The discounted price also offsets the cost of the buyer’s flood insurance. Often sellers in flood zones wind up selling at discounted rates to compensate for the buyer’s risk. This challenge becomes even more prominent following local floods as well as major flood disasters that make national news. Selling a home in a flood zone poses a unique challenge. Is It Harder To Sell A Home In A Flood Zone The most important thing is that you know the liabilities involved with living in a flood zone or flood plain and prepare accordingly. Building a rain garden can help keep water away from your home and other structures. Keeping your street’s storm drains clear also allows water to flow down and away from your property ( you can even adopt a storm drain). Keeping current with your home maintenance, such as unclogging your gutters and running downspout extenders can reduce the chances of water intrusion. Of course, the weather isn’t the only cause of structural issues and damage during intense rainfalls. These odds go down to a 0.2% chance for properties deemed moderate or minimal flood risk zones. Additionally, the chances of the property flooding during a 30-year mortgage is 26%. If your property is in an area that FEMA designated as high-risk or a “Special Flood Hazard Area,” the likelihood of the property flooding is at a 1% annual chance. However, if you’re purchasing a house in a flood zone, you know what you’re getting into and can prepare accordingly. The word flood leaves many people quaking in their boots. Approximately 5% to 10% of Nashville’s landmass could be considered flood zones or flood plains. Nashville has many flood zones throughout the city. These often lie along waterways and nearby bodies of water such as lakes. To help you better understand the risks, precautions, and frequency of Nashville flooding, we’ve sorted out the details you need to make an informed decision regarding buying in a flood zone.Ī flood zone is an area designated as high-risk for floodings. While hunting for homes in Nashville, it’s important to understand how common floods are and how the flood zones are defined. The increasing flood risk and devastating floods in Nashville’s recent past can make homebuyers even more apprehensive about committing to a new home. When you think of your future home, flooding can seem like your worst nightmare.
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