Many Southwest Florida property owners are doing a cost versus benefit analysis on their property following nearby major storms in the past few years. Hurricanes Irma, Ian, Helene, and Milton have brought storm surge and flood damage to many coastal homes and inland homes near the rivers.

Not What I Signed up For

SW Florida homeowners bought paradise, and they paid a premium for it. Many even ponied up big bucks for flood insurance, while some did not. The price of paradise was worth it. SW Florida has not had much flooding in recent decades before Irma in 2017.

Cost Versus Benefit Analysis Underway in Coastal Areas

Cleaning up after a flood event is not fun. Some homeowners spent their life savings to restore their property back to a livable condition. Some even upgraded from what they had before the storm.

If once was bad enough, imagine going through this process two or three times. Some unlucky residents have, and they’ve had it. Nobody can tell us when we’ll get hit again. All we know is people are tired of it, and it might be time for change.

New Money Replaces Long Term Residents

Long-time residents may give way to new residents willing to take on the fight. The answer may be homeowners need to raise their existing property, or tear down and build new at a higher elevation. It costs a lot of money to raise a property. Some of our quaint and charming properties are beautiful where they sit, but will it be worth it to invest so much to raise them? In a sad way, the land may hold more value than the cost to raise a small and quaint home. The cost versus benefit analysis may dictate something else.

Future Values

We see values eventually going up along the coast as homeowners replace existing homes with more luxurious homes built at higher elevation. They may lose their charm, but they will have more cost and more value. Newer homes will not be as susceptible to ongoing flooding events. Existing homes that are raised will add value as well. Another option will be for owners to add a second story onto an existing home, essentially replacing living area on the bottom floor with living area a floor higher. The bottom floor becomes the new wash away floor that doesn’t require much repair.

Push Inland

Many potential buyers have decided they wish to avoid the high cost of flood insurance and flooding and move inland. Some inland homes require flood insurance, so it’s best to check on each property. A good real estate agent can help you select an area that meets your needs.

Blueprint

Each storm is different, and past performance is no guarantee about future performance in a storm. However, many have taken comfort in the fact that we’ve had several major storms and certain areas have suffered no flooding through all of them. There is a new required flood disclosure that sellers must complete. The disclosure details whether a home has had water intrusion and buyers will want to study these carefully when evaluating homes to purchase.

Flooded Homes Value

For areas that consistently flood, and no remedy is available other than flood insurance, such as townhomes or 1st floor condos, prices may be subject to buyers’ appetite to take on that risk. Some condo associations will be affected as well because the flood insurance may be for the full association, and the first floor affects the policy.

Professional Advice

When buying or selling, hiring the right agent is more important than ever. The Ellis Team at Keller Williams has more experience than just about anyone out there. We’ve been voted Best in Real Estate for 12+ years by News Press readers. Always Call the Ellis Team at Keller Williams Realty 239-489-4042

Let us know how we can help! We have resources we can give to you if you need vendors. Let’s hope 2024 storm season is done so we can get back to enjoying paradise.

To get your home’s online value instantly, check out www.SWFLhomevalues.com

No Flood Insurance Required

We have several homes that did not flood and require no flood insurance. This is one home we held open last weekend that may be popular among home buers. We have others as well.

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