When writing up an estate plan, we are often guided...Read More
How Can Climate Change Affect Real Estate and Property?
Climate change can affect different aspects of real estate and property. It can affect property value, construction materials, building habits and zoning laws. Policy and local, federal, and international laws can be affected directly and indirectly by climate change.
With climate change becoming more real and more apparent to adults around the world, people are becoming more careful about where they are building and buying homes. The average person looking to buy a home in a new housing development 50 years ago was probably not thinking, or perhaps even aware of the fact that it was built up against hills and canyons that catch on fire every few decades or so, or that it might be built in an area that is prone to debris flows, or in area where flooding, hurricanes, tornados, earthquakes, or other natural disasters are to be expected even though people do not know when or how frequently they will occur.
One example of how climate change may affect real estate and property are beach communities. In the United States, ocean front properties tend to be of the highest property values of any particular region they are located in whereas in many countries, because of the dangers of living so close to unpredictable oceans without much shelter, they are often populated by people of lower socioeconomic levels. As the climate changes, many of the ways we used to be able to build safely near the ocean will either change or become impossible. Because of this, zoning laws and tax laws are likely to change as well.