Understanding Basements And The Impact On Flood Insurance
Basements On Long Beach IslandLong Beach Island Real Estate
The LBI Real Estate Market Is Comprised Of A Number Of Different Home Styles. Buyers Can Choose From Single-Family Homes, Duplexes, Condominiums, And Even Interval Ownership Properties. With So Many Homes To Choose From, It Is Important For A Buyer To Be Able To Understand The Positives And Negatives Associated With Each Property Type. This Goes Far Beyond The Broad Understanding Of The LBI Real Estate Market, And Rather Requires A More Intimate Understanding Of The Individual Characteristics Of Each Home. A Good Example Of A Little Understood Topic Are Basements On Long Beach Island.
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Basements On Long Beach Island
It May Seem That There Are Homes On LBI With Basements. Most Of Long Beach Island Is Between 3 Feet And 12 Feet Above Sea Level. Even With These Relatively Low Ground Elevations, And A High Water Table, There Are A Surprisingly High Number Of Homes With Basements. These Basements Can Have Several Negative Impact On The Property. For Example:
- Basements May Drastically Increase The Cost Of Flood Insurance
- Basements Are More Prone To Flooding And May Require A Sump Pump
- With The Amount Of Moisture Present In The Basement, Especially Lower Sea Levels, It Is Possible To Develop A Musty Smell In The Home
Basements May Increase The Cost Of Flood Insurance As One Of The Core Metrics Used To Determine The Cost Of Insurance Is The Lowest Level Of Grade On The Property. For Most Cape Cod Style Homes, This Low Grade Level Will Be In The Crawlspace And Will Be Only A Few Inches Lower Than The Outside Grade. With The Basement However, The Lowest Level Of Grade Will Be Several Feet Lower Than The Outside. In The Eyes Of A Flood Insurance Company, This Presents A Greater Chance Of Flooding And May Increase The Cost Of Insuring The Property.
In Any Case, Basements Are More Prone To Flooding Than A Home Without A Basement On Long Beach Island. With Water Tables Being High (After All, LBI Is A Barrier Island), It Is Common To See Were Collected In The Basement. This Can Require A Sump Pump To Operate To Keep Water From Entering The Basement. Even With Protective Measures Taken It Is More Than Likely That A Basement Will Be Damp Which Can Lead To A Musty Smell Throughout The House.
Understanding Basements When Buying A Home In The Long Beach Island Real Estate Market
Up Until Now, I Have Commented Only On The Negative Aspects Of A Basement. While In My Opinion, A Basement Can Present Some Difficult Challenges, There Are Ways To Properly Utilize A Basement On Long Beach Island. There Are Ways To Seal The Floors And Walls Which Can Limit Or Eliminate Water Penetration. It May Also Be Possible To Fill In A Basement Completely, And Bring The Grade Up To The Outside. This Could Be An Inexpensive Fix To The Problem. Like Anything In The LBI Real Estate Market, There Are Pros And Cons To A Basement And Provided A Buyer Is Educated In How To Deal With A Situation, It Can Be Addressed With Minimal Difficulty. For More Information About The LBI Real Estate Market Or Basements On Long Beach Island, CONTACT ME And I Will Respond Right Away.
By : Nathan Colmer | The Van Dyk Group
Cell: 609-290-4293 | Office: 800-222-0131 | ncolmer@vandykgroup.com
www.BuyLBI.com
Click here to search all homes for sale in the Long Beach Island NJ real estate market