Home Buying in Staten Island>Question Details

Nhbb22, Home Buyer in Dahlgren, VA

Would you buy a property across the street from the water but is in a x zone on the new flood advisory maps?

Asked by Nhbb22, Dahlgren, VA Sat May 4, 2013

And should this home be drastically discounted?

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Nhbb22...Good question. In every county you can find out if the property has every flooded. Even your own Insurance agent can run a "Clue Report" to see if they have ever filed for damage due to flooding, Also you need to check regarding you lender, such as what they are going to require. Start by contacting an agent to represent you in these concerns of yours about this property. You can find a Buyers agent by visiting http://www.realtor.org
0 votes Thank Flag Link Sun May 5, 2013
Location is always a matter of personal preferences, would you be happy there....
0 votes Thank Flag Link Sun May 5, 2013
If the property is in zone x it is outside the regulatory 1% annual chance of flood,
I would ask for the flood elevation certificate, since it's across the street from the water and request a quote from an insurance company.
Would I buy? After doing my due diligence, yes. I hope, I have answered your questions. If I can be of further assistance, I can be reached at 917-
0 votes Thank Flag Link Sun May 5, 2013
I would not buy such a property, when you have choices.

Flood is a serious issue. It can cost you your life, can your life or
family be "discounted" ?

Good luck
0 votes Thank Flag Link Sat May 4, 2013
Homes in a flood zone should be compared to other homes in a flood zone in order to properly determine value. Flood insurance is an added expense that you'll need to research and deciding if you want to risk living in that area is entirely up to you. Millions of people live in flood zones, but every year we disasters strike and people lose valued possessions and their lives are turned upside down. Will it happen to you? No one can guarantee.
What is certain is that someday, you'll want to sell this home and will have to factor the location in when you price it to sell. Expect a lower rate of appreciation and a longer marketing time compared to similar homes outside of a flood zone.
0 votes Thank Flag Link Sat May 4, 2013
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