Climate change is impacting where people buy homes. As the experts at the National Association of Realtors (NAR) explain:
“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, climate change is something you might want to consider, no matter where you are.
A recent study from Realtor.com helps put the growing impact climate change is having on real estate into perspective (see below):
So, how can you be sure your investment is safe from the elements?
For starters, work with a local real estate agent to understand the likelihood of your future home being exposed to hazards like wind, floods, and wildfires. Your agent will know the area and be able to tell you about the risks you’ll most likely face.
Beyond that, there are two important factors to consider: the quality of the home you want to buy and the insurance you’ll need to protect it.
A Home Built to Last
If you plan to be in your home for many years, you want to know how it will last. One way to think ahead is to work with your real estate agent to ensure the home you buy can withstand environmental hazards.
They’re up to date on the most common building and remodeling techniques — like a secondary water barrier on the roof or noncombustible, fire-resistant exterior walls — used to protect homes from the effects of climate change.
And if the home you’re interested in doesn’t have the features you’re looking for, they can help you determine what you can negotiate in the contract or what work it might require.
Insurance To Protect It
Once you’re confident the home you’re looking at is well built, the next step is finding out what it will take to insure it. As Selma Hepp, Chief Economist at CoreLogic, says:
“. . . 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 areas where climate risks are having a bigger impact, the right home insurance can make a big difference. The price of that insurance is an important factor when considering your budget and the true cost of buying and protecting your home.
Get an insurance quote early in the process because you may want to compare multiple quotes, and it can take several weeks to get them.
While this may feel like a lot to consider, don’t worry. An agent can help. Your real estate agent will be your go-to resource on the home buying process, what to look for and consider, and how climate change may affect your next home. With the right planning and an agent’s expert advice, you can make this happen. Homeownership is worth it. And with a great agent, you can ensure the home you find is the right fit.
Bottom Line
Climate change is an essential factor to think about when buying a home. After all, your home is a considerable investment, and you want to be ready for anything that might affect it. Let’s chat so you can find the perfect home.
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