{"id":644,"date":"2022-06-23T08:25:12","date_gmt":"2022-06-23T08:25:12","guid":{"rendered":"https:\/\/springbokproperties.co.uk\/blog\/?p=644"},"modified":"2023-01-04T10:37:38","modified_gmt":"2023-01-04T10:37:38","slug":"does-underpinning-devalue-my-house","status":"publish","type":"post","link":"https:\/\/www.springbokproperties.co.uk\/blog\/does-underpinning-devalue-my-house","title":{"rendered":"Does Underpinning Devalue My House?"},"content":{"rendered":"<p><span data-contrast=\"auto\">If you\u2019re worried about underpinning devaluing your property, we\u2019re here with the answers to your questions. In this article, we\u2019ll find out more about underpinning and subsidence, the costs involved, and the effect on your property. <\/span>\u00a0<span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">What is Underpinning?<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Underpinning is a technique used to correct properties that have suffered from or are suffering from subsidence. Underpinning will strengthen the foundations and the process involves removing soil from beneath the property that has been moving away. The soil is then replaced with stronger materials and deeper footings to stabilise the property and the property\u2019s structure.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Essentially, underpinning involves weakening the property\u2019s damaged foundations in order to put in newer and stronger foundations so as to stabilise the property\u2019s structure. There are different types of underpinning and the type used to underpin your property will depend on your property and its situation.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Why Would a Property Need Underpinning?<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">A property would need underpinning as a result of being affected by subsidence.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">What Causes Subsidence? <\/span><\/b><\/h2>\n<p><span data-contrast=\"auto\">It can happen naturally, or it can be due to human activity. Typical causes are tree roots that are near to the property, drainage issues, or underground mining that has affected the land. Pipework beneath or within your foundations can also cause subsidence if they leak or burst. This is because they will cause the earth to be washed away, making the ground unstable. <\/span><\/p>\n<h2><b><span data-contrast=\"auto\">How Can I Spot Subsidence? <\/span><\/b><\/h2>\n<p><span data-contrast=\"auto\">Subsidence is usually quite obvious and can be seen as large cracks, particularly around windows and doors. You may also spot wallpaper that\u2019s rippled or ripped or seen cracks appearing between an extension and the original building. Other tell-tale signs are paths or driveways that sink or dip, as well as sloping floors.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Small cracks are perfectly natural and are caused by natural shrinkage due to temperature and humidity changes. In fact, brand new homes with fresh plaster will show small cracks when the plaster has dried out. It\u2019s the large (especially diagonal) cracks at the edges of windows and doors that are wider at the top than the bottom that suggest subsidence and will devalue your house.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Will Subsidence Devalue my Property? <\/span><\/b><\/h2>\n<p><span data-contrast=\"auto\">It\u2019s fair to say that subsidence will devalue your house because of the unknown (and potentially growing) costs that are involved in fixing the problem. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Truth is, there\u2019s no way to calculate just how much subsidence devalues a property because there are so many factors to consider, such as the extent of the damage, the cause of the subsidence, and the location. Therefore, it\u2019s not possible to put a precise figure on exactly how much your property will be devalued by subsidence.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-contrast=\"auto\">However, it\u2019s estimated that the amount your property is devalued by subsidence is the cost of repairs, PLUS around 10%. <\/span><\/p>\n<p><span data-contrast=\"auto\">It can go even higher than that, meaning that depending upon the extent of the issue, subsidence can negatively affect the value of a property by 25%. And that\u2019s if you\u2019re able to find a buyer willing to take it on. <\/span><\/p>\n<p><span data-contrast=\"auto\">The number of people prepared to buy a property with subsidence is limited (even if it has been fixed and you\u2019ve got paperwork to prove that) due to high insurance premiums, so the reduced demand will invariably result in a reduced offer being made for your home.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You may find that it\u2019s preferable for you to address the issue rather than putting your property on the market with the subsidence problem so as to limit the amount of money you\u2019ll lose through subsidence devaluing your property. <\/span><\/p>\n<p><span data-contrast=\"auto\">Repairs can be expensive though, so if you\u2019re selling without repairing, expect to lower your asking price by at least the cost of repairs; and maybe more.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If you want to know how much you\u2019ll need to take off the asking price, take a look at this next section. <\/span><br \/>\n<b><\/b><\/p>\n<h2><b>How Much Does it Cost to Repair Subsidence? (and How Much Will Subsidence Devalue My House if I Don\u2019t Pay for the Repairs?)