Living Near Water Might Be Beautiful — but It Can Add Major Stress - video Dailymotion

Here are a few things you should consider before buying a home close to water. PennyGem’s Natasha Abellard has the story.

Transcript

00:00If you're getting ready to buy a new home, you might be considering a nice waterfront house or one in a coastal town.

00:10Before you hand over your money and collect your keys, there are a few things you should know.

00:14According to MarketWatch, knowing this information can save you from making a huge mistake.

00:19To start, flood maps tend to be very outdated.

00:22As a result, a property's flood zone probably does not include any recent flooding events.

00:27And while you may have built a pretty good relationship with your realtor, a lot of times they might not offer any flood advice.

00:33It is also pretty hard to find out if your prospective home has ever been flooded.

00:37In some states, there are no legal requirements for a seller to make potential buyers aware of any major issues.

00:44Money Talks News also recommends that you consider the maintenance cost of a waterfront or coastal property before purchasing.