Hi All, I'm looking at a property which is in Bush fire zone. Since I'm new to investing, therefore don't know much and need some advice on this. What are the things I should be aware off? I'm assuming home insurance will be relatively high! Will bank have any problem in financing the property? Any other issues or concerns I should be aware off?
Depending on the level of threat from bushfire (in NSW the BAL rating) it can be very restrictive on what future development you may wish to carry out.
The local Council or LGA should have a dedicated Fire Officer to talk to on the phone which can be helpful to begin to understand the risks in the area. You can get a desktop quote from Suncorp on their website re insurance to see if the premiums are much higher. I have recently bought in a low 12.5 BAL zone and the premiums were no higher.
BFZ are a trap for young players. Classic example mate is doing big reno when he does the roof he has to screw this ply wood like material directly to the trusses and no gaps, labour time doubled. Has to install those hideous looking outside shutters.theres other stuff but cant remember. If backing onto a reserve the setback zone are significant possibly impacting development.
