Things To Consider When Buying a Home in a Flood Zone
There are a handful of areas in Vermont that are prone to the risks of flooding. Before you buy a flood zone home, you should know the different risks and benefits involved. Read on to learn more about the associated risks and if it is worth it for you.
What Are Flood Zones?
A flood zone includes any area that FEMA has calculated the risk of. The designation they receive ranges from low-risk to high-risk for flooding areas. Additionally, they will be categorized into one of the following:
- Special Flood Hazard Areas
- Non-Special Flood Hazard Areas
How Can You Determine if a Home Is at Risk?
It is effortless to tell if the house you are interested in is at risk. Often, you can ask the real estate agent if it is in a flood zone. Otherwise, you can visit FEMA's website and check their maps. Either way, it is important to know this information as soon as possible. Visit https://dec.vermont.gov/watershed/rivers/river-corridor-and-floodplain-protection/river-corridor-and-floodplain-maps/fema-updates for FEMA flood map updates and more information.
How Does It Affect the Price?
Houses in Special Flood Hazard Areas are often priced lower than houses outside of these areas. Many people choose them because of the community they are in. For instance, waterfront properties are prone to floods. These houses are chosen because of the lifestyle and community they offer. It is important to consider, however, that flood insurance is often required in these areas. Although the cost of the property may be initially lower, these insurance costs will continue to add up over time.
What Should You Look for in a House?
Before purchasing an at-risk house, do your homework. Have a company perform an inspection to look for any signs of previous damage. Some states will require that this information is given to potential buyers. In this case, you will know about the flood history ahead of time. However, other states do not require this information to be disclosed. Because Vermont is not a full disclosure state, you will want to have the structure and damage investigated. Before buying a house, you will want to think about if it is at risk of storm and water damage. It is easy to find out if your potential house is in a Special Flood Hazard Area. While these houses may be cheaper, you should have the house inspected to avoid getting something that is already damaged and keep in mind the potential flood insurance cost.
Regardless of where you choose to set down roots, our team at SERVPRO of Burlington/Middlebury is here to support you in any event of disaster. We have specially trained technicians and equipment to help mitigate damages from future storms.