Many people are calling me to ask how this flooding is affecting the real estate market. More and more flood-damaged homes are coming up for sale. Many who have homes that flooded are asking if their property value is rising or falling. My answer would be, only time will tell. Past hurricanes have taught us when homes that were flooded go back on the market, they sometimes go up in value because they are updated and not in a usual flood zone. Many real estate brokers are seeing evidence that many Houstonians are deciding to walk away from their damaged properties, selling them at a discount and deciding to make a fresh start elsewhere. If you own rental property, this is awesome for you. Rental properties are flying off the market. If you are an investor and have a team in place to take on the challenge of a flooded home, this might be the time to purchase properties to renovate to rent. It will take time for the stigma of the flooding associated with Harvey to wear off. The new first question is…flooded or not flooded.
Below are links to useful articles. The first one is to help mitigate the damage to the sheet rock in your flooded home. This is not something I would suggest doing on your own but having knowledge on how it should be done is important. The second is about a drainage system called a French drain to help route normal rain water away from your home.
Mitigate Sheetrock Damage
The French Drain