Smart Homebuying: Navigating Climate Risks
Climate change is affecting homebuying decisions. According to the experts at the National Association of Realtors (NAR):
“Sixty-three percent of people who have moved since the pandemic began saying they believe climate change is—or will be—an issue in the place they currently live.”
If you’re considering a move, climate change is a factor to ponder, no matter your location. Recent research from Realtor.com sheds light on the increasing impact of climate change on real estate.
So, how can you ensure your investment is resilient to environmental changes?
Firstly, collaborate with a local real estate agent to assess the likelihood of your prospective home facing hazards like wind, floods, and wildfires. Your agent's local knowledge will help you understand the predominant risks in the area.
Additionally, consider the quality of the home you intend to purchase and the insurance needed to safeguard it.
Invest in a Durable Home
If you plan to stay in your home long-term, durability matters. Work with your agent to verify that the home you choose is constructed to withstand environmental challenges. They are well-versed in common building practices that shield homes from climate change effects.
And if the home lacks these features, your agent can advise on potential negotiations or future upgrades to enhance resilience.
Secure Adequate Insurance
Once you’re confident in the home's durability, explore insurance options. In areas where climate risks are significant, appropriate home insurance is crucial. The cost of insurance is a vital consideration when budgeting for your home purchase and protection. Begin the insurance process early to compare quotes and allow time for evaluation.
While it may seem daunting, your agent can provide invaluable assistance. They will guide you through the homebuying process, help you identify pertinent considerations, and offer insights into how climate change may impact your future home. With careful planning and expert guidance, you can find a home that meets your needs and withstands environmental challenges.
Climate change is a critical consideration when purchasing a home. As a significant investment, your home should be resilient to environmental factors. Let’s connect to find your ideal home in light of these considerations.
