One of the top features buyers should consider about a new home is proximity to a body of water. The picturesque vistas and unique lifestyle water living can offer are idyllic, but having a home in a flood zone can quickly become a nightmare when rising waters encroach on the property. As extreme weather events become more prevalent across the country, it’s important for homebuyers to understand the risks, requirements and costs of owning property in a flood zone.
If you’re considering purchasing a home in a flood zone, here are 5 things you need to know before buying.
1. Coastal Cities Aren’t The Only Flood Zones
One of the biggest misconceptions about flood zones is that it’s only applicable to homes near water. For coastal cities that is typically true, but areas can be in a flood zone for other reasons. Properties near lakes, rivers and marshes are other contenders. The property could also be on low land susceptible to heavy rains or flash flooding.
The Federal Emergency Management Agency (FEMA) is responsible for designating flood zones and updating the flood maps every five years. The agency uses data from insurance agencies to determine a property’s risk for flooding. Some factors FEMA uses to determine the flood zone are:
- Soil quality and topography.
- Regional weather patterns.
- Environmental conditions.
- Proximity to water.
- Past flooding occurrences.
To see if the property you are considering buying is in a high-risk flood zone, you can enter the property address…
