Four months afer the natural disaster, RE/MAX of Boulder's Duane Duggan evaluates the post-flood real estate market in Boulder County and offers some tips for prospective sellers and buyers.
Future home sellers
• Homeowners should document the events of the great flood of 2013 relative to their home
• Pictures of a dry home are great!
• Document any flooding or seepage that occurred-Whether it was ground water seepage, flowing
river water, or backed up sewage.
• Document was done to clean it up, to share with future buyers.
• The worse the flooding situation was, the more important it is to have a professional company
doing the clean up work.
• A structural report to survey any possible damage to the foundation might be in order.
• Check for any drainage issues that could be improved to avoid future problems. Document
Future Home Buyers
• Buyers will ask about how the house faired in the flood of 2013
• Buyers will ask for documentation of how the flood was cleaned up
• Buyers will checking their insurance policy a little more closely
• More buyers will consider flood insurance even if the lender doesn’t require
• Buyers will learn more about drainage, sump pumps, etc for the home they are buying
Will Homeowners rebuild in flooded areas?
• In some cases a particular city may not allow them to rebuild if the property is in the flood plain
• Lack of insurance, lack of homeowner funds will be the biggest stumbling blocks to rebuilding
Will Homebuyers still buy in Boulder, Lyons, Estes
• Damage is big, but not widespread like a Hurricane Sandy or Katrina
• Transactions still proceeding outside the flooded areas
• If this happened every year, that would be one thing. It is something that stands a 1 in 100
chance in any given year, to get the 100 year flood.