Many buyers in coastal areas are purchasing second homes or vacation properties. Too often they’re submitting offers without first finding out if the property or street out front is experiencing sea level rise flooding or if the property is in a neighborhood or community at risk of sea level rise flooding.
This failure to perform due diligence when buying real estate can prove costly. Properties that flood can have high maintenance costs and could actually lose value. In addition, owners of properties that flood or that are in the vicinity of flooding could face high taxes — as their communities struggle to deal with the flooding — flood insurance premiums and homeowners association or condo association fees.
In this video, I give buyers tips on how to find out if a property experiences sea level rise flooding, is at risk of flooding, or is in a neighborhood or community that floods. Then I discuss the risks the flooding can pose should they go through with the purchase.
Surprisingly, finding out if a property floods, itself, can be a real challenge. For instance, often the flooding only occurs during the fall king tide season or when a storm is whipping up the water so buyers won’t see it. Furthermore, in some states sellers don’t have to disclose the flooding problem to buyers.
“Sea Level Rise Real Estate for BUYERS” is the second in a five-part series I produced for SeaLevelRiseRealEstate.com based on my book “7 Sea Level Rise Real Estate Questions for Buyers, Sellers, Owners & Real Estate Agents.” The book goes into far greater detail.