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Old 02-03-2013, 09:06 PM
 
3 posts, read 4,765 times
Reputation: 10

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Hi All,

I am about to be a Mom this May and newly single. I want to buy a home for my little girl and myself. I have been approved for a 170K. I wanted to live in Plano since I worked in Plano. I found a home in zipcode 75023 in the russel creek area. It was built in 1988. I placed a bid and waiting on the counter offer. I just received the sells disclosure and the house has two instance of water damage. The toilet busted 5 years ago and the furnace bursted last year. Should I be concerned? Would the inspector find any water damage? I am extremely allergic to mold. In both situations the insurance covered the repairs. How can I protect myself? I love the house and its 15 minutes from my job.

Another concerns is that the elementary school is Thomas which is not doing so well right now but there is a nearby Carlisle which is doing fantasticl. Do I have a say in which school my child attends.

Some people are telling me to look in Wylie and Little elm since they are only 30 min from my job and I can get a new home with warranty and would not have to worry about any repair.

Please help me decide. I do not have much family or guidance to rely on.
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Old 02-03-2013, 09:52 PM
 
Location: Plano, TX
877 posts, read 2,095,702 times
Reputation: 834
Russell Creek is 75025 (with 75024) being nearby. I don't think there are too many houses for 170k there. Closest schools are the PISD elementaries feeding to Rice MS (Skaggs, Wyatt, Andrews) and the Frisco ISD Plano schools (Taylor, Anderson, Borchardt).
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Old 02-03-2013, 10:07 PM
 
3 posts, read 4,765 times
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Thanks for replying compsci guy. Russel creek subdivision is what is indicated and it is close to alma and spring creek.
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Old 02-03-2013, 10:15 PM
 
32 posts, read 57,294 times
Reputation: 20
Default Does Water damage decrease property value? Diminished value loss on their homeowner's insurance?

Does anyone know percent wise how much water damage can decrease a home's value?

Can the homeowner claim diminished value loss on their homeowner's insurance?

Last edited by joseph8; 02-03-2013 at 10:17 PM.. Reason: typo
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Old 02-03-2013, 10:50 PM
 
228 posts, read 476,345 times
Reputation: 167
Dont spend more than 90% of budget, make sure that you have 8 months to 1 year living expenses in savings, buy new or newer(can be better than new if previous owners added blinds, appliances, drapes, landscape etc.), buy small, buy within 20 minutes from your job,most elementary schools in Collin County are fine so no need to pay more for big names and no worry about middle school for next ten years. Moderator cut: not allowed

Last edited by SouthernBelleInUtah; 02-04-2013 at 11:32 AM..
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Old 02-04-2013, 05:44 AM
 
Location: Grapevine, Texas
10,560 posts, read 22,466,614 times
Reputation: 8384
Quite honestly, if you're a newly single, new parent, you might do well to rent for a year or two. If something breaks, all you do is call the landlord. You will also know exactly what your housing costs will be for the month since you aren't responsible for repairs.
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Old 02-04-2013, 05:44 AM
 
Location: Dallas/Ft. Worth, TX
2,307 posts, read 6,794,326 times
Reputation: 3907
Quote:
Originally Posted by txgrl22 View Post
Hi All,

I am about to be a Mom this May and newly single. I want to buy a home for my little girl and myself. I have been approved for a 170K. I wanted to live in Plano since I worked in Plano. I found a home in zipcode 75023 in the russel creek area. It was built in 1988. I placed a bid and waiting on the counter offer. I just received the sells disclosure and the house has two instance of water damage. The toilet busted 5 years ago and the furnace bursted last year. Should I be concerned? Would the inspector find any water damage? I am extremely allergic to mold. In both situations the insurance covered the repairs. How can I protect myself? I love the house and its 15 minutes from my job.

Another concerns is that the elementary school is Thomas which is not doing so well right now but there is a nearby Carlisle which is doing fantasticl. Do I have a say in which school my child attends.

