Why You Need a Survey and Flood Elevation in the Long Beach Island Real Estate Market
Buying a House on Long Beach Island
Buying a home on Long Beach Island is an exciting experience and can be a very good investment. There are homes available in many different price ranges and activity has been increasing all over Long Beach Island. When looking to buy a home in the LBI real estate market, it is important to understand the process and what is needed to ensure a safe and secure transaction in the LBI real estate market. A key component to buying a home is getting a Survey and Flood Elevation in the LBI Real Estate Market.
Survey and Flood Elevation in the LBI Real Estate Market
A survey and flood elevation will tell you a some important details about the purchase of a home in the Long Beach Island real estate market. Included in these documents will be:
- The property boundaries and the amount of lot coverage on the property
- The elevation of the first floor for the rating of flood insurance
- The needed documentation for a Certificate of Occupancy
One of the most important factors in the determination of value in the LBI real estate market is lot size. The building envelope of a property is determined by the size of the lot and of the adjoining properties. A survey will have this information and this is needed for any new construction, installation of fences, decks and additions.
A flood elevation is essential for the determination of flood insurance. All homes on Long Beach Island with a mortgage (that are located in an A or a V zone) are required to have flood insurance and the only way to properly determine the cost of flood insurance is with a flood elevation certificate. An elevation certificate will tell you important information about the property including the elevation of the first flood above sea level, the grade of the exterior ground and the number of flood vents in a property. This information is used to determine the rate of flood insurance.
For most towns on Long Beach Island, a recent survey and flood elevation certificate will be required to obtain the certificate of occupancy needed to sell a home. While it is, in most cases, the seller’s responsibility to obtain the Certificate of Occupancy, it is usually the buyer’s responsibility to provide the Survey and Flood Elevation in the LBI Real Estate Market. The cost of these two items will usually be about $500-$800.
Buying a home in the LBI real estate market is a major investment and it is therefore important to understand what is needed and how much the costs will be. A survey and flood elevation are an important part of a transaction in the Long Beach Island real estate market. Apart from being required to obtain a certificate of occupancy, a survey and flood elevation will give you important information about the home and could potentially save you money on your flood insurance! For more information about Survey and Flood Elevation in the LBI Real Estate Market or the real estate market on Long Beach Island, feel free to contact me, Nathan Colmer, and I will be happy to answer any questions you have!
Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | firstname.lastname@example.org