FEMA Appraisal in Key Biscayne

50% FEMA Appraisals in Key Biscayne

Are you renovating or repairing your Key Biscayne home or commercial building? If it lies in a designated flood zone, you will want to understand the FEMA 50% Rule and how it will impact your project. Your best course of action is to meet with an appraiser who is experienced in 50% FEMA appraisals in Key Biscayne.

FEMA Compliance

If your building or home is located in one of our many flood zones, FEMA will limit the way a property can be improved. Over the years, flood levels have been updated for purposes of National Flood Insurance coverage. Because many buildings are now located below the current 100-year floodplain designation, this puts them at added risk of flooding during a weather occurrence.

Substantial Improvements

FEMA has established guidelines for repairing and renovating properties in designated flood zones that are then enforced by local building code officials. This rule warrants “that any building must be elevated and brought into compliance by any cause(s) for which the repair costs are 50% or more of the value of the building, and the building is both in a SFHA and at a non compliant elevation or in some other way non compliant with current building code for new construction.” So if substantial improvements under these guidelines are to be made, the building must come up to current codes as if it is being newly constructed. Needless to say, this can be extremely expensive for a home or building owner.

Determining Actual Cash Value

If you live near the water in South Florida, there is a good chance that your building is located in a flood zone. Dade County will impose the 50% rule on any renovations and improvements that exceed 50% of the actual cash value of the structure. Having a Key Biscayne actual cash value appraisal completed will ascertain the cost of the improvement under the guidelines and the actual value of the building in order to determine if the 50% rule will need to be applied to your project.

Nuances of a FEMA Appraisal

The valuation of your building does not include land and can also be interpreted in different ways. Unlike a regular appraisal, a Key Biscayne substantial improvement appraisal is not conducted in the typical format of a regular real estate appraisal. A FEMA appraisal in Key Biscayne is written in paragraph form and is quite different from a regular appraisal. That is why you should have the advice of a professional FEMA appraiser when you are uncertain about whether you need to be in compliance with FEMA guidelines.

We Know Current National and Local Regulations

At FEMA Appraisals, we have helped hundreds of Key Biscayne citizens determine whether they need to comply with the FEMA 50% rule. We are aware of all national and local regulations. In this way, we can help you protect your property and determine whether you need to comply before you begin your renovation or repair. Elevating an entire slab for a home is often not cost-effective for most building owners. We can help project costs to determine whether they will exceed the 50% rule.

A Leader in the Appraisal Industry

FEMA Appraisals has been a leader in the South Florida appraisal industry for nearly two decades. Every appraiser working for us has many years of experience providing analysis and valuation of building projects in order to determine whether they must fit FEMA compliance.

Contact FEMA Appraisals at Dade Appraisals at 305-595-1312. We have experience in post-hurricane areas of South Florida for nearly twenty years and understand what FEMA coordinators and city managers are looking for in a Key Biscayne substantial improvement appraisals. At FEMA Appraisals, you get the benefit of our years of extensive experience when it comes to both residential and commercial FEMA Appraisals. If you have questions about your repair or renovation under the FEMA 50% rule, give us a call.