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00:19 To start, flood maps tend to be very outdated.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