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How Do Climate Risks Affect Your Next Home in Los Angeles and Beverly Hills, CA?

How Do Climate Risks Affect Your Next Home in Los Angeles and Beverly Hills, CA?

By Christophe Choo Posted May 28, 2024 Latest Updates, Market Activity, Real Estate Advice for Buyers & Sellers, Real Estate Articles, What I'm Reading

How Do Climate Risks Affect Your Next Home in Los Angeles and Beverly Hills, CA? | Christophe Choo at Coldwell Banker Global Luxury is Your Local Real Estate Expert 

Climate change is impacting where people buy homes, and this is especially relevant in high-value markets like Los Angeles and Beverly Hills. 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 to move to Los Angeles or Beverly Hills, climate change is something you might want to consider. A recent study from highlights the growing impact climate change is having on real estate: See below

Ensuring Your Investment is Safe

Work with a Local Real Estate Agent
To understand the likelihood of your future home being exposed to hazards like wind, floods, and wildfires, it’s crucial to work with a local real estate agent. Agents in Los Angeles and Beverly Hills are familiar with the area and can provide insights into the specific climate risks you may face.

Quality of the Home
If you’re planning to be in your home for many years, you want to know it’s built to last. Work with your real estate agent to ensure the home you buy can withstand environmental hazards. Modern building and remodeling techniques—such as a secondary water barrier on the roof or noncombustible, fire-resistant exterior walls—can protect homes from the effects of climate change.

If the home you’re interested in doesn’t have the features you’re looking for, your agent can help you determine what you may be able to negotiate in the contract or what work might be required in the future.

Insurance to Protect Your Home
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 like Los Angeles and Beverly Hills, where climate risks are significant, the right home insurance is essential. The price of that insurance is an important factor when thinking about your budget and the true cost of buying and protecting your home. Get an insurance quote early in the process, compare multiple quotes, and plan for it to take several weeks.

Making an Informed Decision

While considering these factors may seem overwhelming, don’t worry. Your real estate agent is your go-to resource for navigating the homebuying process, understanding what to look for, and knowing how climate change may affect your next home. With the right planning and expert advice, you can ensure that your investment in a Los Angeles or Beverly Hills home is safe and sound.

Bottom Line

Climate change is an important factor to think about when buying a home in Los Angeles or Beverly Hills. Your home is a significant investment, and you want to be ready for anything that might affect it. Let’s chat so you can find the perfect home that meets your needs and withstands future climate challenges.

For more personalized advice and expert insights, feel free to reach out. We’re here to help you navigate the complexities of the real estate market in Los Angeles and Beverly Hills and secure a home that’s right for you.

Call Christophe Choo at (310) 777-6342 to tour your future home "HERE" or click "HERE" to estimate your home value

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