Well, the first question any buyer will ask is: since it IS in a designated flood zone - has it EVER FLOODED?
The answer to the above question is major, and will factor into how much the flood zone situation will be an issue.
I assume you already obtained the flood certificate, it will show to what extent the home is in the zone -- partially? fully? just the porperty but not the house itself? These answers also factor in.
So.....you must disclose all of this to the buyers - that's a given. You should also get a price range of how much the insurance will cost, and disclose that.
It is what it is, and you must be upfront about it.
Bottom line - there will be some buyers who will be scared away when hearing the term flood zone.
Be prepared that buyers will also expect a discount of some sort in the price, too.
The extent of flooding in the past will ultimately factor into the final sale price.
On a positive note - your home qualifies for the insurance, and others may not - even homes that may flood on occasion can't obtain that special insurance unless situated in a flood zone.
Obviously, a local agent can fill you in as to what a realistic price range would be.
Hope this helps!
and there has to be a flood insurance....And it really is an individual decision by the buyer, very often I see 1st time home buyers to try to stay away from it as they are more worried being worried in the first place with just
buying their first home and the expenses and responsibilities and potential repairs that come their way....
It really depends, an area Realtor will be of more help to you to explain and advise you on your particular area...
and I am assuming that you intend to buy, so do your research and get the help and guidance of an experienced Realtor. Stop and talk to the neighbors in a certain area about their experiences. But there is definitely a flood insurance to be paid...
Good luck to you!
Edith YourRealtor4Life and Chicago and Northern Illinois Connection
Working always in the very BEST interest of her clients