Climate change is impacting where people buy homes – in fact climate risks impact nearly half of all homes in the U.S. 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 you may want to consider, no matter where you are. A recent study from Realtor.com helps put the growing impact of climate change on real estate into perspective (see below):
So, how can you be sure your investment is safe from the elements?
For starters, I’ll help you understand the likelihood of your future home being exposed to hazards. These can include things like wind, floods, and wildfires. In Charlotte, I’ll know the area or research it and be able to tell you about the risks you’ll most likely face.
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.
A Home Built to Last
If you’re planning to be in your home for many years, you want to know it’s going to last. One way to think ahead is to ensure the home you buy can withstand environmental hazards.
A home that’s up to date on the most common building and remodeling techniques, will have long lasting benefits. We’ll also research whether or not the home is in the flood-plain, and if it is, the impact on the home.
Insurance To Protect It
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 CoreLogic, says:
“. . . 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.”
In areas where climate risks are having a bigger impact, the right home insurance can make a big difference. The price of that insurance is an important factor when thinking about your budget and the true cost of buying and protecting your home. If I believe your home will be impacted by adverse climate, I can advise you to get your insurance quote early in the process so you have time to compare multiple quotes.
While this may feel like a lot to consider, don’t worry, I can help. I’ll be your go-to resource on the homebuying process, what to look for and consider, and how climate change may affect your next home. With the right planning and expert advice, you can make this happen. Homeownership is worth it, and I’m here to make sure the home you find is the right fit.
Bottom Line
Climate change is an important factor to think about when buying a home. After all, your home is a huge investment, and you want to be ready for anything that might affect it. When you’re ready let’s chat, I can help you find your perfect home.
