Will Climate Change Render Some Properties Unliveable?
We’ve heard the term tossed around on the TV, the politicians are all fighting over it and even the Pope has expressed his concerns surrounding Climate Change.
What is it?
Climate change refers to the change in the earth’s weather patterns and climate.
My father for one, is an active campaigner in the fight against reducing coal emissions which have been said to play a significant role in affecting our climate.
The topic is often brought up at our weekly breakfast catchups.
Not that I’m all that interested but it’s great to see my retired dad getting his teeth stuck into something he is clearly so passionate about.
From our discussions over the past few weeks I have come to learn a little about the topic myself and of course being a Brisbane Buyer’s Agent and having a pretty thorough property background, my thoughts immediately ran to “how will this affect property now and in the future?”
Despite all the who-hah on the subject, and the fact that it touches on so many other elements of humanity, let’s hone in on property for a second and look at an extreme measure.
Let’s take a look at what would actually happen if the seas rose to a point that it permanently flooded some of our most enviable waterfront and riverfront properties?
My initial questions were these.
Will people start making decisions based on the effects of climate change when it comes to choosing a property?
What will happen to existing homes if they were to become permanently flooded? Do these people simply lose their home or would insurance step in?
How will property values be affected if some areas were simply to go under?
It’s an interesting thought and something that has certainly tweaked my curiosity surrounding the much debated topic.
YOU’RE PROBABLY THINKING THE ABOVE ARE SOMEWHAT EXTREME QUESTIONS TO BE ASKING BUT WHAT HOME OWNERS MUST CONSIDER IS THE MORE IMMEDIATE EFFECTS THAT WE ARE ALREADY FEELING TODAY.
Have you noticed how extreme some of our storms are getting?
Made a claim on your house insurance recently because your home flooded from a tonne of rain?
Yes, these are probably the effects of climate change and whether you like it or not, they’re impacting you now. And if you stop and think about it for a second, the impacts are far reaching even for just property. I’m talking increased insurance, plummeting property values in low lying areas, more expenses to maintain your property, increased running costs for comforts like air conditioning and the list goes on.
As much as most of us, myself included, probably want to turn a blind eye, we simply cannot escape the world we live in and the realities of what a changing climate means for not just our lifestyle, but for our marine life, wildlife and humanity as a whole.
Some would say it’s political, while others would put climate change in the "greeny" category, but regardless of your opinions or thoughts on the subject matter, it is a very real and happening reality that if the scientists are in fact correct, the world will be undergoing some pretty significant changes on a global scale in the years to come.
How will this affect you and your family and the generations that are yet to come?
I guess only time will tell but in the meantime, I'm going to be thinking twice about buying in low lying areas and coastal beachfronts.