The biggest challenge for any homeowner or real estate agent is selling a home in a flood zone. The fact that potential buyers need to factor in flood insurance along with the buying price or mortgage makes the situation trickier.
Nonetheless, you’ll be surprised at the huge number of potential clients who may be willing to purchase a home in a floodplain. Some people fancy waterside houses, while others consider the exciting opportunities available in flood zones. Whatever the case, houses found in such areas are often a real bargain.
Here are a few tips on how to sell a home in a floodplain.
- Upgrade the Landscaping
The effects of flooding can put a major dent on the prospects of selling your home successfully. However, you can restore your home and improve its appeal by upgrading your landscaping.
All landscaping tasks should be tailored toward dealing with potential floods. Digging trenches and repairing sewer lines are some of the upgrades that are ideal to consider.
- Make Necessary Interior and Exterior Adjustments
You can easily convince potential buyers to purchase your home by implementing preventive measures. Adjustments such as fitting flood-proof doors, installing backflow valves, raising thresholds and anchoring air conditioners and fuel tanks can make the difference between sealing a deal and finding a new buyer.
Ensure you explain to potential buyers the importance of every adjustment, highlighting the key features of each upgrade.
- Offset Flood Insurance Costs
A clear distinction exists between home insurance and flood insurance. It’s important to note that, in most cases, homeowner’s insurance does not cover the risk of flooding. As a result, flood insurance costs may create a challenge to potential buyers.
Acquiring a federal mortgage may become a problem if it involves paying for flood insurance. Nevertheless, REALTORS® such as CENTURY 21 Core Partners often offer incentives in the form of discounted rates to potential buyers to help close a deal.
- Keep Flooding Records
You might not know it, but keeping flooding records can make a huge difference when seeking to sell your home in a flood plain. The question on how to sell a home in a flood zone can be easily addressed by establishing all the flood zones in your area.
You may use these records to persuade prospective homeowners that the risk involved is essentially low. These records may also indicate that your home has never flooded but is in a high-risk area. Visit a flood-mapping center near you to acquire accurate flooding records.
As a homeowner in a flood zone, you must be prepared to answer all the hard questions, including why you want to sell your home. Buyers may be hesitant to purchase your home unless you give them a good answer. Show confidence when interacting with potential buyers and remember to highlight the upsides of buying a house in a flood plain.
By using these tips, you could close a deal sooner rather than later. If you need help with the next step, contact CENTURY 21 Core Partners today.