Providing Appraisals for Flood Zones in Providence, RI, and All Over Rhode Island
Are you buying a house in a flood zone? Let us provide you with the information you need to ensure it’s a wise investment.
Flood zone appraisals are typically completed for anyone interested in renovating, remodeling, or adding onto a pre-existing home that is located within flood zones. Throughout Rhode Island, there is a 50% rule associated with these properties. The cost of the improvement can’t exceed 50% of the current estimated cost of the dwelling. So estimating the contributory value of a dwelling is the main goal of a flood zone appraisal. With a more recent valuation, budgets for improvements can be better calculated. At Lyman Brothers Appraisal, LLC, we can assist you. If you’re in Providence, RI, we can help you.
Learn About Our Flood Risk Assessment
Without a current appraisal, the tax assessor’s information regarding the dwelling is utilized as a guide for potential improvements. The issue is town assessments often do not have accurate information regarding cost or depreciation (very possible the tax assessor or revaluation company has never even been inside the property, reducing any accuracy or credibility regarding the results). Recent increases in construction costs along with supply chain issues have also significantly increased the cost of construction.
A flood zone appraisal gives the property owner a much more relevant estimate utilizing a few appraisal methods (allocation and the cost approach). An interior inspection is required in order to detail and custom features that are usually known or accounted for by a mass appraisal company during a revaluation.
- Contributory value by allocation: The property is appraised for a current market value minus the land value and any contributory real estate improvements (i.e., septic, well, driveway, dock, landscape, and hardscape). This gives a pretty accurate representative value of the dwelling and the amount that can be utilized in establishing your 50% improvements, often much higher than public records information.
- Contributory value by the cost approach: The cost approach to value is also utilized within the appraisal as further support. Inspecting the property allows a more accurate cost approach with the identification of higher-end improvements (mahogany porches, custom windows, kitchen, and bath to name a few impact items) and estimate of current condition or depreciation.
Request Our Flood Zone Appraisal
Everyone should be familiar with flood zoning when buying a house in a flood zone. We understand that most potential homeowners already have lots on their minds, so let us take care of this important task and give you peace of mind to enjoy your new home. Understand more about our flood zone appraisal services in Providence, RI, by getting in touch with us. If you’re planning a renovation, remodel, or addition to your property and are located within a flood zone, give us a call.