Real Estate Agent · Monmouth County, NJ · Member since 2016 · 24 posts · 4 votes
Hi everyone,
I'm looking at properties for sale in Monmouth County and I found one that I'm very serious about. The thing is, it's coming up on a flood zone map in an AE zone.
Figures...
Aside from doing my research, and possibly getting a survey done if the numbers work...I'm wondering if anyone with some experience can give me some pointers on properties like this. I'm going to check the forums because I'm sure my answer is there, but I'm looking for people who specifically buy these properties in Jersey and can maybe refer me to some places nearby that can help me out.
Thanks for your help, and happy fathers day too :)
An AE property the FEMA flood insurance is in the thousands. (all the insurance for this kind or property is underwritten by FEMA). For a NJ house below the base flood elevation we paid about $2500 about 2 years ago. Make sure you include that in your numbers. The other question you need to ask is does it flood? So if it periodically floods that is different. If you are buy and hold I would not want a rental that floods. For flipping unless it has some redeeming quality (water front/water view) then it will be a harder sell due to the flood insurance cost.
@Account Closed, just because a property is in AE (or a high risk) flood zone, doesn't necessarily mean there aren't options or it's a bad deal. Its hard to say without the particulars but 4/5 times something can be worked out without killing the NOI. Feel free to PM me to discuss.