retired.  THe notarized agreement would not protect you in some courts, so this is a good thing.

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Just a comment about paying for flood insurance....

Around here, "flood" insurance only actually covers damage due to *natural* causes. i.e. - an actual flood. (from heavy rains, etc). It does *not* cover if you water heater craps out and floods the basement, it doesn't cover if your second floor toilet springs a big leak and leaks all weekend while you're away, ruining the floors below it and flooding the basement, etc.

So unless the house you're looking at actually sits in a flood plain, I'd skip any insurance that only covers natural flooding. The kind that covers man-made issues like I mentioned above.. I've never bought it, never needed it (knock on wood). So that one is up to you. (more important if there's things of value on the lowest level of the house)

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On 11/3/2018 at 12:47 PM, RHunter said:

Just a comment about paying for flood insurance....

Around here, "flood" insurance only actually covers damage due to *natural* causes. i.e. - an actual flood. (from heavy rains, etc). It does *not* cover if you water heater craps out and floods the basement, it doesn't cover if your second floor toilet springs a big leak and leaks all weekend while you're away, ruining the floors below it and flooding the basement, etc.

So unless the house you're looking at actually sits in a flood plain, I'd skip any insurance that only covers natural flooding. The kind that covers man-made issues like I mentioned above.. I've never bought it, never needed it (knock on wood). So that one is up to you. (more important if there's things of value on the lowest level of the house)

In SETX its recommended to hold flood insurance, and flood insurance here covers everything.  Because 99% of SETX is in a 100 year flood plain.  Though I may not be in a flood plain hazard area, it still COULD flood, so I would have it regardless.  Beaumont, where I live, case in point, hadn't flooded since the 20's, that was until the hurricane came through 2 yrs ago and had the 1 in 1,000,000 mixture of events that flooded the city.

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