Homeowners and tenants in New Jersey will have some added protection when it comes to purchasing or renting property in the state, thanks to a new law that will soon take effect.
Beginning March 20, landlords and real property sellers must reveal whether their property is in the Federal Emergency Management Agency’s special flood hazard area or moderate flood hazard area. They also must disclose if the property has been previously subjected to flooding. According to the waterproofing experts at BSMT Waterproofing in Basking Ridge, the law is long overdue.
“We’re very satisfied that the new law was passed,” Marion Yates, BSMT Waterproofing co-founder, said. “It’s a positive thing for potential property buyers and renters who don’t deserve to be surprised to find their homes and basements flooded, especially after a heavy rainfall.”
A recent report by the National Resources Defense Council shows that nearly 8,000 homes in New Jersey were purchased in 2021 that were previously flooded. The expected annual flood damages for those sold homes were estimated to be over $18 million.
Because they are the lowest level of a house or building, basements are naturally prone to flooding. According to Yates, basement waterproofing is an absolute must for mitigating and preventing costly flood damage.
“It’s important to look out for signs of water damage, and if there are any, have it repaired right away,” Yates warned. “Some keys signs to look for are a musty odor, uneven basement floor, mold stains or cracks in the wall. Those could all be signs of water damage.”
