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Chris Pflum
  • Tampa, FL
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Due your flood zone dilligence

Chris Pflum
  • Tampa, FL
Posted Oct 6 2019, 06:59

If you haven't been paying attention, there are new flood zone maps currently in the public discussion phase that are going to be instituted next year.  The Tampa Bay area is going to see a significant amount of property added to flood zones, as well as increased rates for properties already in the flood zone.  

If you're an investor, you should check to see not only what the current flood zone requirements are, but also what they will be next year.  If not, you could find yourself with significant addtional expense in the near future.

Many new properties are being built at a higher grade above ground, and these will better mitigate flood risks in the years to come.  Properties in which the slabs are built on or near ground level are going to be at an increased risk for flood damage, and are likely to see much slower appreciation over the coming years.  Some of these properties in lower elevations may already be considered obsolete because of this.

Setting the politics of climate change aside, it is a fact that water levels are rising in coastal regions, and some parts of PInellas county already have to deal with tidal flooding regularly.  Smart investors will take this into consideration when making aquisitions to ensure their long-term success. 

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