Building a safe home in a safe location is on the top of most peoples’ homeowner list. So where is the best place to buy a home if you are hoping to stand the test of time, and what features are smart to look for?
The location in which you buy is important. There is enough data to suggest sea levels have been rising. And even if the odds of harm are small, there are enough natural disasters each year to warrant thinking about where you will live. Plus, who wants to invest hundreds of thousands of dollars – only to see it washed out to sea?
Identifying Safe Locations to Buy Real Estate
There are some destinations which are prone to frequent natural disasters. Tornado Ally, and the South East coast of Florida are two of them. With many storms each year, you won’t buy here without great insurance and a willingness to rebuild. We’ve seen risk on the beachfront of the Northeast, Southwest Florida, and even California. Erosion and rising sea levels may not be an issue during most of our lifetimes. However, for those planning to buy lasting real estate, its worth thinking ahead.
Technology has made it easy to identify high risk zones. There are a variety of free apps and online tools to help. Some are free. Some are serious and others are just plain fun. Geology.com and ClimateCentral.org provide interactive tools. They show which areas could flood based on how high sea levels could rise. They also show the odds of sea levels rising to given amounts over time. Those worried about everyday crime can find many tools for evaluating local statistics. When it comes to crime figures, home buyers and investors need to read between the lines. What type of crime is it? Why is it happening? Are the numbers tainted based on new police policies and procedures?
Eminent domain may be another risk factor to keep in mind. Eminent domain actions appear to be on the rise. For some, this can bring a windfall of profit. For others, it means losing the family farm. And for far less than they should. So it’s worth paying attention to plans for new railroads, oil pipelines, airports, and highways.
Safe Building
Whether purchasing an existing-home or building a new one, it pays to consider what safety features you want first. Those building custom homes from the ground up may want to incorporate basements or build on stilts. You can add most other safety features later. Safe rooms, supply sheds, hurricane shutters, alarms, and security systems, are all easy to add.
One of the most important factors to keep in focus is sustainability. Water and electricity are basics. Utility costs are only expected to rise. Someday access to these resources could reach crisis point. In the wake of common natural disasters, homeowners will need their own resources. So will you have a well, spring, or rainwater harvesting system on your property? Will you have a generator or solar power with battery backup?
Healthy homes trump all the above. Few realize how many poisonous homes there are in America. From Chinese drywall to mold and contaminated land, there are many risks. Some consider new utility meters to be a threat. There is now healthy flooring, paint, air conditioning materials, and cleaners to use. We’ll all be effected by the healthiness of our homes.
The Safe Haven Hack Everyone Should Have
The truth is that we have little control over nature. All the data we have provides rough estimates, at best. So one of the best ways to prepare for all risks is to diversify. Maybe you don’t want to live in the safest little town, or mountainside cabin in the middle of nowhere. So why not buy many properties? Buy homes on both coasts. Invest in the middle too. You can always rent them out for income when not in use.
This is even more important for real estate investors. Geographic diversification will protect your wealth and income, no matter what comes.
Summary
Have fun with the tools listed above. Give some thought to safer and sustainable locations. Build in smart security features. Prize healthy homes. Perhaps most importantly, diversify.
