Should You Buy Property In An Area That Has Been Hit By Flooding?
Britain seems to have spent most of this winter under water and although the waters are now receding there is an ongoing concern that the destructive effects of the floods will last a lot longer. Once the insurance claims have been filed and property restored to normality, there is the ongoing effect that the flooding will have on house prices. This is a major concern to homeowners, but drop in house prices could spell good news for savvy house buyers.
The floods are widely filmed and reported in the media and can give a place a bad reputation; no-one can really blame home buyers of being wary of buying property in areas that have been known for flooding, but their concern isn’t always necessary. Historically, house prices do tend to drop immediately after flooding occurs in the local area, but they do bounce back again as it becomes apparent that the flooding isn’t going to be repeated anytime soon. It is a risk for buyers to purchase property in these areas, as only time will tell if the area will flood again.
There are areas where flooding consistently occurs every year, so it may not be advisable to purchase property there. However, in the extreme weather, we have been experiencing, some areas have flooded that may never flood again, so it is a case of weighing up the risks. It is possible to pick up some real bargains in flood areas as homeowners get jittery and tries to sell quickly, so you have the potential to make a real profit by buying cheap and making the property flood-proof. As always when purchasing a property it is important to carry out research and assess the risks; it is advisable to commission a flood-risk report and you need to consider whether you will be able to insure the property and obtain a mortgage.
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