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Keep These Things In Mind Before Buying a Home Near Water
Pennygem
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4/25/2024
Here are a few things you should consider before buying a home close to water. PennyGem’s Natasha Abellard has the story.
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Learning
Transcript
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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To start, flood maps tend to be very outdated.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]
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