Lisa Mailhot | August 1, 2024
Buyers
Climate change is reshaping the real estate landscape, adding new layers of complexity to the age-old debate of buying versus renting. As a realtor who's witnessed the evolving market firsthand, I've compiled seven key factors every climate-conscious house hunter should consider before making their next move.
Assess Natural Disaster Risks
Before falling in love with a property, it's crucial to understand its vulnerability to natural disasters. Utilize resources like First Street or Redfin to check climate scores for flood, fire, heat, wind, and air quality risks. Don't forget to consult government flood, fire, and earthquake maps for a comprehensive risk assessment.
Calculate the True Cost of Climate Risks
Climate impacts extend beyond property damage. High heat or poor air quality can limit outdoor activities, while increased risks can lead to higher insurance premiums and additional home protection and repairs costs. Factor these potential expenses into your budget when evaluating a property.
Invest in Environmental Protection
Consider the costs and benefits of climate-proofing your potential home. Metal roofs can mitigate wildfire damage, while landscaping can divert flood waters. Upgraded windows and air filters can improve indoor air quality. While costly, these improvements can provide long-term savings and peace of mind.
Think Long-Term
Examine how climate risks and associated costs have changed in your target area over the past 30 years. Will you be able to afford potential increases in insurance premiums and maintenance costs 30 years from now? Long-term thinking is essential in today's climate-conscious real estate market.
Renters, Stay Alert
Even if you're not buying, climate change will impact you. Property owners face increasing costs to protect their investments, so these expenses will likely be passed on to renters at higher rates. Research long-term climate projections for rental properties to anticipate potential rent increases.
Consider Climate Migration
As certain areas become less habitable due to extreme weather, demand (and prices) may increase in more climate-resilient locations. Conversely, high-risk areas may see property values decline if protective measures are inadequate. Factor these potential demographic shifts into your decision-making process.
Evaluate Local Government Action
Research how local authorities are addressing climate risks in your target area. Are they investing in protective infrastructure like levees, sea walls, or wildfire prevention? A proactive local government can significantly impact a property's long-term value and livability.
As our climate continues to change, so do the factors we must consider when choosing a home. By considering these seven considerations, you'll be better equipped to make an informed decision that aligns with your current needs and future realities. Let's connect if you're considering moving to Orange County and want to discuss how these climate factors might impact your real estate decisions. Together, we can navigate this changing landscape and find your perfect home.
Discover the prime time to list your home for sale in Orange County with insights from Zillow's latest report. Late May emerges as a golden window, promising significa… Read more
Mortgage rates are falling, but is it enough to jumpstart homebuyer demand? Inventory is growing, but pending sales remain sluggish. Explore the latest housing market … Read more
Soaring property taxes in states like New York, Illinois, and Texas are pushing retirees to more tax-friendly areas in the South and West. With affordability and quali… Read more
Thinking of selling your home—or just want to enjoy it more? 2025 home renovation trends focus on comfort, electrification, and curb appeal. From kitchen remodels to b… Read more
Thinking about paying your mortgage with a credit card? While it might sound convenient, there are risks and rewards to consider. In this blog, we dive into why it's b… Read more
Want to sell your home for top dollar? Staging isn’t just about making a space look pretty—it’s a powerful marketing tool that can dramatically impact how buyers perce… Read more
Zombie foreclosures are seeing a modest rise, with over 7,000 vacant pre-foreclosure homes across the U.S. Explore what zombie foreclosures are, why they’re increasing… Read more
The Palisades real estate market is heating up as wildfire-affected lots hit the market, with experts predicting up to 750 listings in the coming years. With land pric… Read more
Thinking about selling your home? Staging might be the secret to attracting buyers quickly and securing a higher selling price. While it comes at a cost, the right sta… Read more
Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most