Lecture31 - Thought of Day It has been a pleasure having...

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It has been a pleasure having you in class. I wish you the best in your future studies and life at Saint Louis University. Thought of Day David Kirschner
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Chapter - Your Future Life A Geologic and Environmental Perspective of Buying a Home
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Purchasing a home is one of the bigger financial decisions you will make in your life. Unless you are independently wealthy, it is important that you make a wise choice in the home you purchase. A poor choice can result in much financial hardship and emotional trauma. You and your family can also become ill (even deathly ill) if you buy a home that is contaminated with pollutants or toxins. What are some of the geologic and environmental factors should you consider when purchasing a home? An abbreviated list of items to consider includes: 1) Location to flood plain 2) Location to seismic hazards 3) Location to potential landslide areas 4) Subsurface (mine shafts, caves) 5) Foundation material (swelling clays?) 6) Radon in basement 7) Drinking water sources 8) Asbestos and lead material
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1) Location to flood plain It is important to know if your home resides in a flood plain. Federal Emergency Management Agency (FEMA) has identified all potential flood plains in the U.S. You can find the map of your home or prospective home on the FEMA website. Mortgage companies require you to pay flood insurance if home resides partly or completely in a flood plain. Risk is determined in terms of the probability of being flooded every 100- or 500-year period. Most mortgage companies will require you to pay for flood insurance if your home is in a 100-year flood plain. If you have a 30-year mortgage on your home, there is a 26% chance that your home will be flooded while the company still “owns” your property. Flood insurance is ~ $400/year for $100,000 coverage (average cost). A $200k home in St. Louis suburbs (e.g., Valley Park, Crestwood) in a 100-year floodplain pays ~$1000/year just for flood insurance!
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http://www.greatriverslandtrust.com/maps/Missouri/m2.jpg 100-year floodplain
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2) Location to seismic hazards http://eqhazmaps.usgs.gov/images/2002US_scale.jpg The region in and around the New Madrid fault zone has as high or higher risk of damaging earthquakes than California!
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Earthquake insurance coverage on a $200k in the St. Louis area is ~$50 to $100 (w /
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Lecture31 - Thought of Day It has been a pleasure having...

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