Should You Buy A House In A Flood-Risk Area?
Buying a house is a huge deal. You spend time searching the market for a home that works for your whole family and just as you’re about to lose on a great mortgage deal, you find out that the house you want to buy in has been listed as in a flood-risk area.
Your current house may not be in a place that regularly floods, but that doesn't mean that a new house wouldn't be in one, especially if you are looking to build from scratch. Even the homes that don't border the water can be at risk of flooding, and it’s important to learn whether your new home is in one before you sign on the dotted line. When parts of the country have been utterly devastated by floods, you need to be aware if this is going to affect you. Having the experts like DryTek Environmental come in and check out your property before you move in is a smart plan, but should you go for it at all or should you wait?It’s very important to understand the causes and the basics when it comes to flooding. You need to know what the risks are for your property and whether it’s a good idea to buy but you have to start with the guide we’ve put together for you below. You can buy a house in a flood-risk area, and all you need to know is what’s written below.
Flooding: Causes
As you may know, a river bursting the banks or a lake overflowing the sides due to periods of heavy rain are the main causes of flooding. This is also the case in coastal areas, as the high tides can present a huge risk. However, it’s important to note that you could live away from any of these bodies of water and still have a flood risk in the house you are trying to buy. This is known as surface water flooding, and it’s caused by flash flooding that occurs after thunderstorms. It’s also a rare thing to happen, but groundwater flooding IS an issue and if you have a basement, it could affect it. It's the type of flooding that will raise under the water table and water will seep into the basements and cellars.
Flooding: Is It A Big Issue?
Yes! More than you think, flooding is an issue you may not have considered but absolutely should. Some areas that are low-lying and have been identified as floodplains experience it regularly. New building on flooded plains is usually discouraged, especially if it still happens in some areas. You can check whether your property is a flood risk with your local government. Areas are always graded for being at risk of flooding. From the highest and lowest area, each area is properly graded to ensure that you know what you are in for. Flood maps do change from time to time, though, so be aware of that before you start the buying process. The risk is usually dependent on how far the home is from the rivers, lakes and other bodies of water. It’s important that the buying team is on the ball about the whole sale.
Flooding: What About Home Insurance?
Your home insurance is in jeopardy if you are in a high-risk area for flooding. If a property has been flooded before or is in a high-risk space, your home insurance will take this into account and can raise the costs as a result. Some insurers will ask for a formal letter from an environmental agency to state the current flood risk level to ensure that you get the best home insurance for your new house. When you have this letter, you will be in better stead with your mortgage provider, too.
Flooding: What Costs Will You Face?
The biggest cost is the extra premiums on your insurance. You want to pay for the right insurance, and you can expect to pay more in an area that is high risk for flooding. Sure the costs are a bother, but they can be necessary to ensure that you get the property you want and it remains as protected as possible. You don't want to be worse off, so investing in things that can stop the flooding from hitting the house too hard is a good idea. Things like extra sandbags and extra sealant in the home will stop water from flowing in.
Flooding: Prevention Is Better!
Flooding can cause havoc in your home. Carpet is going to be damaged and require replacement when there is too much water. Tiles and wooden flooring is always a preferred option for the home if you are in a high risk area, and ensuring that there are drains in place to help will flood-proof your valuables, too. You can also keep valuables in the top of the house rather than the basement, too, as this will be the best place for them.
Flooding: What About Selling?
When it comes to selling the house in the future, you have to disclose the fact that the flooding is a risk. You need to remember how you feel buying a house: you want to have all of the information available to make an informed decision. It has to be the same when you sell it on! Reporting has to be accurate, too, so that you are making the right choice in your sale.
A lot of people live in an area where they risk flooding their home. They have the pros and cons in front of them and they make that choice based on what they want for their home. It’s so important to make sure that you are fully informed when you make the decision about selling up or even buying in a flood risk area. Should you go or it? Absolutely - let's not forget that this is just a risk and not a guarantee that you will ever be flooded. With the right insurance and preventative measures, you can make this a great home!
