The Indicators

After Harvey: To Rebuild or to Buy?

Residential area after a hurricaneRockport, Texas was one of the coastal towns that faced the wrath of Hurricane Harvey. Several small shops faced the destruction of their livelihood, while some homeowners were faced with a huge dilemma: should they try to rebuild their damaged home or look at other options? 

Loyalty Can Only Take You So Far

It's easy to tell your friends you'll start rebuilding your ruined property, maybe even using Harvey as an excuse to get that renovation you've wished for. However, as you begin to assess the costs and look at the prices of homes for sale in Rockport, you start to wonder.

And if you're practical, you'll see that the dropping price of real estate will be more favorable to you than the increasing price of raw materials due to high demand. 

A Chance to Do Better 

It's not just a way for you to get a new house without waiting months for construction to be finished. It's also a way for you to relocate to a place that's not as prone to damages as your old location. You may choose to still be in Rockport, but be less worried about future hurricanes. This means scouting for options before making a decision, of course, but all responsible property buyers should do that anyway. 

A Possible Investment Opportunity 

When you buy a new house, you're not automatically relinquishing your ownership of the land your former house was on. This means you have a plot of land that can be developed for commercial use–offer it for lease, perhaps? Or you can also develop it into an apartment for rent or commercial space for those local businesses who have also been displaced by Harvey. It's all a matter of planning your finances and getting a mortgage that fits your plans and budget comfortably. 

Harvey left some questions for the residents of Rockport, Texas. Consider your current predicament before making a decision.