Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Nathan Colmer | The Van Dyk Group
C: 609.290.4293 | O: 609.492.1511
Information about selling LBI NJ real estate after Hurricane Sandy and Long Beach Island New Jersey Hurricane Sandy updates. Hurricane Sandy had a major impact on flood insurance and the LBI real estate market. Understanding these changes is key to selling a home for top dollar.
There is no question that Hurricane Sandy was a major influence on the LBI real estate market. The changes to construction on Long Beach Island and the media attention given to flood insurance changes has raised new challenges when selling your house on Long Beach Island. Selling LBI Real Estate After Hurricane Sandy on Long Beach Island NJ is greatly influence by the age, location and condition of your house.
The first important point to consider is whether or not your house was damaged by Hurricane Sandy and if so, what was the extent of the damage. There are three general groupings of damaged homes:
Many homes on LBI suffered only minor damage as a result of Superstorm Sandy. For these properties, most of the damaged was caused to insulation and wiring in the crawlspace of older Cape Cod style homes, the garage of an elevated home (including garage slab, breakaway walls, etc) or the exterior siding and roof. For these properties, repairs were generally quick and easy. The value of many of these homes has increased as they have proven to be "storm proof" and many buyers are attracted to these properties.
Some home on LBI had a few inches of water inside the house and therefore required gutting and repair of the structure. For these homes, the common process involved removal of the damaged material and replacement of electrical, insulation walls, floors, kitchen, baths, etc. In some cases, the house may need to be raised. The total renovation of the property attracts buyers to homes in this category however there are many questions about the renovation process and what the new cost of flood insurance will be.
Homes with major damage include properties where the cost of restoration outweighs the value of the finished home in the LBI NJ real estate market. In the case of these homes, the structure often adds negative value to the land as it is an additional cost to remove the building.
Flood insurance has risen to the forefront concern for many buyers in the LBI real estate market. The fear of paying astronomical flood insurance rates can be more than some buyers are willing to deal with. Therefore, it is important to do your homework BEFORE listing a house for sale. All homes now require a flood elevation certificate to rate flood insurance so it is worth the investment to have an elevation certificate completed and rate the flood insurance. If the rate is affordable (as most are) then it removes a major doubt from the sale of the house. If the rate is too high, than an adjustment in the sale price of the house may be needed.
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