Avoidance of Properties in Flood Prone Areas

2010 March 4
by iggy

In light of events happening all over the world from the quake in Haiti, in Chile, in Taiwan, to past events in recent history such as the tsunami that hit South East Asia it seems to be good to be on the safe side of things, and avoidance of possible calamities should be made at the earliest possible time.

In Australia there is no question that natural disasters can also happen.   This should be taken into consideration when purchasing properties.  When purchasing properties and real estate, care should be taken in ensuring that the specific property is not located in a flood prone area.

There are two clear benefits to purchasing such a property.  First, the obvious fact that by purchasing a property that will unlikely be flooded, you don’t have to worry about a flood possibly in your entire lifetime.  The other consideration is the cost of a loan.  For properties that are considered to be in flood prone areas, interest rates will necessarily be higher, meaning you are paying more for the risk.  For some this is fine, as what they seek is the nice view and environment of the area.  Consideration of possible floods is not really a factor.  But for others this additional cost, and the additional burden of worrying about flooding when torrential rains come is just a bit too much.

But what exactly is a flood prone area?  A flood prone area is an area where the possibility of a flood  can happen once every fifty years, basically once per lifetime.   Whereas an area which is not flood prone on the other hand is one where the possibility of a flood is once every century.

For more information on how to find out about flood prone properties, it would be best to consult the experts on loans.  They can help you find out whether or not the property you wish to purchase is located in a flood prone area or not.  They can likewise advise you on the pros and cons of buying property in this type of place, if you are really keen on buying property in such an area.

2 Responses leave one →
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