Houses for sale in a flood zone are around 10% cheaper than surrounding areas, according to new research. However, the reduced price tag is not worth the extra risk and can burden buyers with long-term insurance costs, according to new research.
Tempted by lower prices and a nice river view? Houses for sale in a flood zone are around 10% cheaper than surrounding areas, according to new research. However, the reduced price tag is not worth the extra risk and can burden buyers with long-term insurance costs.
Lead author Associate Professor Song Shi from the School of Built Environment at the University of Technology Sydney said digital flood risk maps have shaped people's perceptions of flood risk, however low-probably risk is often dismissed, and maps can be misinterpreted. The study shows that people tend to ignore flood risk beyond the AEP 500 flood risk zone. This can be dangerous, as extreme rain events, such as those recently witnessed in Spain that resulted in a devastating death toll, are rising due to climate change.
The study, 'Cognitive limits of perceived flood risk on residential property values', with co-authors Dr Mustapha Bangura and Associate Professor Sumita Ghosh from UTS, was recently published in theThe researchers found the cost of insurance for a house in a flood zone is a significant financial burden. In Richmond, median priced homes in the AEP 100 zone have an estimated flood premium potentially as high as $4,606 annually, compared to similar homes in a no-risk zone.
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