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Old 05-27-2009, 02:07 PM
 
Location: New Jersey
59 posts, read 225,561 times
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Default 500 year flood plain - How bad is this ?

A property we are considering buying in Bergen County is in a 500-year flood plain.

Can someone comment on how bad(or good) this is ? Is it something to be very concerned about ?

If only a part of the property is in flood plain but the main dwelling is not, then what are the pros/cons ?

Any experience or feedback appreciated. Thanks in advance.
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Old 05-27-2009, 02:26 PM
 
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Depends on whether you plan on being there when the 500-year flood hits...lol.

I'd check with your homeowner's insurance company to see if they'll require you to buy flood insurance if you're in the 500-year zone. Also, you say that the house isn't in the zone, but is there a basement that's lower than he 500-year flood elevation nearby? If so, you may still get water in the basement during a flood, even though the surface water never gets to the house.
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Old 05-27-2009, 02:56 PM
 
Location: New Jersey
59 posts, read 225,561 times
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Thanks for the quick response Bob !

Yes there is a finished basement. (Finished just recently - 2007 I think).
Wouldn't the basement be considered a part of the main dwelling ? I will be getting more documentation on this tonight from my realtor so I will read it in detail.

I am also concerned that this will hurt the resale value, although the town is a quite sought after town.
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Old 05-27-2009, 02:58 PM
 
Location: Vermont
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Seems odd to finish a basement if there is going to be flooding.
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Old 05-27-2009, 03:13 PM
 
Location: Stewartsville, NJ
7,577 posts, read 14,436,427 times
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Quote:
Originally Posted by splitchin View Post
A property we are considering buying in Bergen County is in a 500-year flood plain.

Can someone comment on how bad(or good) this is ? Is it something to be very concerned about ?

If only a part of the property is in flood plain but the main dwelling is not, then what are the pros/cons ?

Any experience or feedback appreciated. Thanks in advance.
20 years ago, I would have said "it's no big deal". But the "year storm" calculations are so old - Population growth in this State is way beyond what anyone ever thought it would be ... new home construction, new buildings, new parking lots, new highways, larger highways (impervious surfaces) which all factor into surface water flow leading to flooding issues. I would ask around... go to the twp and find out if they ever had flooding issues in that area.
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Old 05-27-2009, 03:21 PM
 
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Are there flood plain maps for NJ?
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Old 05-27-2009, 03:33 PM
 
Location: Highland, CA (formerly Newark, NJ)
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If I can recall from my geology 101 days, 500-year flood plain would mean the house is built for the highest flood the district has recorded in the last 500 years.
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Old 05-27-2009, 03:34 PM
 
Location: New Jersey
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Yes, there are flood plain maps for this area that clearly show the property in a flood plain. And yes the area was flooded during hurricane floyd. Even properties not in flood plain experienced flooding in their basements during Floyd.

We are considering this as a long term buy (20 years atleast) and hence the concern.
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Old 05-27-2009, 03:44 PM
 
Location: Stewartsville, NJ
7,577 posts, read 14,436,427 times
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Quote:
Originally Posted by splitchin View Post
Yes, there are flood plain maps for this area that clearly show the property in a flood plain. And yes the area was flooded during hurricane floyd. Even properties not in flood plain experienced flooding in their basements during Floyd.

We are considering this as a long term buy (20 years atleast) and hence the concern.
I don't think Floyd was even considered a 100 yr storm!
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Old 05-27-2009, 03:54 PM
 
Location: New Jersey
59 posts, read 225,561 times
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Quote:
Originally Posted by joe moving View Post
Seems odd to finish a basement if there is going to be flooding.
Well, they updated a few things in the house so they could sell it. Basement was one of them.
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