Are You a Homebuyer Worried About Climate Risks?
The increasing effects of natural disasters are leading to new obstacles in residential real estate. 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 research goes on to illustrate how climate threats influence where individuals look for a property. This is because homebuyers want to know if the house they desire would be subjected to disasters such as flooding, excessive heat, and wildfires.
If you're in the same scenario and wondering what to do next, here's some key facts to keep in mind when you begin shopping for a house.
Expert Advice for Homebuyers To Reduce Climate Risks
The first step is to learn how to buy a property while keeping climate concerns in mind. You can ease the process with the correct assistance and resources.
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: To protect your home against tropical storms, you may need to buy hurricane shutters and sandbags. To avoid fire threats in wildfire-prone locations, remove plants five feet from the home, try rooftop sprinklers, or purchase gutter guards. Consider these potential costs while visiting properties that may require them.
Take steps to avoid losing your assets: Getting the correct insurance for a house in a high-risk climatic location is critical. Before bidding on a property, you should go around and speak with many insurance agents to evaluate costs and alternatives.
Above all, an experienced real estate specialist is your most useful resource during this process. They'll always prioritize your objectives while keeping your issues in mind. Even if they don't have all the answers regarding how to prepare your house for natural catastrophes, they can put you in touch with the relevant specialists and information.
If you want to buy a house but are concerned about climate change, you are not alone. Your home is a large investment, and you want to know if anything might affect it. Let's connect so you have someone you can rely on to help you find your new home.