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Buying a Hurricane Sandy Damaged Home on The Jersey Shore

By
Real Estate Agent with Keller Williams Shore Properties 1005238

Jersey Strong Do I need to raise my home on the Jersey Shore in Ocean County? If I buy a home that’s been damaged by Hurricane Sandy, do I have to raise the home 2 feet? 4 feet? 10 feet or not at all? The answer? No one has really made the decision yet.

We do know that federal government is poised to expand flood zones and push for increases in building elevations along the The Jersey Shore in the wake of flooding from Hurricane Sandy.
FEMA was planning to revise flood-elevation rules next year, but due to the extensive damage caused by the storm it will issue stricter advisory recommendations early.

The rules, expected to result in construction at higher elevations along the New Jersey shore, will be pushed earlier than expected to make sure rebuilding from Sandy will follow stricter codes. The concern was that people would rebuild to today’s requirements and that new construction already would be obsolete sometime next year.

FEMA may provide upwards of $30,000 for the increased cost of compliance, but the bill for ‘raising a home’ could run as high as $50,000.

Through its Flood Hazard Mapping Program, FEMA identifies flood hazards, assesses flood risks, and partners with States and communities to provide accurate flood hazard and risk data to guide them to mitigation actions. Flood Hazard Mapping is an important part of the National Flood Insurance Program, as it is the basis of the NFIP regulations and flood insurance requirements.  FEMA maintains and updates data through Flood Insurance Rate Maps (FIRMs) and risk assessments.  FIRMs include statistical information such as data for river flow, storm tides, hydrologic/hydraulic analyses, and rainfall and topographic surveys.  FEMA uses the best available technical data to create the flood hazard maps that outline your community’s different flood risk areas.

Tens of thousands of homes in Ocean County were damaged by Sandy. For many property owners, whether to rebuild is based on the FEMA flood maps and weighing the risks against the cost.

As soon as more information is available, I’ll be passing it along.

Karl Hess, Keller Williams Realty Ocean County

 

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Comments (4)

Edward & Celia Maddox
The Celtic Connection Realty - Queen Creek, AZ
EXPERIENCE & INTEGRITY - WE TAKE THE HIGH ROAD

Something a buyer should deinately check out.  Good luck in selling in 2013.

Jan 13, 2013 12:54 AM
Tim Lorenz
TIM LORENZ - Elite Home Sales Team - Mission Viejo, CA
949 874-2247

It is sad that the press and the government has left the people damaged by Hurricane Sandy.  Why???

Jan 13, 2013 12:57 AM
Karl Hess
Keller Williams Shore Properties - Barnegat, NJ
on The Jersey Shore

Thanks for comments guys and I'm hoping this gets sorted within the next few months.

Jan 14, 2013 08:45 AM
Robert Rauf
CMG Home Loans - Toms River, NJ

we were just discussing this at the BOR this morning... No One has the answers yet, so patience is the key.  I think the big issue will be the extent of the damage.  over 50% and you are likely to be held to new codes... that's my gut answer at least!

Jan 15, 2013 04:42 AM