Selling a house after July floods?

newbie71_2

Hi everyone, not sure this is on the right part of the forum but here goes.....we moved into our house in December 2006. It was our first house (renting before), long story but it took a several months between exchange and completion which initially worked well for us. However towards the end of those months hubby and I both got offered good new jobs which involved a bit of a commute for me and serious commute for him.

No probs we both thought - one of those things and so we planned to stay in the new home and do it up a bit (it was in need of updating) so put in new bathroom, painted everything, new carpets etc. etc. and then would look at putting it on the market again either in spring or autumn of this year and look to move closer to our new jobs.

However we didn't account for the floods in July this year! :eek: The house does look over a very tiny 'river' (more of a brook really), was built over 40 years ago but had never flooded and just our luck that 7 months into living there it floods for the first time ever in living memory!

Ideally we would still like to sell the property in the very near future because of work. Has anyone sold their property after a flood? Has anyone any advice? We can't afford to drop the price greatly as I am now on maternity leave and will be going back to work part-time initially so money will be in short supply for the next 12 months or so. Is it worth waiting until spring or autumn of next year (2009)? Would you buy a house that had been flooded in the summer and work on the assumption that it was simply a one off if you could get insurance for it or would you not touch it with a barge pole?!

I'd be interested in hearing any views or any experiences of this please?

PasturesNew

I'd not touch it with a bargepole, so to speak.

But I have always steered well clear of any property on flood plains, near to brooks/streams or other waterways. Before I even viewed a house I'd know how far above sealevel it was and check the likelihood of extreme flooding from the environment agency extreme flood scenario maps.

I'd also be thinking about any water that could flood above me and manage to flood me if I were half way up/down a hill.

But I've always been the over-cautious type.

I wouldn't want insurance, for me it would be an issue that I'd not sleep at night if it rained a lot - and I'd be scared to leave the house during the daytime if it was raining a lot "in case" in happened again. It's the fear, disruption and subsequent effort that I'd not want.

pavlovs_dog

afraid to say im with pasturesnew on this. personally it wouldnt matter how cheap a house was, if it was at risk of flooding, however small, i wouldnt even consider it.

have you done any research to get a feel for how the local market is going? if there was a significant problem with flooding in your area then i doubt you're going to unique in your situation by any means. downside is that everybody is likely to be having the same sort of idea, sell up and get as far away as possible from the water and the risk.

RHemmings

Surely you can answer your questions by getting an EA to value your property, and by getting some insurance quotes.

merlinthehappypig

Personally I'm with the other posters and don't expect the summer floods to be a one-off. Checking for flood risks is quite a high priority on any house we are interested in, not only for peace of mind, but because I suspect that insurance companies will decide not to insure flood risk houses as the problems get worse.

That said, I'm sure some people would be willing to take the risk if the price is right. Sadly the market value of your house is likely to be less than that of a similar house with no flood record.

themaccas

Hi
We're hoping to sell our house and buy another and we've been viewing properties for the past couple of weeks. We wouldn't buy anything that's been flooded or is anywhere near a river/brook/lake, unfortunately things like that are going to affect house prices. I am sure you will sell but you may have to manage your expectations regarding price.

newbie71_2

Thanks everyone for getting back to me - it's really useful to get an idea of what you all think. One of our neighbours has already put their house on the market and one of the houses is being put up for rent so I will keep an eye on what happens with them. Thanks again everyone.

pinkshoes

Properties up a hill and away from a river were at the top of my list, and I wouldn't consider anything that had been flooded.

My parents were flooded in 1981, although when they sold the house in 1988 (and moved up a big hill, never to be flooded again!), it had a full asking price offer within 24 hours, so perhaps if it doesn't flood again for another 7 years...???

newbie71_2

Thanks pinkshoes :rotfl:! If we had to stay here and commute (especially my husband) for the next seven years I think we'd both go mental! But I take the point that sometimes a bit of time can help in these matters.

I've just had a quick search online and seen some companies who seem to offer to buy your house and pay you cash outright for it? They sound too good to be true - so I'm assuming they are - but again has anyone got any experience of these?

PasturesNew

You are trying to find solutions that don't exist.

It is unfortunate that your house flooded, but nothing can change that. Trying to find companies to buy it off you is a bad idea in any case. You would not be recommended to do this even if your circumstances were quite dire.

At the moment you have a house you can live in, it is now an ex-flood house. The market is heading downwards. You don't want to make a loss.

Unfortunately, due to a combination of circumstances, I think you will either have to consider taking a large loss, or sitting it out until the market has risen so much that the devalued house value is in line with what you paid for it. Which might be 10-12 years.

As for the idea that it will become more saleable in a few short years if it hasn't flooded again, the example given of 1988 is not a picture of how things are today. In 1988 there wasn't the awareness of flooding; in 1988 there was less flooding; in 1988 nobody had the internet to investigate/read/be aware of things like flooding; in 1988 the forms you sign when you buy/sell a house probably did not include the initial legally binding form that includes the question: Has This Property Flooded?

1988 was a different world.

So your choice really is:
1] Get it priced/on the market now. Why wait to see how others are doing, people who are viewing theirs might be eyeing yours up and thinking they wished yours was for sale instead
2] Sit on it for the foreseeable future. 10-12 years living with the fact it MIGHT flood again.

Good luck

takoo

Hi Newbie71

Have no experiece of flooding or how to sell after a flooding. You may still have works to do so you might consider the following (if not done already).

Policy for works of protection and other matters against flooding

• door boards slotting into outside vertical rails fixed to doorways
• air brick covers to stop flash flood waters getting under the floors
• lifting socket outlets to waist height or above
• moving stored valuables to the upper floor(s) or loft space
• keeping important documents and other perishables in a watertight container
• if possible have portable cooker/ microwave to take upstairs
• prepare to have living accommodation upstairs
• have a walled garden and blockable gateway(s)
• make changes in the garden design to 'catch' or block waters

Of course much of this may be impracticable for you.

Good luck

takoo