Communities around the world have faced unprecedented challenges in response to the COVID-19 pandemic. For homeowners, the upcoming rainy season could present obstacles like never before.
Not only is navigating a flood a difficult task on its own, emergency support systems may already be stretched to the limit.
This could mean city maintenance of drainage systems is neglected. First responders and community volunteers could be challenged by social distancing and access to personal protective equipment. And a homeowner’s ability to navigate a crisis could be upended by personal circumstances.
The Groundworks tribe of homeowner support is here to help. Our national network of foundation partners is working together to help you protect property values during these challenging times.
Whether you’re preparing to enter the real estate market or want to strengthen your investment, let’s look at what’s at stake for homeowners when flooding and COVID-19 converge.
What’s At Stake For Real Estate Values?
Homeownership is more than a math problem. It’s where you live, laugh and love.
However, the freedom you have as a homeowner needs to be protected. Whether you’re facing the unseen enemy of a virus, the challenges of an economic crisis, or rising floodwaters, you have the choice to be proactive in your response.
Household equity is the primary source of wealth for the middle class. External circumstances can therefore directly impact personal net worth.
How Can You Protect Your Home Value During the Coronavirus?
The coronavirus pandemic has affected millions of people. Still, the number of cases of COVID-19 varies widely across the United States.
To some extent, the impact of COVID-19 on the local housing market will be determined by how the virus has affected your community’s health and economics.
There has been wide speculation as to the risk of real estate values during COVID-19. Even while our understanding of how the virus moves through communities becomes more clear, the economic outlook still has a broad range of projections.
If you’re preparing to sell your home, now is the time to seek any advantage you can get. Maintenance, upkeep and repairs can all help you to have an advantage over comparable properties once you list your home.
Savvy sellers will consider the return on investment for each aspect of home repair. Investing in repairs now can help you sell your home at a higher price and a faster rate.
What Impact Can Flooding Have In the Current Real Estate Market?
While the health and economic crisis have shaken consumer confidence, adding a natural disaster to the mix could have additional consequences.
There is a community-wide impact of a flood. One study found that after a major flood event in Colorado, the number of home sales was cut in half compared to previous years.
This analysis was done before the pandemic, so the combined impact of flooding during the coronavirus is largely unknown. Under these circumstances, the effects could be worsened because the National Guard and Red Cross could be dividing their efforts between emergency management and supporting health care.
Whether you’re preparing for a typical spring flood or the worst-case scenario, your resilience during these changing market conditions will ultimately be determined by how well you prepare.
Will Foundation Problems Affect Home Value?
Now let’s consider the financial impact of foundation problems. While market conditions will vary, foundation problems can reduce your home resale value by 10 to 33 percent. That means that for a $300,000 home, you could face a potential loss of $100,000 in value.
Typically, the cost of foundation repairs is much less than the potential loss. This makes it a smart investment.
Preventative foundation maintenance can help you protect your assets. With smartly designed solutions, you could help your property to withstand flood damage and prepare for whatever uncertainty lies ahead.
What Can You Do To Protect Your Home Before a Flood?
While some home repairs make great DIY projects, foundation problems are best left to the experts.
Your home could need flood vents, wall anchors, a moisture barrier, sump pump, or better drainage. Engineers can identify underlying issues and design solutions that can work for your circumstances. Then foundation professionals can carry out high-quality repairs.
Groundworks partners provide all homeowners with free inspection services. This gives you a no-risk way to understand the structural issues of your property.
Repairing a foundation after a flood is a smart investment that can give you long-term results. However, preparing your home foundation before a flood occurs can help you mitigate flood damage and protect your investment.