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What do I need to do if the home I'm considering buying is listed in a flood zone?

The home is in Hawaii
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February 27 - Kapaau
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Answers (4)

First, be sure of the zoning there are several levels.  Be sure your lender will lend, some won't.  And finally unless your paying cash the home will need to be insured to protect the lender, flood insurance can be expensive (there are several factors to determine this number) or not again, depending on a number of factors. I hope this helps.
ALOHA
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March 07
You should first find out if there is an elevation certificate for the property. This will tell you how far above flood plain the home is. If there is not one available, you will have to (or negotiate for the seller to) pay for a certificate to be completed. Your insurance company will likely require this prior to determining if your policy will be approved or not. You should also make sure you understand the FEMA Flood Insurance Law that is currently in debate with the government. There is the potential that flood premiums could skyrocket and affect your ability to pay. Do the legwork to ensure you are positioned to make an informed decision. Best of luck!
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February 28
you should read this link to better understand things to do...

http://www.fema.gov/national-flood-insurance-program-flood-hazard-mapping/engineers-surveyors-and-architects-frequently#en13
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February 28
If you'll be getting a loan be sure your lender will lend.  Some don't in flood zones, there are also grades, check with your local county planning dept. They will have the data as to how they zoned your area. Home owners insurance may also be difficult again, check with your lender and insurer.  Build the house off the ground, check with your builder... Be prepared for the worst and expect the best.  

Good luck! Kosmo
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February 28
 
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What do I need to do if the home I'm considering buying is listed in a flood zone?
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March 07 | 4 answers
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