FEMA Appraisals Surfside

Renovating? Understand the FEMA 50% Rule

If you are looking to repair or remodel a residential or commercial property you own, you may be surprised to hear about the FEMA 50% Rule. If your property lies within a flood zone, you are bound by FEMA regulations in order to make any substantial changes to the structure. Homeowners who apply for permits to do repairs to their property are often shocked to learn that they must also elevate their home at substantial cost.

The FEMA 50% Rule simply states that renovations or repairs that meet or exceed 50% of the cash value of the structure before construction also require that the structure be brought up to all current floodplain management standards. This could mean elevating your whole house above the current Base Flood Elevation. For a homeowner wanting to renovate an older home, this could represent a huge financial undertaking,

Why is this Necessary?

For communities to participate in the National Flood Insurance Program, they are required to regulate any new construction, substantial improvements to existing structures and repairs of substantially damaged structures. “Substantial” is where the 50% rule came into being. It was the way that FEMA could determine at what point the renovations or reparations needed were great enough to be further regulated for flood-worthiness. If a renovation or repair fits the 50% rule, the floodplain administrator is tasked to ensure that the owner further brings the property up to minimum floodplain management requirements.

The Benefit of an Independent FEMA Appraisal in Sufside

The only way to overrule the way that FEMA currently makes this determination (appraised value plus 20%) is to have a Surfside substantial improvement appraisal done to determine the market value of the property. An appraiser can add and subtract various aspects of the home to determine a more comprehensive valuation of the structure.

Hire an Appraiser with FEMA Experience

At Dade Appraisals, we understand FEMA regulations and can help homeowners establish a correct cash value for their home. We have been in the appraisal industry for nearly 2 decades and understand the nuances of what is needed to establish value for FEMA. If you are considering a renovation or repair, it is important to get a Surfside FEMA 50% rule appraisal to understand your responsibilities.

Dade Appraisals is a Florida Certified firm of licensed appraisers. Every member of our team is a member of the Appraisal Institute and is highly experienced in Surfside FEMA appraisals, residential appraisals and commercial appraisals. We provide prompt and outstanding service, easy to read reports and are known for our attention to detail. We always seek to exceed industry standards.

Alleviate Surprises

Having an actual cash value appraisal done in Surfside can alleviate surprises. Having a skilled appraiser conduct a FEMA appraisal will offer a much more comprehensive understanding of the true market value of a property and adjust the 50% threshold higher than the standard assessed value plus 20% that is most commonly used. An appraisal conducted by an independent appraiser will take into consideration all the nuances and conditions of the structure and provide the most comprehensive cost replacement value possible.

Protect Your Investment

When considering a substantial remodel or repair to an existing home in a flood zone, it is important to have the qualified expertise of an independent appraiser protect your important investment as well as comply with FEMA and National Flood Insurance Program requirements. Feel free to contact the team at Dade Appraisals at 305-595-1312 in order to understand your responsibilities when you are considering a remodel or major repair.