How Do Climate Risks Affect Your Next Home?

<article class="post-1063977 post type-post status-publish format-standard has-post-thumbnail hentry" id="post-1063977"><span class="entry-date">May 28, 2024</span><div class="entry-header center-block text-center"><h1 class="entry-title">How Do Climate Risks Affect Your Next Home?</h1><div class="shareBlock"><div class="shareTitle">Share</div><div class="shareIcons"><a aria-label="Twitter Share Link" class="twitter solid display-inline-block" data-tracking="Post,Social Post Link Clicked,Twitter" href="http://twitter.com/share?text=How+Do+Climate+Risks+Affect+Your+Next+Home%3F&amp;url=https%3A%2F%2Fgilliggroup.com%2Fblog%2Fhow-do-climate-risks-affect-your-next-home%2F" target="_blank"><span class="force-hidden">Twitter</span></a>
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</div></div><div class="post-tax post-category"><span></span><a href="../category/realtor-blog/index.html" rel="tag">Realtor Blog</a></div><div class="post-tax post-post_tag"></div></div><div class="entry-content"><div><img alt="How Do Climate Risks Affect Your Next Home? Simplifying The Market" decoding="async" loading="lazy" src="https://media.agentaprd.com/sites/222/20240528-How-Do-Climate-Risks-Affect-Your-Next-Home.webp" style="display: block; margin-bottom: 5px; clear: both; max-width: 100%;" width=""/>
<p>Climate change is impacting where people <a href="https://www.simplifyingthemarket.com/2024/05/01/the-perks-of-buying-over-renting/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">buy homes</a>. As the experts at the<em> National Association of Realtors </em>(NAR) <a href="https://www.nar.realtor/climate-change" rel="noopener noreferrer" target="_blank">explain</a>:</p>
<blockquote><p><em>“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.”</em></p></blockquote>
<p>If you’re planning to <a href="https://www.simplifyingthemarket.com/2024/04/26/equity-can-make-your-move-possible-when-affordability-is-tight-infographic/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">move</a>, climate change is something you might want to consider, no matter where you are. A recent <a href="https://www.realtor.com/news/trends/climate-risks-threaten-nearly-half-of-all-homes/" rel="noopener noreferrer" target="_blank">study</a> from <em>Realtor.com</em> helps put the growing impact climate change is having on real estate into perspective (<em>see below</em>):</p>
<p><a href="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240523/20240528-Climate-Risks-Impact-Nearly-Half-of-All-Homes-in-the-US.png" rel="noopener noreferrer" target="_blank"><img alt="No Caption Received" decoding="async" src="https://files.keepingcurrentmatters.com/KeepingCurrentMatters/content/images/20240523/20240528-Climate-Risks-Impact-Nearly-Half-of-All-Homes-in-the-US.png"/></a></p>
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<p>So, how can you be sure your investment is safe from the elements? </p>
<p>For starters, work with a local real estate agent to understand the likelihood of your <a href="https://www.simplifyingthemarket.com/2024/05/09/the-top-2-reasons-to-consider-a-newly-built-home/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">future home</a> 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.</p>
<p>Beyond that, there are two important factors to think about: the quality of the home you want to buy and the insurance you’ll need to protect it.</p>
<h4><strong>A Home Built to Last</strong></h4>
<p>If you’re planning to be in <a href="https://www.simplifyingthemarket.com/2024/04/25/is-a-multi-generational-home-right-for-you/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">your home</a> for many years, you want to know it’s going to 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 <a href="https://www.simplifyingthemarket.com/2024/05/03/builders-are-building-smaller-homes-infographic-1/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">building</a> and remodeling techniques—like a <a href="https://eyeonhousing.org/2024/04/green-building-resiliency-practices/" rel="noopener noreferrer" target="_blank">secondary water barrier</a> on the roof or noncombustible, fire-resistant exterior walls—used to protect homes from the effects of climate change. </p>
<p>And if the home you’re interested in doesn’t have the features you’re looking for, they can help you determine what you may be able to negotiate in the contract or what work it might require in the future. </p>
<h4><strong>Insurance To Protect It</strong></h4>
<p>Once you’re confident the home you’re looking at is well built, the next step is finding out what it’s going to take to insure it. As Selma Hepp, Chief Economist at <em>CoreLogic</em>, <a href="https://www.scotsmanguide.com/residential/homebuyers-may-not-realize-the-true-costs-of-climate-related-risks/" rel="noopener noreferrer" target="_blank">says</a>:</p>
<blockquote><p><em>“. . . homeowners are going to become increasingly more aware of risks of living in some areas </em><strong><em>as it becomes prohibitively expensive or very difficult to obtain hazard insurance</em></strong><em>.”</em></p></blockquote>
<p>In areas where climate risks are having a bigger impact, the right home insurance can make a big difference. And the price of that insurance is an important factor when thinking about 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. </p>
<p>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 homebuying process, what to look for and consider, and how climate change may affect your <a href="https://www.simplifyingthemarket.com/2024/05/08/how-buying-or-selling-a-home-benefits-your-community/?a=712984-fa409495d5d70154d03a25e81e9540e2" rel="noopener noreferrer" target="_blank">next home</a>. With the right planning and an agent’s expert advice, you can make this happen. Homeownership is worth it. And with a great agent by your side, you can make sure the home you find is the right fit.</p>
<h3>Bottom Line</h3>
<p>Climate change is an important factor to think about when <a href="https://www.simplifyingthemarket.com/2024/05/07/tips-for-younger-homebuyers-how-to-make-your-dream-a-reality/" rel="noopener noreferrer" target="_blank">buying a home</a>. After all, your home is a huge investment, and you want to be ready for anything that might affect it. Chat with a local real estate agent so they can help you find the perfect home for you.</p>
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