What is the 50% Rule? How does it affect me the Buyer?
The Beaches are Barrier Island and definitely in A flood zone.Click here to see A-zones seen here is RED.
In order to continue to secure the benefits of participation in the National Flood Insurance Program (NFIP) for citizens of all Pinellas County Beaches cities benefit. It is needful for each City to comply with the Federal Emergency Management Agency (FEMA) requirements for renovations and additions in “AE” and “VE” Coastal High hazard zones. FEMA requirements affect existing buildings that were not constructed at minimum flood elevation when such buildings are “substantially improved”. FEMA has defined substantial improvement; as any repair, reconstruction or improvement of a structure, the costs of which equals or exceeds fifty percent (50%) of the market value of the structure either before the improvement or repair is started, or before the damage occurred if the building has been damaged and is being restored.
What does a Buyer Need to Know when looking at Beach property on the Barrier Islands?
So you can find out what you need to know and how you can a Savvy Beach investor or Beach buyer.
Here is one on my www.WelcometotheBeaches.com
Madeira Beach FL Bungalow built 1940
Are you looking to buy a home in Madeira Beach go to www.MadBeach.info
Choose a fixer-upper home. Copy the address. Then standby.
Visit the City of Madeira Beach Website http://madeirabeachfl.gov/
I took this screenshot picture below from their website. Look under the 78-degree temperature far right, for heading Helpful Links.
|NOTE: Left of the malware pop up X|
see this link and clink
BUILD SMART - 50% RULE.
How do you find out how much the house is worth vs the land?
Go to www.pcpao.org
Search by address
Put in an address or choose one at www.madbeach.info
Here is my example:
14067 MARGUERITE DR
MADEIRA BEACHClick here to this is what you get
On the same line as the date on the top far right you see this FEMA/WLM
Click on it it will tell you the valuation for FEMA Purposes.