Is It OK To Buy A Home In A Flood Zone

Q: We’ve been looking for a home for a while. Prices are high, so we can’t qualify for a mortgage in many of the places we want to move. I found some houses for sale that may be within our buying range, but some of them are in a flood zone I think. Is that ok? Maureen, Little Falls, NJ

A: You should thoroughly research any home’s flood risk as well as the costs associated with owning property in a flood zone like flood insurance before you buy. You can and should use tools like Floodsmart.gov to check FEMA flood maps for a specific property address before you buy. When you buy a property in a flood zone, your home insurance costs will normally be higher in addition to the separate flood insurance premiums you’ll have to pay. Lastly, a history of flooding or flood insurance claims can make a property harder to sell down the road. When you buy a property you should also think about how you’re going to sell it later on. Thanks for your question, Maureen.

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