\u00a0 <\/b><\/h2>\n<p><span data-contrast=\"auto\">The size of your property can affect the overall cost of the job by a significant amount. For example, the price for underpinning a two-bedroom terraced house would be around <\/span><span data-contrast=\"auto\">\u00a35,000<\/span><span data-contrast=\"auto\"> on average, whereas the same type of subsidence fix on a four bedroom detached house could run to \u00a317,000 due to the latter having a larger footprint.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">As previously mentioned, it\u2019s estimated that the amount your property is devalued by subsidence is the cost of repairs, PLUS around 10%, so keep that in mind when looking at these figures. <\/span><\/p>\n<p><span data-contrast=\"auto\">There are a number of potential options available to fix the issue of subsidence, although they can run into thousands of pounds depending upon the size of the job:\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<table data-tablestyle=\"MsoTableGrid\" data-tablelook=\"1184\" aria-rowcount=\"12\">\n<tbody>\n<tr aria-rowindex=\"1\">\n<td data-celllook=\"69905\"><span data-ccp-props=\"{&quot;335551550&quot;:3,&quot;335551620&quot;:3}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><b><span data-contrast=\"auto\">Cost + VAT<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><b><span data-contrast=\"auto\">Average cost<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"2\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Underpinning (per metre)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a31,000 &#8211; \u00a31,750<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a31,500<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"3\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Underpinning (single wall)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a35,000 &#8211; \u00a336,000<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a321,000<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"4\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Mass concrete method (per metre)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3250 &#8211; \u00a3500<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3375<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"5\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Piling<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3750 &#8211; \u00a31,500<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a31,250 per metre sq.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"6\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Injecting\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3400 &#8211; \u00a3700<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3550 per metre sq.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"7\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Beam and base method<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3500 &#8211; \u00a3900<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3700 per metre sq.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"8\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Structural engineer (hourly rate)<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a350 &#8211; \u00a390<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a370<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"9\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Survey<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3400 &#8211; \u00a31,500<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3950<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"10\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Party wall agreement<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a31,500 &#8211; \u00a33,500<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a32,500<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"11\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">CCTV drain survey<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3100 &#8211; \u00a3250<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3175<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<tr aria-rowindex=\"12\">\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">Tree felling<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3200 &#8211; \u00a3300<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<td data-celllook=\"4369\"><span data-contrast=\"auto\">\u00a3250\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p><span data-contrast=\"auto\">In major cases of subsidence, you may be advised that the only reasonable solution to your issue is to have your home underpinned. This is a process of adding to your property\u2019s foundation depth or breadth to increase the surface area and ensure your home can sit on a more stable surface.\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The extent of the underpinning required will depend upon the amount of land affected and this process can take between\u202f<\/span><span data-contrast=\"auto\">three to six weeks<\/span><span data-contrast=\"auto\">\u202ffor a single wall to be underpinned; depending on the severity of the subsidence and the size of your home.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If more than one wall requires underpinning, the process will take considerably longer, and the price will increase accordingly.<\/span><\/p>\n<p><span data-contrast=\"auto\">Although underpinning generally fixes the problem of subsidence, it can still devalue a property because some buyers won\u2019t want a previously underpinned property as they could think that it may require further structural work in the future.<\/span><\/p>\n<p><span data-contrast=\"auto\">Depending on the repair method needed, the time taken to fix your issue may extend to up to<\/span> <span data-contrast=\"auto\">eight weeks in extreme cases<\/span><b><span data-contrast=\"auto\">\u202f<\/span><\/b><span data-contrast=\"auto\">of subsidence where underpinning is required across multiple walls. <\/span><\/p>\n<p><span data-contrast=\"auto\">However, it could be that your home needs to be monitored before underpinning can commence, so the process could take up to a year to complete and naturally the fees will rise even further.