Flood Damage Impact on Apopka Florida Home Values
The entire state of Florida was impacted by Hurricane Irma. This historical storm will have a lasting impact on Florida residents. It will also undoubtedly impact the real estate market. As a homeowner, you may be wondering about the short term and long term flood damage impact on Apopka Florida home values. Here are a few different ways that it may do so.
Severity of Damage and Quality of Repairs
Potential home buyers will be concerned about exactly how much damage was caused to your home and what types of repairs were completed to address it. A home with minor flood damage will appear less risky to buyers than those with major damage. When making repairs, it will be be beneficial to be thorough.
- If your walls and floors were damaged, did you simply dry and sanitize the area or did you replace the damaged materials?
- Were repairs completed yourself or by professional contractors.
- If contractors were used, were they standard contractors or those that specialized in rehabilitating flood damaged homes?
- Did insurance cover the repairs?
- What was the total cost of repairs?
- When were they completed (did the home stay vacant for a long time or were things immediately addressed)?
- Are there any long-term affects of the flooding on the major structure or systems in your home?
These are all questions and concerns that future home buyers will have. Therefore, as you tackle your repairs now, think about the effect that your choices will have on the future value of your home. Future buyers will likely be very cautious. Inspections will be more rigorous. Make sure your repairs will pass this extra scrutiny!
Flood Zoning Impact
Flood zoning may change as a result of Hurricane Irma. Although it seems that everyone in Florida should probably buy flood insurance, being in a flood zone would require you to buy a policy. Additionally, the flood zone rating would determine how much that insurance may cost. High risk areas would have higher premiums than low risk areas.
Potential home buyers must consider the cost of flood insurance when evaluating the affordability of a home. High costs of flood insurance may lead to fewer potential buyers. Thus, flood zoning can impact your home's market values by reducing buyer demand for your property.
Lastly, there's also the psychological factor of major storms. Florida is desirable because of its year-round warm temperatures. It's a popular escape from the four seasons experienced in other parts of the country. Will buyers be less likely to search for homes in Florida? Will they consider other destinations? In the short term, there will certainly be less demand for homes in the area. Over time, however, this should subside. As homes become restored and life returns to normal, the real estate market should bounce back as well.
Summary Flood Damage Impact on Apopka Florida Homes
In summary, many will not be looking to buy or sell a home at the moment. The focus is more on recovery. In your efforts to repair your home, be thorough and avoid shortcuts. Think about how your work will affect the value of your home and buyer impressions. Lastly, stay up to date on potential flood zoning changes that may occur over the next year. Although you will have no control over such changes, being apprised of them will help you better understand what's going on in the market and the resulting real estate market values. There will certainly be flood damage impact on Apopka Florida homes but it's likely more dramatic in the short-term than the long-term.