Changes in the housing market can lower the value of your home. Natural disasters and climate change can reduce the value of your property because buying the property involves greater risk. Foreclosures in your neighborhood can also lower the value of the property. A few blizzards and storms each year won't affect the value of your property, but weather events can.
Natural disasters such as hurricanes, tornados, wildfires, earthquakes, tsunamis, landslides and floods can affect the value of your property. While natural disasters can devastate an area and make it less desirable to live there, climate change is another factor to consider. Maybe you bought a house 20 years ago, and in that time, rainfall has increased significantly. If local infrastructure wasn't prepared for that type of increase in rainfall, the area could experience more frequent flooding, requiring you to take out flood insurance.
In the future, people will be hesitant to buy a home in a flood zone, which will reduce the value of their property. While there is specific insurance coverage for sink damage if your property is affected by one, they still harm the value of the property. Noisy neighbors are just as likely to scare home buyers away from home buyers as messy neighbors. In addition, they will have to make the house look good again, which may encourage them to reduce their supply.
