Buying house in flood prone area?

I've got my interests in a house thats in a flood prone area outside of newcastle.

Purchase price is 370, last sold for 330 in 2007.

Anyone had any dealings with homes in flood prone areas? Any idea on an insurance quote for flood insurance? Thanks.

 

Only one answer. Don't do it!





Johny.

 

There is nothing more soul crushing than to have your pride and joy turn into a swimming pool. Water gets into every nook and cranny. The carpets are your least worry. Corrosion and mould lingers, along with wood rot. Then there's the battle with the insurance company. Was it 'runoff' or a 'flood'. Try re-insuring and you will find that your $700 cover is no more.

Do yourself a favor and buy a house on a hill.



Johny.

 

Hi Crusher

It really depends on how often it floods. For example, I own a home in a 1 in 100 yrs flood zone in NSW but it doesn't worry me, as the last flood was back in the 1960's. Do some further research- talk to council about flood dates, areas affected etc before committing yourself.