Buyers neglect to investigate the risk of flooding until after purchasing new homes according to a new report from the University of Copenhagen.
Buyers neglect to investigate the risk of flooding until after purchasing new homes according to a new report from the University of Copenhagen. The report also reveals that home prices are only slightly affected by flood risk.
Most people in Denmark remember Bodil, Allan and Gorm – a trio of exceptionally powerful storms that caused seas to surge high along Danish coastlines and caused flooding along roadways and in homes and buildings. Nor have many forgotten the 2011 cloudburst that resulted in more than six billion kroner worth of property damage.
Still, extreme weather phenomena don’t always seem to be on the minds of prospective home buyers as they hunt for a new abode according to a new report by researchers from the Department of Food and Resource Economics at the University of Copenhagen.
In the survey associated with the report, a majority of the more than 3000 homeowners in areas, which experienced cloudburst deluges or storm surges reported that they had not sought information about the likelihood of flooding in the area where they purchased their home.
Read more at University of Copenhagen - Faculty of Science
Photo Credit: Hermann via Pixabay
