Home Buying in Oak Island>Question Details

Pat House, Home Buyer in Egg Harbor Township,...

What is the avrage cost of flood insurance for homes 2 blocks from the ocean?

Asked by Pat House, Egg Harbor Township, NJ Wed Feb 6, 2013

Looking for a vacation home with partial rental.

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This question was asked from this property: http://www.trulia.com/property/3105520511-112-SE-55th-St-Oak…

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If you are asking about 112 SE 55th, that property is under contract and had 18 bids on it. It will sell for way ,more than the $124,900 listing price. We are seeing a ton of multiple offers on homes and you really need an agent to work with you as a buyer's agent if you are seriously looking to buy on Oak Island right now. Not all of the properties on Oak Island require flood insurance. There are too many variables to give you an answer. I hope this helps and if you need a buyer's agent to send you listings, I would be more than happy to help you. I work and live on Oak Island and I am very familiar wit the island, the beach access and flood zones.
0 votes Thank Flag Link Wed Feb 6, 2013
Thanks Cheryl, I knew it was a great deal. I will keep looking for another. I am looking for something close to the beach I can use and rent out partially.
Flag Wed Feb 6, 2013
Hi Neva,

I am a Broker in Wilmington and I have sold several homes on Oak Island. You have to be careful with the static vegetation and non rebuild-able lots. If you are in a flood zone, it depends on the flood zone as to what your insurance would be. Usually anywhere from 1000-3000 a year depending on home size, elevation, location, etc...

Feel free to call me or check out our website if you would like more specifics. I am pretty familiar with the beach since I used to live in Leland and spent a lot of weekends there! I hope you are having a great day!

Rob
910-465-2345
http://www.coastalcarolinaproperties.com
0 votes Thank Flag Link Wed Feb 6, 2013
That's a hard question to answer since it depends on the elevation of the particular home. If your interest is in condos, which often provides good rental, the insurance is included in the owners' association fee that is paid either monthly or quarterly.

I live in what is known as the "wooded section" of Oak Island - and three blocks from the ocean. I am not in a flood zone and no flood insurance is required.

If you are looking at something that will give you a view of the waterway or the ocean, you would likely be required to have flood insurance. In many cases, wind and hail insurance seems to be higher than the flood insurance.

I would suggest finding a couple of properties you like and ask the agent to find out those details. This will certainly help in your decision.

Thank you for your question.
0 votes Thank Flag Link Wed Feb 6, 2013
Thanks for your response. I tried that first with no reply. I am from NJ and looking for a investment property I can use without condo fees. I know the closer to the beach the better the rental. I will be searching on the web until I can take the trip down there.
Flag Wed Feb 6, 2013
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