Flood exposed property

We’ve all seen the horrendous images coming out of the devastating Queensland floods and our hearts go out to those who are about to go through the painful process of cleaning up or rebuilding their properties. For many this rebuilding phase is going to be emotionally heartbreaking and if they are not covered by the correct insurances, financially as well. It’s an all too real reminder to make sure that you are all fully aware of the risks when buying residential or commercial property – particularly for those people buying in an unfamiliar area where they don’t know its history.

I recommend that buyers take note of the required flood information included in all property contracts. This information is provided by the relevant council body and if for some reason it’s missing then you or your solicitor need to contact the local council to find out if the land has been exposed to a flood in the past or has the potential to be in the future. The detail provided in contracts gives an indication of the likelihood of the property flooding by showing information such as a 1:25 year event or a 1:100 year event. Of course this is no guarantee that it won’t happen more regularly but it’s a guideline to think about and it's just one of the many indicators you need to consider when buying a home and investing in property.