What To Consider Before Buying A Home In A Flood Zone

water damage cleanup pelhamBuying a home is one of the most significant financial decisions you can make. While it’s impossible to be prepared for all the unknowns associated with buying a home, it’s worth doing all you can ahead of time to ensure you are making the right choice for yourself. One important consideration depending on where you live is whether or not the home is in a flood zone. 

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Here are two important considerations regarding purchasing homes in flood zones from our water damage restoration team at Restoration 1 of Birmingham.

Know The Different Types Of Flood Zones

High Risk

High-risk flood zones are difficult to sell and expensive to insure. However, people still live in these areas. Why? Because they are a lot of fun to live in! High-risk flood areas are typically right on the coast which has a lot of advantages. You just need to make sure you fully weigh the pros and cons and flood risk flood zones, acknowledging that your home could be destroyed, if you choose to purchase a home in a high-risk flood zone.

Moderate Risk

A moderate-risk flood zone lets you enjoy the best of both worlds. Flood insurance prices are higher, the threat of a flood is still very real but less likely to totally devastate your home, and you still live near the coast. This is a good option for anyone who is risk-averse but still enjoys living near the water.

Low Risk

Living in a low-risk flood zone is still not guaranteed your home will never flood, but you are significantly safer and your flood insurance premiums are much less costly. 

Before Buying A House With Flood Damage:

Know Your Insurance Costs

As mentioned above, flood insurance premiums can take a heavy financial toll when you live in a high-risk flood zone. Make sure you are well aware of these prices before overcommitting yourself financially.

Consider The Resale Value

While homes in flood zones can be difficult to sell in the first place, it is even more challenging when they have significant water damage. Even if the home sells, the value could be significantly diminished. There isn’t a lot you can do about this, but it’s something you should be prepared for.

Look For Existing Damage

Before making the commitment to buy any home, you should be vigilant in looking for any existing damage. This is especially true in flood zones where existing water damage is much more common. 

Weigh The Personal Pros And Cons

Lastly, you need to ask yourself if the risks associated with living in a flood zone are worth the benefits. This isn’t an easy decision to make but it should help you define your priorities and the degree of risk you are willing to take. If your home does ever sustain any flood damage, we at Restoration 1 of Birmingham are of course just one phone call away and eager to offer our assistance.