FEMA Appraisal in Golden Beach

FEMA 50% Appraisals in Golden Beach

Our Florida coast is home to some of the most beautiful homes and buildings in the country. But because of our typical tropical weather patterns, many of these structures are at risk, particularly if they lie within a designated flood area.

What is a Non-Conforming Property?

Because the federal government updates floodplain maps periodically, many of these buildings’ elevations are now beneath our current 100-year floodplain designation. This makes these structures non-conforming when it comes to current regulations. This may not prove to be an issue until an owner decides to make improvements or repairs to the property. Then, the property may be subject to what is known as the FEMA 50% rule.

Over the years, FEMA has identified specific areas that are more at risk for flooding and have determined a minimum elevation for the lowest floor level in these areas. Most buildings that were built prior to 1975 fall into this category.

Limitations Under the FEMA 50% Rule

The FEMA 50% rule limits the costs of substantial improvements, whether those be repairs, renovations or any other type of alterations, to these non-conforming structures to less than 50% of the market value of the building prior to the beginning of any work.

How is Market Value Determined?

Market value can be determined in a couple of ways. Typically, FEMA will take the market value as stated by the country appraiser’s office and add 20% to that figure. But a homeowner or business owner can choose to have an independent Golden Beach actual cash value appraisal done by a licensed and experienced local appraiser, especially since things like pools, landscaping and other peripheral structures should not be included in a FEMA market value determination.

A Costly Endeavor

If the potential cost of the improvements equals or exceeds 50% of the market value, the owner is required to bring the property into current flood regulation compliance, often requiring the further elevation of the first floor. As you may imagine, this can be extremely costly and may even require that the original structure be demolished. That is why it is imperative that owners get a professional FEMA 50% rule appraisal in Golden Beach before embarking on any construction.

If you are considering any repairs or renovations to a building you own in a designated flood zone, you owe it to yourself to get a substantial improvement appraisal in Golden Beach to ensure that your project remains below the 50% mark, if possible. It is also important, when looking to purchase a property that is non-complying, to make sure to get a FEMA appraisal done before you sign a contract.

An Experienced FEMA Appraiser

At FEMA Appraisals, we have provided hundreds of homeowners and business owners with FEMA appraisals in Golden Beach and the surrounding communities. FEMA regulations can be complex and not all appraisers are experienced or capable of addressing the correct criteria for compliance.

At FEMA Appraisals, we are licensed appraisers with expertise in all property types. We are proud to offer services that are above current industry standards using superior databases and resources and employ rigorous review procedures to ensure the most comprehensive appraisals possible.

We Are Here for You

If you have a non-conforming building or home, it will be subject to FEMA guidelines when it comes to any renovations, improvements or repairs you may want to make. Having a FEMA appraisal can help you challenge those limitations. Call us today at FEMA Appraisals, a part of Dade Appraisals, at 305-595-1312 to get the information you need.