Investing in real estate could be a gamble but if the price is right, it's worth the gamble. Yet, housing price is not the only thing to consider but the place as well. Expectedly, it's not worth it to invest just anywhere. But, what about Flint City?
Recent reports revealed how challenging the past few weeks have been for Flint's residents. One family even considered their purchase of a home in Flint as a "misfortune" after the epic water contamination that brought Flint City on the headlines, according to Realtor.
It has been reported a few months earlier that Gov. Rick Snyder of Michigan declared a state of emergency in Flint City due to the water contamination that affected many households. The water had a foul smell and brown in color, as acknowledged by the inspectors.
Realty Today reported on how this current water problem in Flint has affected the real estate property value. Residents even feel that the water concern might trap them in their house, afraid that they can no longer sell their house in the future because of the dirty water in this 200-year-old city.
Belinda Bell, a mother of twins, and a longtime renter in one of the properties in Flint, who purchased a home in cash at $34,000, has shared how disappointed she was about the place they have invested in.
"Sometimes I get very emotional about this. Our life has been altered," shared Belinda, relating that her 9-year-old twins just brush their teeth with bottled water.
Acknowledging Bell's sentiment and that of the other residents, the government has been taking steps to resolve this environmental problem the city of Flint is facing. As previously reported, Mayor Dwayne Walling of Flint City had passed on a resolution on the use of taps and filters and advised that they should be approved by the government first before using them. Appraisers and lenders even had an emergency meeting to address this matter immediately. Flint-based Allied Real Estate Appraisers also mandated that homeowners should have their water checked first and make sure it meets the Environmental Protection Agency's standards.
Despite this current challenge being faced by Bell and the other residents, they are still hopeful that Flint's environmental health will eventually be stabilized, even improve as the clean water flows again in no time, as per Realtor.
"Once the water crisis has been resolved and state and federal steps have been taken to improve Flint's infrastructure, home values will begin to improve," said Paul Raymond, real estate agent of Paul Raymond Associates at RE/MAX Select, who also owns 58 single-family homes in Flint.
Current reports show that amid this water problem in Flint, the city could still be a good place for investors.
