Buying A House On A Floodplain Pros And Cons - Everything You Need To Know

Buying A House On A Floodplain Pros And Cons - Everything You Need To Know
When you’re searching for a new home the agent that represent you should know about every house if it is located on a flood zone, because we are obligated as agents to disclose in the MLS listing if the house is located on a flood zone.
Now if the house is located on a flood zone you must understand what king of flood zone it is and in order to know you have to check it on FEMA maps.
What is FEMA?
FEMA stands for Federal Emergency Management Agency.
In FEMA they have categorized all the types of flood zones and what are the chances for a flood in a specific area and this they adjust flood zones all the time.
When a house is located on flood zone it does not mean that the house will get water all the time, it is very important to understand that.
Now let’s look on the chart to see the types of flood zones there are:
High risks Area - Zone A - divides into A, AH, AO, AE .
These areas have more than 1% chance for a flood.
The A zone is divided to areas with 100 years flood plan and 500 years flood plan meaning that the chances are that it will be a flood is once every 100 years or once every 500 years …
It does not seem to be too much intimidating, right??
Zones V and VE are located on the coastal areas so when you buy a house by the shore most likely that the house will be located withing this flood zones.
Zones B, C and X are low to moderate risk for a flood.
Ok so after all this introduction you ended up finding a house that is located on a flood zone and you have checked everything that need to be checked and you’re ready to purchase.
If you’re planning to buy it cash without financing, you’re not require buying flood insurance, however it is not recommended because you want to make sure your money is protected in case of a flood.
If you’re planning to finance the purchase the bank will require you to buy flood insurance.
The flood insurance rate depending on your location and the type of flood zone that the house is located within.
Flood insurance rates varies from $1500 to even $4000 per year, you can get more specific number by consulting with an insurance company.
You can also go and check on the FEMA website if a specific house is located on flood zone by type in the address.
Now let’s day you have purchased a house on a flood zone, how difficult its going to be to sell it?
To be honest its going to challenging, however it all depends on what flood sone the house is located on and how nice is the house, some buyer will be willing to pay this flood insurance if the house worth it.
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👔 Ron Cohen
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[@KARMAticSAGE]

Thanks for the tips. Otherwise, are there concerns of house sinking when you buy coastal houses or specifically for me, there’s a small marsh 3 fit from the backyard. The marsh is the dead end of a stream from a creek