Hurricanes can cause widespread devastation, and the rebuilding process can be long and expensive. Areas that are appealing because they’re close to water are often also at high risk for hurricanes. If you’re thinking about purchasing a home in such an area, here are some things to consider.
Is the House Built in a Way That Can Protect It from Hurricane Damage?
Construction practices have evolved to address the threat of hurricanes, and some localities have introduced stringent building codes to reduce property damage. Find out if the house you’re considering has been built or modified to prevent hurricane damage. If it has, that might make you feel more comfortable buying it. If not, you can purchase the property and make upgrades yourself, but that will be costly.
Is the Area Likely to Flood in a Hurricane?
Flooding can happen anywhere, but some areas tend to flood more than others. Ask your real estate agent about flood risk or do some research on your own to find out if the house you’re interested in is located in a flood zone. If the location has a history of flooding or the home is in a place that’s likely to experience strong storm surge, you might want to think twice about buying it.
How Much Would It Cost to Insure the Property?
A standard homeowners insurance policy doesn’t cover flood damage. If you buy a house in a hurricane-prone area, you’ll have to take out a separate flood insurance policy. That can protect you from financial ruin if a hurricane strikes the area, but flood insurance can be expensive.
Would You Be Able to Afford to Live There?
Before you purchase any house, you should think about the total cost of ownership. Considering all expenses, such as mortgage payments, utilities and insurance, can help you figure out if a property would fit your budget. If you’re thinking about buying a house in an area that’s prone to hurricanes, you’ll have to consider those expenses, plus the additional cost for insurance and the amount that you might have to spend on upgrades to reduce the risk of storm damage.
You should also think about the mental and emotional cost of living in a place that can be ravaged by a hurricane. If you buy the house, you’ll have to contend with the possibility that it could be damaged and uninhabitable for months, or that it might be completely destroyed.
When you think about the financial costs, plus the level of risk and uncertainty, you might decide that it’s simply not worth it. You might choose to instead buy a house that’s farther inland, at less risk and more affordable. Discuss the pros and cons with your family and your real estate agent.
