The escalating impact of natural disasters presents fresh challenges in residential real estate, especially for homebuyers. As a recent article from CoreLogic explains:
“As the specter of climate change looms large, the world braces for unprecedented challenges. In the world of real estate, one of those challenges will be the effects of natural catastrophes on property portfolios, homeowners, and communities.”
That may be why, according to Zillow, more and more Americans now consider how climate risks and natural disasters can impact their homeownership plans (see below):
This study explains that climate risks affect where many people look for a home. Homebuyers are interested in finding out if the house they want will be exposed to floods, extreme heat, and wildfires.
If you’re in the same situation and are thinking about what to do next, here’s some important information to consider as you start looking for a home.
Expert Advice for Homebuyers To Reduce Climate Risks
The first step is to understand how to buy a home while considering climate risks. With the right help and resources, you can simplify the process.
The Mortgage Reports provides these tips for buying your next home:
- Evaluate climate risks: Before buying a home, it’s important to check if it’s in a flood-prone area using the FEMA website, review the seller’s property disclosure for any past damage, and get an inspection for issues like cracks and mold to make sure it’s a safe investment.
- Consider future preventative maintenance costs: In areas that experience tropical storms, you may need to purchase hurricane shutters and sandbags to protect your home. In wildfire-prone areas, you may want to clear plants five feet from the house, consider rooftop sprinklers, or buy gutter guards to prevent fire hazards. Factor these future expenses in when touring homes that may need them.
- Take steps to avoid losing your assets: It is crucial to get the right insurance for a home in a high-risk climate area. Before bidding on a home, you should shop around and talk to multiple insurance agents to compare prices and options.
Above all else, your most valuable resource during this process is a trusted real estate expert. They’ll always focus on your goals while keeping your concerns in mind. Even if they don’t know how your home can handle natural disasters, they can connect you with the right experts and information.
Bottom Line
If you want to buy a home but are also thinking about climate risks, you’re not alone. Your home is a big investment, and if anything can impact that, you want to know. Let’s connect with real estate agents at KM Realty Group LLC, Chicago, so you have someone you can trust to guide you as you find your next home.
