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Buying house with subsidence
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Molly_Magic_2
Posts: 31 Forumite
We are looking to buy a house with active subsidence. Wasn’t mentioned by the estate agent so our original offer (which was accepted) is now way out of line. After various surveys we have an idea of the cost to treat it. The subsidence company have advised a reduction in value of 20% due to potential difficulty selling on in the future in addition to the cost to treat.
We are struggling to determine a realistic market value.
Anyone with experience of this? How are properties with subsidence normally sold - you don’t tend to see them advertised through traditional channels (like this was).
We are struggling to determine a realistic market value.
Anyone with experience of this? How are properties with subsidence normally sold - you don’t tend to see them advertised through traditional channels (like this was).
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Comments
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Why would it be worth less once the work is done?Molly_Magic_2 said:The subsidence company have advised a reduction in value of 20% due to potential difficulty selling on in the future in addition to the cost to treat.
It will be in better condition than a house that hasn't had work on it.0 -
Molly_Magic_2 said:Anyone with experience of this? How are properties with subsidence normally sold - you don’t tend to see them advertised through traditional channels.They are, and the fault may or may not be declared, but once it's established the negotiation starts!You are correct in saying there will be a stigma attached to an underpinned house and that's worth about 10% off the usual market price. Then there's the work itself, which will vary in cost. 20% off may cover it all, depending on exact circumstances.Yes, you will have a stronger house, but that matters not to insurers, who will probably load the premiums for up to 20 years, so factor that in too.My daughter bought an underpinned house. By shopping around she achieved roughly 'normal' insurance quotes 20 years on from when the work was done. She had all the relevant paperwork from building control and wouldn't have purchased without it.0
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In a word, prejudice!Slithery said:
Why would it be worth less once the work is done?Molly_Magic_2 said:The subsidence company have advised a reduction in value of 20% due to potential difficulty selling on in the future in addition to the cost to treat.
It will be in better condition than a house that hasn't had work on it.
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