Buying a Home on Long Beach Island in a Flood Zone
Long Beach Island Real Estate
When considering purchasing a home in the LBI real estate market, one of the most critical elements to contemplate is flood insurance. Buyers should investigate the property’s history, including past flood damage, drainage issues, or standing water on the property. Even minor flooding can cost significant damage and displacement from the home, so it is best to know what you are getting involved with upfront. You can take some simple steps before committing yourself to buy a home in the LBI real estate market.
- Ask the Municipalities floodplain manager if the property has ever been flooded, what the flood depth, velocity, and warning time are, if it is subject to any other hazards, and what building or zoning regulations are in effect.
- Ask the seller for a “Seller’s Disclosure”. This is a document that is completed by the seller at the time of listing. The seller will have to legally disclose any known defect with the property, including past flood damage, drainage issues, or standing water.
- Ask the seller and neighbors how long they have lived there, if the property has ever been flooded, and if it is subject to any other hazards.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
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