BOARDMAN, Ohio (WKBN) – With the heavy rain and flooding in the Valley over the weekend, the pictures of flooded-out basements, stores and cars with water up to the floorboards are causing many to wonder about the impact on the value of their properties. Because it’s not the first nor the last time that flooding has been a problem here.
The concerns are valid because according to Realtor.com, there are three things buyers look for when purchasing a home: location, price per square foot and the number of bedrooms. It’s the location factor that could impact sales in areas that have flooding issues.
But flooding issues and flood-prone are two different things. A house that gets occasional flooding when there is historic rain is not the same as a house that sits by a body of water or an area that is prone to tropical storms and heavy rain events.
A seller must disclose water issues in the home, and regional flood maps are a go-to for buyers to find out the history of a neighborhood.
Keep in mind though, that just one inch of water can cause up to $25,000 in damage, and most homeowners insurance does not cover flood damage. Flood insurance is a separate policy.
How much a flood event can reduce the value of your home depends on the severity and the potential for future flooding events. It also depends on how much you do to remediate the issue. In the end, any past flood damage is a negotiating tool for a potential buyer.
Do houses sell that have flooded? They sure do. That makes sense as nearly 15 million U.S. properties are at substantial risk of flooding in the next 30 years, according to Realtor.com.
Those FEMA maps provide information on neighborhoods across the country, with a risk calculation based on past and projected flood patterns.
Realtor.com suggests that if you do buy a home in an area that is known to flood, keep your gutters and pipes clean. If you have a basement, consider installing a water alarm so you’ll know if there’s a sudden surge below.