How Do Climate Risks Affect Your Next Home?

Climate change is significantly impacting real estate decisions. As the National Association of Realtors (NAR) points out:

"Sixty-three percent of people who have moved since the pandemic began say they believe climate change is - or will be - an issue in the place they currently live."

If you're planning to move, considering climate change is crucial. A recent study from Realtor.com highlights the growing impact climate change has on real estate:

Work with a Local Real Estate Agent

A local real estate agent can help you understand the likelihood of your future home being exposed to hazards such as wind, floods, and wildfires. Their knowledge of the area can provide insights into the risks you may face.

Evaluate the Quality of the Home

When planning for long-term residency, you want a home that can withstand environmental hazards. Your real estate agent can help you find homes built with modern techniques to combat climate risks. Look for features like a secondary water barrier on the roof or fire-resistant exterior walls.

If the home you're interested in lacks these features, your agent can guide you on negotiating upgrades in the contract or understanding future remodeling needs.

Secure Adequate Insurance

Once you find a well-built home, the next step is ensuring it with appropriate insurance. Selma Hepp, Chief Economist at CoreLogic, explains:

"...homeowners are going to become increasingly more aware of risks of living in some areas as it becomes prohibitively expensive or very difficult to obtain hazard insurance."

In regions heavily impacted by climate risks, the right insurance is vital. The cost and availability of insurance should be factored into your budget. It's wise to get insurance quotes early in the process and compare multiple options, as obtaining these quotes can take several weeks.

Why It's Important

While considering climate risks might seem daunting, your real estate agent is an invaluable resource. They can guide you through the home-buying process, help you identify what to look for, and understand how climate change might affect your next home. With careful planning and expert advice, you can find a home that fits your needs and remains a sound investment.

In Conclusion

Climate change is an important consideration when buying a home. Your home is a significant investment, and you need to be prepared for anything that might affect it. Reach out so you can find the perfect home that meets your needs and withstands environmental challenges. 

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