Are You a Homebuyer Worried About Climate Risks?

The increasing rate and destruction of natural disasters is leading to newfound obstacles in residential real estate. A recent article from CoreLogic explains that:

“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.”

According to Zillow, that is one of the reasons why more Americans now consider how climate risks and natural disasters can impact their homeownership plans. See the image below for a visual representation.

Zillow’s study goes on to explain that climate change and the risk of natural disasters affect where many people look for homes. This is due to homeowners being interested in discovering if the house they want will be at risk for floods, extreme heat, wildfires, hurricanes, tornadoes, and more.

If the risk of a climate related disaster is impacting your decision to relocate, consider some of these points as you start to look for a home.

Expert Advice for Homebuyers to Reduce Climate Risks

The first thing to understand is how to go about buying a home while considering the potential climate risks the area has. With the right help and resources, you can make the processes simpler.

The Mortgage Reports have provided the following tips for buying your next home:

Evaluate climate risks: Before buying a home, use the FEMA website to check if it is in a flood-prone area. It is also a good idea to review the seller’s property disclosure for any past damage and to get an inspection for issues like cracks and mold to ensure it is a safe investment.

Consider future preventative maintenance costs: For areas that receive tropical storms and hurricanes like Southwest Florida, you may need to purchase hurricane shutters and sandbags to help protect your home. In wildfire-prone areas, it may be a good idea to remove plants within five feet of your house, consider installing rooftop sprinklers, and purchasing gutter guards to prevent the risk of fire. Be sure to factor in these future expenses when touring homes that may need them.

Take steps to avoid losing financial assets: Obtaining the right insurance plan for a home in a high-risk climate area is imperative. You should shop around and speak with multiple insurance agents to compare options and prices before deciding to place a bid on a home.

Furthermore, above all else, your most valuable resource throughout this process is a trusted real estate expert. They will be able to focus on your goals while keeping your concerns in mind. Even if they don’t have all the answers about how your home can handle various natural disasters, they will be able to connect you with the experts that do know that information.

Final Thoughts

If you want to buy a home in the near future while considering climate risks, you are not alone. Your home is a major investment and you need to know about all the factors that can impact it. Reach out to real estate expert Dianne Anderson today so you can have a trusted advisor throughout your homebuying journey.

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