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My father-in-law and I recently had a discussion about flooding in New Jersey.
He is often wrong about a lot of things, so when he said, "There are a lot of areas in New Jersey that you have to worry about flooding", I didn't really take him seriously.
But since then, my wife and I have come to look for a house to buy, and we came across a great house. Since it was a block away from a creek, I checked the FEMA flood map, and I found out that it is in zone x (According to FEMA, zone x is minimum risk and a flood insurance is not required).
To us, it's not necessarily a show stopper (the house is priced at least $80K or so lower than its comps in the area), but since then, every time we find a house that interests us, we check the flood map. And boy, there are A LOT of flood zones in New Jersey! My father-in-law has been right.
Financially though, if the price is low enough to off set the flood insurance cost over the next 10 years, I would at least consider it. We have another home, which we would keep (a condo in Jersey City that is steeply increasing its value), so we don't necessarily have to consider the second home as investment (although it would be nice if it were). As long as I don't lose money, maybe the risk of flood that may or may not happen in the next 10 years can be tolerated financially.
But psychologically, I just hate the idea of having to worry about it every time heavy rain falls, and I think most people are like me.
Does anyone have any experience about buying or selling a house in a flood zone?
I wouldn't live in one unless I was completely convinced that there was NO chance of my home flooding. Ex: The house is elevated or on a hill well above the highest ever flood elevation.
Which Zone X are you talking about? Shaded or Unshaded? Big difference. Shaded means risk is somewhere between the base flood and 500 years and is moderate risk.
Unshaded Zone X is basically the "does not flood" (minimal risk) zone. It's outside the 500 year range, that's what everything they've analyzed and is outside the 500 year range is labeled as. There isn't any classification with less risk. In short, your house being in unshaded Zone X is a good thing, there isn't a better rating it can have.
Also do keep in mind that FEMA is measuring broader flooding events. If you have your house in the low point of the property and poorly designed drainage/runoff, you may be flooded, even though no one else in the area is and it isn't in a flood zone.
I am not a real estate agent or lawyer, don't assume everything I just said is correct, but that's what I understand things to be.
My father-in-law and I recently had a discussion about flooding in New Jersey.
He is often wrong about a lot of things, so when he said, "There are a lot of areas in New Jersey that you have to worry about flooding", I didn't really take him seriously.
But since then, my wife and I have come to look for a house to buy, and we came across a great house. Since it was a block away from a creek, I checked the FEMA flood map, and I found out that it is in zone x (According to FEMA, zone x is minimum risk and a flood insurance is not required).
To us, it's not necessarily a show stopper (the house is priced at least $80K or so lower than its comps in the area), but since then, every time we find a house that interests us, we check the flood map. And boy, there are A LOT of flood zones in New Jersey! My father-in-law has been right.
Financially though, if the price is low enough to off set the flood insurance cost over the next 10 years, I would at least consider it. We have another home, which we would keep (a condo in Jersey City that is steeply increasing its value), so we don't necessarily have to consider the second home as investment (although it would be nice if it were). As long as I don't lose money, maybe the risk of flood that may or may not happen in the next 10 years can be tolerated financially.
But psychologically, I just hate the idea of having to worry about it every time heavy rain falls, and I think most people are like me.
Does anyone have any experience about buying or selling a house in a flood zone?
Every single house in the United States of America is in a flood zone. Zone X is the lowest rating. Your father in law is zone x
You have a choice have no insurance or buy the cheap zone x insurance which every house in the USA that is not in a flood zone can buy even if on top of a mountain.
Every single house in the United States of America is in a flood zone. Zone X is the lowest rating. Your father in law is zone x
You have a choice have no insurance or buy the cheap zone x insurance which every house in the USA that is not in a flood zone can buy even if on top of a mountain.
One of the houses that we found in Union is in shaded (or dotted) zone X. The house next door is only partially in the zone X. And the next house after that is outside of zone X.
Whether it is in zone X or not (or shaded or dotted or unshaded), if a house is close to the area that has experienced flood, I would be compelled to get a flood insurance even if it's not mandated.
Anyway, I used to think that unless you live next to a river or something, you won't have to worry about flooding.
I think I was wrong about that (my father-in-law was right), at least in New Jersey.
If given the option, I would not buy in a flood zone, especially in the Union area, as the Raritan is in the middle of being reexamined by the Corps of Engineers. I especially would be leery of creek adjacency, given the recent changes in runoff patterns from the construction of I-78.
We're in Cranford, which has been hit hard recently, so we didn't even look at anything in the 500 year flood zone. Sandy was atypical, but I'd expect something similar in the next 30 years or so while we are in the area.
You should be aware that if they're pricing the house 80K lower than other houses there's something up, no realtor leaves $5,600 on the table for no reason.
You should be aware that if they're pricing the house 80K lower than other houses there's something up, no realtor leaves $5,600 on the table for no reason.
This exactly! Anytime you see any home that is listed significantly below area comps, large red lights should start flashing in your head and you should immediately hear loud warning sirens, like air raid or tornado warning sirens. Something is wrong with the home.
KoalaNJ
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