PROPERTY PURCHASES BASED ON CLIMATE CHANGE
- Written by Melanie Toye, July 6, 2013
Climate change has buyers forgetting their dream property locations to relocating to safer havens in Australia.
Remember the days where you dreamed of living at the beach or was that the countryside? Wherever your dreams may have once been, the realities of Australia and the world's natural disasters brought on by climate change make us think twice about where to buy our next property.
Beach front properties can have massive erosion problems, which can escalate into major property damage. If the sand continually gets swept out to sea. Millions of dollars can go to the cost of fixing the present damage. The owner can also lose months of lost income from tenancy due to not being able to rent out the space for holiday makers.
Dry areas where bush fires are more common, as well as lower areas that can experience flooding are becoming less of a dream location to buy in. The problems seen after the recent major flooding in Australia, are a lot of homes that are entirely damaged which were not fully covered or partially covered in insurance. Values of salvaged properties in those areas affected, in some cases, are now dramatically under-valued.
If you do want to live in a place that one day in the future may be involved in a natural disaster because of the location, you can construct or add to your property to safety-proof your home as much as possible, when a natural disaster strikes.
Be sure to look deep into what your insurance covers before selecting your type of cover and insurer. Although, we can never entirely plan for a natural disaster, if we look into the higher prone areas, we are able to research other locations that might still match the dream profile and be less prone to the natural hazards.
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