REMI Offers Tips to Homebuyers to Avoid Flood-Zone Costs

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The Real Estate Marketing Insider releases a tip sheet for homebuyers in New York to help them avoid flood zones that are being redrawn.

After it was announced that federal officials are redrawing flood zones in response to Hurricane Sandy, the Real Estate Marketing Insider announced some tips for homebuyers wishing to avoid new flood zones in New York. REMI’s announcement comes in response to reports that the new flood zone boundaries would change height and insurance requirements for waterfront properties.

The flood zone boundaries in New York City haven’t been changed since 1983 and are under review at the federal level in the aftermath of Hurricane Sandy. As many experts expected, the new boundaries will include homes that are farther inland. This will not only have a direct effect on regulations governing existing waterfront homes, but could also mean increased costs for owners of new properties within the flood zone. Any new structures inside flood zones will have to meet FEMA-designated height regulations, which could add big costs to building a home on the New York waterfront. Furthermore, living within a flood zone could drive insurance premiums much higher for existing and new homes.

Many homebuyers dream of owning waterfront homes, but they may now be worried that the new regulations could make it hard to find property, even outside the city. REMI has this advice for homebuyers looking for homes on the water without the added cost of flood-zone living:

  • Homebuyers who have to live on the East Coast should consider high-rise condos or apartments. Upper floors of existing residential complexes often meet height requirements already, offering the added benefits of reduced theft risk, lower insurance premiums, and some of the city’s best views.
  • Consider the West Coast. Because the weather patterns tend to involve less water storms or flooding than on the East Coast, building and living costs are lower; this includes the major cities. Buyers can find a Los Angeles or San Diego beach rental or a house to own at less cost than such properties in New York or Atlantic City.
  • Ask realtors for real estate postcards that feature properties off the ocean. Mountain or valley views, lakefront properties, and others can be as satisfying as the oceanfront view that many homebuyers dream of, without the added cost of flood protection.

The Real Estate Marketing Insider released a tip sheet for homebuyers that might be considering buying beachfront or waterfront property. The announcement was primarily for New York buyers, after news that New York City’s long-standing flood zone boundaries are being redrawn in response to the damages caused by Hurricane Sandy.

About Real Estate Marketing Insider:
The Real Estate Marketing Insider is an online publication based in La Jolla, Calif. REMI provides tips and analysis to homebuyers, real estate agents, and realty experts to help them make smart decisions about their homes and businesses.

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