A client called me this week to get my view on his proposed investment in some buy-to-lets. He’d watched the news showing Exmouth seafront being battered by the wind and the rain and witnessed the decimation of the beautiful stretch of railway that runs along the coast at Dawlish.
Although his properties weren’t on the seafront, they were in the newly updated Environment Agency map, which now includes national scale maps of surface water flooding, as well as the existing areas of risk from rivers and sea.
As these were going to effectively be his retirement nest egg, he was having second thoughts about whether they would turn out to be sound investments. He wanted to know if they would become unsellable in the future if there was a problem getting insurance.
Whilst he was worrying about the possible risk of flooding, I was more concerned about the probable risk of his putting all his eggs in one basket. A meeting has been arranged regarding the property investment advice.
Close to home
The devastating effect of the recent and ongoing storms has brought home the fact that we can take nothing for granted. As you see from the picture proudly displayed on every page of our website, we know how lucky we are to work in such a wonderful location. So far, we have escaped relatively unscathed, but our hearts go out to our clients in the Somerset Levels, Exmouth and other areas that have been badly hit.