Selling a Flood Damaged House
With the risk of extreme weather, home sellers sometimes face the prospect of selling a flood damaged house.
Your questions answered when selling a flood damaged property
✅ How can I learn about the potential flooding risks for my property?
The UK government’s Environment Agency has a website that provides details on the flooding risks facing different parts of the country, with the highest risk areas subject to the most stringent restrictions on new property construction. Knowing the severity of flooding risk that your home faces can help you decide whether to invest in strict mitigation measures.
✅ Will property insurance cover all damage to my home from a flood?
Not usually. You can typically expect your property insurance to cover the costs of physical work to remediate any structural harm that flooding causes to your property, but it usually does not extend to also pay for damage to any personal items, appliances, and other belongings. You can also expect to pay higher insurance premiums in areas more prone to flooding.
✅ Am I required to repair flooding damage at my home before selling it?
No. You can decide to sell your flood damaged house as is without fixing the harm, but you should know that this will likely reduce the value and sale price of your property significantly. Or you could choose to spend time and money to repair any damage that might have been caused to your home from a flood, but this might not be possible depending on your budget.
✅ Will I have to pay fees regardless of how I decide to sell my flood damaged house?
No. Some methods of selling your home, such as using a property auctioneer or an estate agent, will charge you commission that you’ll have to subtract from the total amount of profit you can make from the sale. But if you sell your house or flat to a quick buyer such as LDN Properties then you will pay zero fees and get to keep all of the proceeds from the sale.
✅ What's the speediest option for selling a property that has flooding damage?
Fast home buyers are usually able to complete the purchase of a home in just a few short weeks, and that includes the time it takes to exchange contracts and pay owners their proceeds. By contrast, it can take a least two months to sell your home via an auctioneer, and you might be waiting many months or even longer than a year to find a buyer through an estate agent.
✅ Will all of the options for protecting my home from flooding cost a lot of money?
Not necessarily, because there are some relatively low-cost measures you can take in order to reduce the potential damage that might happen to your house during a flood. Such steps include buying sandbags or varnishing wooden skirting boards. Other larger-scale efforts will cost much more money, such as relocating electrical outlets to higher positions.
✅ Do I have to disclose flooding damage to potential buyers when selling my home?
Yes. When you sell a house, you have to complete what’s known as a Seller’s Property Information Form that includes detailed historical information about your home — including whether it has suffered any flooding damage in the past. You must provide as much truthful information as possible, including whether it currently has damage from flooding.
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