Check the flood zone when buying a property

With the changing weather patterns and more frequent heavy rain events, it is becoming increasingly important to check the flood risk of a property before you buy.

Most local councils provide flood maps that show areas at risk of flooding from rivers, surface water, and the sea.

When you are looking at a property, it is a good idea to check these maps to see if the property is in a flood zone. You can also ask the real estate agent if the property has ever flooded in the past.

Insurance and flood risk

If a property is in a high-risk flood zone, it may be more difficult or expensive to get insurance. Some insurance companies may even refuse to cover a property for flood damage if it is in a known high-risk area.

It is important to check with your insurance company before you commit to buying a property to make sure you can get the cover you need at a price you can afford.

Due diligence is key

Checking the flood risk is just one part of the due diligence process when buying a property. It is also important to get a building inspection, check the title, and look at the Land Information Memorandum (LIM) report.

By doing your homework, you can avoid any nasty surprises down the track and make sure you are making a sound investment.