The Importance of Due Diligence Before Purchasing Property in a Flood-Prone Area
Recent flooding across Australia has been a very sad thing to watch.
These floods across Queensland and much of the east coast of Australia have caused widespread devastation, with thousands of properties in flood-prone areas suffering significant damage. Many homeowners and families have been left with nowhere to go, as the floodwaters have damaged their properties beyond repair.
The estimated damage bill for South-East Queensland is now around $2.5 billion, and it’s likely that this will continue to impact the state for years to come.
With these flood events often occurring with little or no warning, they now seem to be taking place much more frequently than the 1-in-100-years that we’ve previously been warned about.
Never miss the due diligence step when buying property
For this reason, it’s now more important than ever to do your due diligence thoroughly when looking for your next home or investment property in Queensland. More than just inspecting the property itself, you also need to assess the surrounding environment and understand the inherent potential risks of natural disasters such as floods and bushfires.
By doing so, you can minimise or eliminate the chances of purchasing a property that’s prone to flood events and save yourself a great deal of heartache in the future.
This is where a Buyer’s Agent can help you.
It’s easy to overlook many serious risks when buying a property
When it comes to looking at properties situated in natural disaster-prone areas, it’s not always obvious at first that there could be any risk to the property itself – that is, until a disaster event occurs.
Unfortunately, in my line of work as a Buyer’s Agent, I’ve seen too many instances where investors and homeowners have overlooked some of the serious factors that determine the risk profile for a property in these kinds of areas, only to suffer later down the track.
What makes it worse is that most of these properties are often listed for much cheaper than the average prices in that region, further adding to the allure of the property and masking the risks involved.
That’s why, as a Buyer’s Agent, I conduct thorough due diligence on every property my clients consider. I look over all flood modelling and check the environmental risks associated with each property to provide reassurance to my buyers that their final purchasing decision is the right one.
A Buyer’s Agent considers all of these factors
Obtaining all of the relevant property reports and combing through each one diligently is the only way to avoid surprises in the future. That’s why I take great pride in performing these checks for my clients, to ensure they get the best result every time.
Don’t forget to practise regular home maintenance as a property owner
While the recent floods are just the latest natural disaster to impact our state, it’s important to keep in mind the risks involved with other natural disasters in Queensland as well – particularly bushfires. As a homeowner, remember to keep up to date with regular general maintenance around your property. This includes cleaning gutters, maintaining your roof, and ensuring any trees in the immediate area do not pose a risk to your dwelling.
In doing so, you can ensure you’re as prepared as you can be should another natural disaster occur.
Are you looking to purchase a property in Queensland?
Purchasing a property on your own can be hard work. There’s so much more to consider and so many different factors that can influence your decision.
However, with the right Buyer’s Agent on your side, you can make your property decision with confidence, safe in the knowledge that all due diligence has been performed and you’ve received the right expert advice.
So, if you’re looking to buy a home in Queensland, speak to me and my team.
Our team can help you buy the right Queensland property
My team and I at Worth Property Investing are passionate about helping you make the right home purchase that will contribute towards achieving your lifestyle and property goals.
Think of us as your property buying partner, here to support you in making the ideal property decisions. As your trusted, licensed Buyer’s Agents in Brisbane we can help prevent a poor property decision in flood prone areas. We also do everything from searching, connecting, researching, bidding, negotiating and securing the best properties for you.
Speak to us today!
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