How to Know if Your Investment Property is Flood-Prone

How to Know if Your Investment Property is Flood-Prone

Finance Tough Repairs with an Easy Apply Oregon Hard Money Loan

Winter is upon us – and in the Pacific Northwest, with the winter comes rain.

That can mean flooding. And depending on the location of your property, it can mean property damage.

How do you know if your investment property is prone to flooding – even before purchasing? There are some simple and effective ways to determine your property’s flood potential and value as an investment.

Is Your Property in a Flood Zone?

Your property’s location is the first clue. High-risk flood zones are near bodies of water. But other elements factor in as well. The FEMA Flood Map Service Center lets you search property by address and shows flood risk based on zone. (Note that while the actual home may not be in flood zone, part of your lot may be.)

Title searches, tax record databases and insurance agents will also provide information about a property’s flood hazard risk. You can ask your real estate agent for assistance as well.

Mortgage companies require flood insurance for property’s found to be in flood zones.

The cost of insurance is based on several factors, including flood risk, year of construction, occupancy, content location and relation of lowest floor level to Base Flood Elevation. Flood insurance policies average $700 per year but can range as high as $6000 per year depending on flood risk.

Home prices are affected by flood zones and high risk properties can be considered less desirable – something to keep in mind if buying or selling.

If you’re weighing the question of flood insurance, consider the following: While flood insurance can be expensive, it may also be less costly than the expense of loss from flood.

Finance Investment Property Repairs & Upgrades with an Oregon Hard Money Loan

Our experienced team of hard money lenders at Gregory M. Russell has worked with real estate investors for over thirty years. We understand the risks and challenges involved with real estate investment. When you need fast financing and traditional lenders are not an option due to time or credit concerns, talk to us. We loan based on your available equity. Our loan process is simple and stress free – available when you need it most. Complete our easy online loan request form and let us know what you need. Or call 1-888-477-0444 today to learn about our hard money loan services. We’re here to help.