What are the risks of ignoring subsidence?
Find out the three key risks of ignoring subsidence and the impact this would have
In most cases, subsidence happens slowly. Because of this, it can be tempting to put off dealing with it or to convince yourself that there isn’t really a problem at all. Unfortunately, this can create more problems in the long run. There are three main risks of ignoring subsidence at your property.
Properties with a history of subsidence are often harder to sell, which means that you’ll have to sell at a lower price.
It’s expected that people who are selling a property with a history of subsidence are honest with their letting agents and potential buyers. It’s likely that any buyers will ask for as much documentation and information as you can give them.
Don’t try to cover subsidence up. Most buyers will conduct a survey before handing over any money, which will reveal the subsidence. At this point it’s likely they’ll either pull out of the deal altogether or ask for a dramatically reduced price.
Similarly, most renters won’t want to live in a property which doesn’t feel secure, which may mean that you have to put your property on the rental market at a lower price.
If subsidence isn’t addressed in the long term then there is a risk of serious structural damage and even collapse.
As is often the case, the cost of preventing this kind of damage will probably be lower than the cost of repairing it.
Most insurers charge higher premiums to cover properties with a history of subsidence because there’s a higher chance of damage claims.