Climate Risks: A Factor for Homebuyers?

The escalating impact of natural disasters is creating fresh challenges within the residential real estate sector, as detailed in a recent article by CoreLogic.

“Climate change is a growing threat to the world, and the real estate industry is no exception. Natural disasters are becoming more frequent and severe, posing new challenges for property owners, homeowners, and communities.”

A Zillow survey found that more and more Americans are now taking climate risks and natural disasters into account when planning to buy a home.

The study also found that climate risks are influencing where people are looking to buy homes. Homebuyers are increasingly concerned about whether the homes they are considering are at risk of flooding, extreme heat, wildfires, and other climate-related hazards.

If you find yourself in a similar situation and are contemplating your next steps, here's crucial information to keep in mind as you begin your home search.

 Expert Advice for Homebuyers To Reduce Climate Risks

The first step in buying a home while considering climate risks is to learn more about the process. With the right help and resources, you can make it easier on yourself.

Here are some tips from The Mortgage Reports for buying your next home:

• When buying a home, be sure to evaluate climate risks by checking the FEMA website to see if the property is in a flood zone, reviewing the seller's property disclosure for any past damage, and getting an inspection for issues like cracks and mold. This will help you make an informed decision about your investment.
• When buying a home in an area that is prone to natural disasters, such as tropical storms or wildfires, it is important to consider the future costs of preventive maintenance. This may include the cost of purchasing hurricane shutters and sandbags, clearing plants away from the house, installing rooftop sprinklers, or buying gutter guards. Be sure to factor these expenses into your budget when touring homes.
• To protect your investment, it is essential to get the right insurance for a home in a high-risk climate area. Be sure to shop around and compare prices and options from multiple insurance agents before making a decision.

Your most important asset during the homebuying process is a trusted real estate agent. They will advocate for your needs and help you find the best home for your situation, even if that means connecting you with other experts who can answer your specific questions about climate risks and natural disasters.

Bottom Line

Many homebuyers are concerned about climate risks, and that's understandable. Your home is a major investment, and you want to make sure it's protected. A real estate professional can help you find the right home for your needs and budget, and they can also help you assess climate risks and take steps to mitigate them.