Before You Sign on to That Water-Front Property, Here Are Some Things You Should Know

Here are a few things you should consider before buying a home close to water. PennyGem’s Natasha Abellard has the story.

Transcript

00:00 [MUSIC PLAYING]

00:03 If you're getting ready to buy a new home,

00:05 you might be considering a nice waterfront house or one

00:08 in a coastal town.

00:10 Before you hand over your money and collect your keys,

00:12 there are a few things you should know.

00:14 According to MarketWatch, knowing this information

00:16 can save you from making a huge mistake.

00:19 To start, flood maps tend to be very outdated.

00:22 As a result, a property's flood zone probably does not include

00:25 any recent flooding events.

00:27 And while you may have built a pretty good relationship

00:29 with your realtor, a lot of times

00:31 they might not offer any flood advice.

00:33 It is also pretty hard to find out

00:35 if your prospective home has ever been flooded.

00:37 In some states, there are no legal requirements

00:40 for a seller to make potential buyers

00:42 aware of any major issues.

00:44 Money Talks News also recommends that you consider

00:46 the maintenance cost of a waterfront or coastal property

00:49 before purchasing.

00:51 [music]