Future-Proof Estates: Why Climate Safety Is the New Real Estate Must-Have
Identifying key regions and properties that can withstand the test of time.
Risk tolerance when choosing a place to live or invest in property has plummeted over the last decade. Before natural disasters, the risk considered was the decrease in property value, with the obvious reward being a dramatic increase. Something which intelligent individuals could place calculated bets on, given market conditions and trends. Today, the home's safety from natural disasters is another vital influence on long-term property value.
Examining the social response to the devastation caused by the LA fires, people want to blame others, but ultimately, this is impossible to have total control over. So how the hell can you hedge your bets and invest in an abode where you can trust that nature will not turn on you unpredictably?
Before we answer that question let's get our facts straight: these natural disasters are becoming more common due to climate change, the amount of emissions, and the warming of our planet since the Industrial Revolution. We recently passed the 1.5 degree Celsius threshold; something scientists hoped we'd avoid or extend our earth's runway until we reached that point.
Today, safety from natural disasters is a serious consideration as we work hard to obtain the buying power to purchase property, whether in the US or elsewhere. This is for a good reason: buying property is an investment, and when hail ruins your roof, hurricanes blow trees over onto your property, or a fire leaves little left of your home, the expense can be debilitating. Home buyers' risk tolerance lowers yearly as we hear about weather catastrophes that devastate homes. However, this is Earth Comfort, so let's hone in on the positives. Yes, there are upsides.
The upside to a warming planet: previously thought places considered too cold to most are becoming all the more pleasant. Picture a plane that was usually cold and rainy now experiencing fewer rainy days and warmer temperatures, giving way to population growth: Scotland and Ireland are just that. Places generally thought of as exclusively winter destinations, like the Dolomites or, if we think of the US, Aspen & Tahoe, are now more temperate during the summer months yet still enjoyable during the winter months. After all, they're still tourist destinations.
If you want to look for a residence with advanced infrastructure and sustainable policies, a climate-resilient location is your best bet. Nordic countries continue to lead the way in renewable energy and reduce their greenhouse gas emissions. Iceland, in particular, continues to grow in population and GDP. For a complete list of countries ranked by emissions, refer to the climate change performance index.
Another option if you want to live despite impending natural disasters is to purchase a climate-proof home. These homes are built to withstand fires, winds, and earthquakes. However, your property value will still drop if you're the only neighbor with a home post-natural disaster. We're thinking entirely economically and considering how ecology affects the former- do with that as you may.
Navigating today’s real estate market means looking beyond traditional factors and accounting for the growing impact of climate change. By focusing on climate-resilient locations and climate-proof housing options, you can future-proof your investment while enjoying a better quality of life. The world is changing, but your home can be a haven with the right approach. The risk may be rising, but so are the solutions. With careful planning, you can stay ahead of the curve and safeguard your investment.