When you are considering to buy a Galveston Beach Front property, you must consider some factors to help you make an informed financial decision.
- Base Flood Elevation or BFE
One of the very factors to consider before buying a property in or around the Galveston Island or Galveston strand is the BFE or base flood elevation. The BFE or base flood elevation can be ascertained from the sea level to a point above the earth. On Galveston Island, the BFE is about to the lowest of zero to the highest of 15 feet.
- Is the property you are planning to buy ‘Firm’ or ‘Pre-Firm?’
Firm property refers to the official FEMA mapping of a community which determines the special hazard areas and the risk premium zones for that very community. Pre firm property refers to those buildings which were built before the effective date of the first flood rate map for that very community. Some people refer these buildings to as ‘Grandfathered’, as the flood management rules are not applicable here. The Firm was established in the area in the year 1974.
- Understand the building requirements for each area.
Firm homes don’t have any active living space on the base floor. All the air conditioned living space must always be lifted or elevated on the basis of the BFE or base flood elevation for that area or community. This rule is also dependent upon the special hazard area and the flood zone where the property stands in.
- When purchasing a property on the Galveston Texas beach, it is important to understand the vegetation line and its value to the property.
After Hurricane Ike took place, many of the beach communities and residential places were deemed to be sitting on public property because of the erosion of the beach. Beware of the line that marks your property from the public beach.
- If you plan on buying your home with a mortgage, be aware of the fact that you must carry three types of insurance coverage.
The three insurance coverage are as follows: hazard or fire, windstorm and flood. Look for the premium quotes by the means of an agent who is acquainted with how to write on the coast before you fall in love with the property. You will be surprised at the cost of the policies.