Flood Zones in Sacramento Real Estate

As we enter the wet season, coincidentally, FEMA just announced that it added new flood zones to 150 cities. They’ve redrawn some maps, no including areas that were not previously included to be included.  For current homeowners who suddenly find themselves located in one of the new flood zones, that means that you would have to now pay for flood insurance. For example, a homeowner not previously in the flood zone might be paying $42 per month for insurance, and now that amount might go as high as $100 per month, which is quite a tidy sum in these here hard economic times.

If you’re a Sacramento residents, fear not, as our flood zones were messed with in 2005 and then again in 2007.  This issue above that is unfair is that say a person bough a house last year and qualified for that house without the additional flood insurance, and now, with the new zoning, that person has to up his monthly insurance payment in light of the new zoning. Not fair, and truly, that same person might not have purchased his home if he knew about that extra amount of money.

I think of mello-roos, flood insurance and home owner’s association dues in the same light: it NEEDS to be calculate into the purchase price. This is one reason when I am working with a buyer who thinks he or she wants to invest in a condo, that I am very diligent in my investigative efforts. If the buyer wants a condo because she wants, say, a gated community, no yard work, and a swimming pool without the maintenance, well then, that might be just the kind of home she should be looking for.

However, more times than I can count on your hands and mine, I’ve worked with first time buyers or investors who are looking for the best (read: cheapest) property and think a condo might be just the ticket. However, once I lay out the association dues—and in Sacramento they range from $125 to more than $300, depending on what’s included–they see that a small single family resident might be a better buy for them, at that particular time.

Back to the flood zone issue, it’s the same ball of wax. If you’re looking for homes in the Natomas Area, for example, or dream of moving here in Carmichael with a lovely river view, be sure you know whether or not the property is located within the FEMA Sacramento Flood Map Zone. If it is, find out how much the additional insurance will cost you and be sure and calculate that into the purchase price.

There are plenty of fees associated with buying and owning a home in Sacramento, but of course, these investment costs are off-set by the benefits inherent in home ownership…at least that’s what I’m basing my career on! At any rate, if you’re going to buy real estate in Sacramento, or anywhere for that matter, please be sure you know about all additional fees and costs that might be involved.

Tune into to a little bit about Sacramento Real Estate, as well as to hear my weekly interview, on the radio show just for Sacramento….Sacramento Smiles! www.InLoveWithSacto.com  show time is each every Wednesday at 10 am, but you can listen to past podcasts anytime!

ta ta for now,
Tamara