EFFECT OF FLOOD ON PROPERTY VALUE

The consequences of floods vary greatly depending on location, duration, depth and current, the affected natural and constructed environments are left vulnerable and devalued. Floods affect both individuals and communities and have social, economic, and environmental consequences.

As you may be aware, the immediate impact of flooding includes; loss of human life, damage to Property, destruction of crops, loss of livestock, and deterioration of health conditions owing to waterborne diseases. Depending on how critical the flood is, communication links and infrastructure such as power plants, roads, and bridges are damaged and disrupted, some economic activities may come to a standstill.

Floods are common natural disasters that can affect millions of people around the world. They are often caused by rivers, overflowing lakes and seas. In Nigeria, floods are common during rainy season which are usually seasonal flash floods. These flash floods are sometimes fatal, especially in the rural areas or overcrowded slums, where drainage is poor or does not exist at all.

Improper town planning is the major cause of floods in Nigeria; in case of heavy rain, a town is ought to be planned in such that natural water flow will not be disturbed by structures, this is lacking even in Elite Urban Areas of Nigeria. Drainage blockage by debris and waste is also a critical factor that causes

Improper town planning is also a challenging reason for floods in Nigeria; in case of heavy rain, a town is supposed to be planned in such that water flow will not be disturbed by any structures, however, this is lacking even in the elite urban areas of Nigeria. Drainage blockage by debris and waste is also a critical factor that causes flood.

It should be noted that floods are not only peculiar to Nigeria or Third World countries. Other developed countries witness heavy flooding. No matter how prepared a society maybe, natural occurrences cannot be totally ruled out

EFFECT OF FLOOD ON LAND VALUE.

Flood affects land value. When valuing a property, the relevant property status and location must be considered. Flooding itself is a factor that most buyers consider; a location with a risk of recurrent flood events affects the value of real estate. Buyers will attempt to discount property prices for flood risk if they are aware of it. The risk of flooding is peculiar to properties close to rivers or coasts. The possibilities for sale of such property includes adjusting or drastic reduction of rent or cost of such property.

Conclusively, Flood gravely reduces the value of any property,  therefore, it is important to verify your property status and location from a reliable source before purchasing.

For further assistance or consultation on this article or other issues, feel free to contact me. Email [email protected] or Call 08034869295.  CLICK to read previous articles

The post EFFECT OF FLOOD ON PROPERTY VALUE appeared first on Ibeju Lekki Lawyer.