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Paula and Joe analyze if using a HELOC to pay off a 401k loan is a good financial move. They discuss rent-to-own agreements and the impact of FEMA redrawing flood zone maps. They also explore lease options and lease purchases in real estate. The hosts share information about Every Plate meal kits and upcoming events.
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Quick takeaways
- Sharon should consider seeking expert advice from professionals knowledgeable in floodplain management and real estate to make an informed decision about selling her home before the FEMA map change.
- Exploring mitigation options, such as landscape berms or flood openings in the garage, can help minimize potential flood damage and mitigate the impact on property value.
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Considerations for Selling before FEMA Map Change
Sharon is facing the dilemma of whether to sell her home before a FEMA map change designates her neighborhood as a flood zone. Currently, her house is not in a flood zone, but due to recent flooding caused by a wildfire, the FEMA designation might change. If she sells before the change, she may avoid a significant decrease in property value, but she does not have other affordable housing options within her desired location. Selling would potentially mean leaving the city she loves. Sharon is seeking advice on the impact of being in a FEMA flood zone on property value and whether selling is the best option.
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highlights
Listen to the best highlights from the podcasts you love and dive into the full episode