How Biden’s take on new building codes can affect your real estate

Here are three ways the National Initiative to Advance Building Codes could affect you.

At the beginning of June, the Biden administration announced a national initiative to support building regulations in order to encourage state and local governments to implement modern building regulations in the construction of new houses and buildings.

The Biden administration wants these jurisdictions to adopt the latest codes to reduce energy costs for families while making homes and buildings more resilient to property damage due to adverse weather conditions such as hurricanes and floods.

The Ministry of Energy, the Ministry of Housing and Urban Development and the Federal Crisis Management Agency will work together to:

Ensure that federally supported homes and other construction projects comply with modern building regulations and standards.

Provide incentives and support to communities to ensure that buildings meet the latest regulations and standards.

While the adoption of existing building codes that focus on strength and weather resistance may initially mean higher costs for consumers, this federal program focuses more on new construction projects and do not require existing homeowners to make any alterations to their homes to match the modern building codes.

Lower Insurance Costs

Hurricanes caused an estimated $145 billion in damages in the United States in 2021, making it the third most costly year on record, after 2017 and 2005. The initiative is focused on encouraging new buildings to use codes and standards that result in buildings that are more resilient to hurricanes, flooding, wildfires, and other extreme weather events. If homes are being built with roofs that can withstand hurricane winds and with construction materials that are resistant to flood damage, they could be less costly to insure, Porter says.

Improved Consumer Safety

The growing severity and frequency of weather events make it essential for consumers to have access to a safe home, Moore said. The program will provide equal access to safe housing, which will protect consumer investments and also prevent personal injury by not standing up during a weather event or other danger, he said.

Increased Energy Efficiency

Because most of the housing stock in the US. Built at a time when fossil fuels were plentiful and cheap, most homes had no energy and were dependent on large amounts of gas and electricity, Moore said. These building regulations will mean that houses will be designed to be comfortable without using a lot of energy for heating and cooling. “Some basic improvements to building regulations can make a big difference,” he said.