How Climate Change Affects Your Home Buying Decisions
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 to consider no matter where you live. A recent study from Realtor.com shows the growing impact on real estate:
A Home Built to Last
To plan for the long term, work with your real estate agent to ensure the home can withstand environmental hazards. Agents know the latest building and remodeling techniques, like secondary water barriers and fire-resistant exterior walls. If a home lacks certain features, your agent can advise on negotiation or future improvements.
Insurance To Protect It
After ensuring a home is built to last, find out what insurance will be needed. Selma Hepp, Chief Economist at CoreLogic, explains: [source]
“...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.”
Getting multiple insurance quotes early in the process helps with budgeting and ensures adequate protection against climate risks.
Your real estate agent will guide you through the homebuying process, highlight climate-related concerns, and help you find a property built to last.
Bottom Line
Climate change is an important factor when buying a home. Your home is a major investment, and working with an expert agent ensures you choose wisely and are prepared for future risks.
