Climate change is increasingly influencing where people choose to buy homes. As 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 a move, considering climate change is essential no matter where you are. A recent study from Realtor.com highlights the growing impact of climate change on real estate.
How to Ensure Your Investment is Safe
To protect your investment from the elements, it's crucial to take the following steps:
1. Work with a Local Real Estate Agent: Your agent will understand the area's climate risks, such as wind, floods, and wildfires, and can provide valuable insights into the potential hazards your future home might face.
2. Evaluate the Quality of the Home: Consider the construction and resilience of the home you want to buy. Modern building and remodeling techniques, such as secondary water barriers on the roof or noncombustible, fire-resistant exterior walls, can help protect homes from the effects of climate change. As your Miami real estate experts, we can guide you on these features and help you negotiate necessary upgrades.
A Home Built to Last
If you plan to stay in your home for many years, you need to ensure it's built to withstand environmental hazards. We can help you verify that the home you’re interested in is designed to endure these challenges. If it lacks certain features, they can advise you on what to negotiate in the contract or what future improvements might be necessary.
Insurance to Protect Your Home
Once you’re confident in the home’s construction, the next step is to secure adequate insurance. Selma Hepp, Chief Economist at CoreLogic, notes:
“...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 with higher climate risks, the right home insurance is crucial. The cost of insurance is a significant factor when budgeting for your new home. It's wise to obtain insurance quotes early in the process, as it can take several weeks to receive and compare multiple quotes.
Closing Thoughts
While considering these factors may seem overwhelming, don’t worry. With us as your go-to Miami real estate resource for navigating the homebuying process, understanding what to look for, and assessing how climate change may impact your next home. With the right planning and expert advice, you can make a well-informed decision. Homeownership is a worthwhile investment, and with a knowledgeable agent by your side, you can find a home that meets your needs and is prepared for future climate challenges.