Some people are telling me to look in Wylie and Little elm since they are only 30 min from my job and I can get a new home with warranty and would not have to worry about any repair.

Please help me decide. I do not have much family or guidance to rely on.
If you are concerned that the repairs were not properly performed you can ask the seller for the repair documentation as well as any insurance documentation. This can help you determine if the issues were properly corrected. These are the documents I would ask for.
  1. Insurance claim documentation to include the insurance Adjusters reports and estimates.
  2. The detailed estimates from the company or companies that performed the repair work.
  3. Any claims adjustment paperwork that displays if the company or companies found any additional needed work and the owner had to have the insurance Adjuster reassess and raise the insurance estimates for repairs.
  4. The final detailed invoices from the company or companies that performed the work.
  5. The insurance Adjusters post work report(s) to ensure they were satisfied that the work was completed properly.
With these you can compare them to at least obtain an idea if the owner did perform all work recommended by the insurance adjuster and the company or companies that performed the repair work. I would also obtain a copy of the CLUE report for the home. You can read about CLUE here https://www.privacyrights.org/fs/fs26-CLUE.htm. You should check this to ensure no other claims or issues were reported on the home.


Your Home Inspector can only find what is currently present, accessible, and visible. The Inspector will not be able to see inside of walls or enclosed areas without access to determine what might be there. There are techniques that can be used to help determine if leakage or damage is ongoing, i.e. thermal imaging and moisture meters, but if it is not ongoing then all they can tell you is what they see.


You mentioned that you are extremely allergic to mold and there are inspections that can be performed to help with that as well. You can have indoor air quality and mold testing performed but they can be rather expensive. I would first perform the home inspection to determine if the potentials are there that would warrant these tests/inspections before choosing to perform them.


Can you tell us a little more about the damages? Was the toilet that leaked on a second floor? You said that the furnace burst, did you mean that the air conditioning system overflowed? Where was that located?

You also mentioned about repairs on a new home being covered under a warranty. Warranties do not cover routine maintenance and repairs required due to lack of routine maintenance. They are there to cover failures due to defects. There are many routine maintenance tasks required in any home including a new home that if not performed will cost you dearly in repairs. Keep in mind that there is no such thing as a maintenance free home!
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Old 02-04-2013, 06:43 AM
 
12,451 posts, read 24,158,277 times
Reputation: 11649
Quote:
Originally Posted by ChristieP View Post
Quite honestly, if you're a newly single, new parent, you might do well to rent for a year or two. If something breaks, all you do is call the landlord. You will also know exactly what your housing costs will be for the month since you aren't responsible for repairs.
This is great advice. Sounds like op has a lot going on in her personal life and possibly a new/different financial situation to work within. Better to figure how much you'll be spending with daycare, diapers, etc before taking in a house. There are plenty of nice apartment complexes in that general area so I would also recommend renting for a year.
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Old 02-04-2013, 08:32 AM
 
6 posts, read 6,549 times
Reputation: 16
You'd be a great fit for Richardson. It's got some unique little neighborhoods with charm and you can find condos and small homes in your price range...plus it's super close to Plano for work. Even the most diverse, economically challenged RISD schools rate better than some PISD schools (esp those is east plano). We just passed on a fab house in Plano near 75/Legacy because the schools were not as good as our current school in RISD. Lots of preschools in Richardson, since you'll have a little one soon.

Good luck. We live here now but are looking to move to a larger home closer to my husbands office in Frisco. We've been looking for 6 weeks now and seen dozens of homes, and I can say safely say the only way I'll live in a Plano zip is with Frisco schools.
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Old 02-04-2013, 10:39 AM
 
323 posts, read 565,449 times
Reputation: 264
Quote:
Originally Posted by Confetti70 View Post
. We've been looking for 6 weeks now and seen dozens of homes, and I can say safely say the only way I'll live in a Plano zip is with Frisco schools.
^DFW is full of funny people. However, my advice for OP is to rent for now. Motherhood is an overwhelming change for a young woman, don't complicate life by adding stress of homeownership. All in good time!
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