\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Unfortunately, the costs to consider for subsidence devaluing your property don\u2019t end there. When<\/span> <span data-contrast=\"auto\">the source of your house subsidence has been addressed, additional work could be needed to rectify damage that has been caused. This could typically include:\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Replacing Bricks <\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">This could be required if bricks have been cracked or damaged. Budget on around\u202f\u00a3120 per metre sq.\u202ffor materials. Add to that the labour charge for a brick layer (between\u202f\u00a3150 &#8211; \u00a3325). \u202f<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Repointing Brickwork<\/span><\/b><\/h3>\n<p><span data-contrast=\"auto\">This can be done by a DIY enthusiast who has patience and knowledge. Otherwise, work on \u00a340 per metre sq. for a professional to do the work. <\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Rendering External Walls <\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">If you have rendering that has been damaged by subsidence, you may want to have your affected walls re-rendered. Due to the requirement for scaffolding, average costs can be \u00a360 per metre sq.<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Replacement Windows <\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Subsidence can cause window frames to warp, so replacement windows could be on your shopping list. Costs will depend on materials but expect to pay around \u00a3325 per window.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Internal Plastering and Decorating Costs<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Damage caused to internal walls by subsidence results in unsightly cracks so hiring a plasterer or decorator to fix the affected areas (or whole walls) would be sensible before embarking on decorating. You\u2019ll need \u00a3200 \u2013 \u00a3250 per day, plus materials.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"auto\">Repairing Damaged Plumbing<\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"auto\">Leaking or damaged underground pipes will cause excessive water to be in the soil surrounding your property. This will wash away soil and cause your home to subside. A CCTV survey can determine if this is cause of the subsidence. <\/span><\/p>\n<p><span data-contrast=\"auto\">Whilst small holes in your pipes can be patched and repaired, full ruptures or blockages that cannot be removed will require new pipes to fix the issue. Depending upon the size of the problem, costs can be around \u00a31,000.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Does my House Insurance Cover Subsidence?<\/span><\/b><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Some house insurance policies will cover subsidence, but only if your house has not had it previously. It will of course depend upon your individual policy, but many cover damage and the cost of repairing items, as well as alternative accommodation whilst the work takes place. Underpinning is sometimes only covered by a specialist insurance package, so it\u2019s best to check the finer details with your provider. <\/span><\/p>\n<p><span data-contrast=\"auto\">Many home insurance companies won\u2019t cover properties that have been underpinned or have any history of subsidence, but if they do, premiums are likely to be higher than average.<\/span><\/p>\n<p><span data-contrast=\"auto\">If your home insurance policy does cover the cost of subsidence repairs, you\u2019ll likely have to pay an excess, so it won\u2019t be totally free for you.<\/span><span data-contrast=\"auto\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Do I Have to Declare Subsidence When I\u2019m Selling (Even if it\u2019s Been Fixed)? <\/span><\/b><\/h2>\n<p><span data-contrast=\"auto\">It\u2019s important that you are honest and <a href=\"https:\/\/www.springbokproperties.co.uk\/blog\/what-do-you-legally-have-to-disclose-when-selling-a-house-uk\">declare any problems<\/a> with subsidence, including any work that has been undertaken to rectify the problem. You have a legal responsibility to share this information with your agent and conveyancing solicitor. <\/span>\u00a0<span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">You\u2019ll also need to include any information about subsidence on the Property Information Form (known as \u2018TA6\u2019). This has to be completed as part of the conveyancing process. Form TA6 gathers details about your property\u2019s features and problems so it will be the place to provide a record of any claims you\u2019ve made on your buildings insurance for subsidence issues; even if your property has suffered from subsidence in the past but it\u2019s no longer a problem. <\/span><\/p>\n<p><span data-contrast=\"auto\">Being open and upfront reduces the risk of a buyer pulling out of the sale or asking for a price reduction part way through the sale process.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If you\u2019ve had your property underpinned, you\u2019ll want to share with your potential buyer the local council\u2019s completion certificate and tell them how long it has been without any subsidence issues.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">It\u2019s important to remember that if you inform a buyer (either via the TA6 form or elsewhere) that there aren\u2019t any defects and the buyer then later discovers that there are issues, you could face a misrepresentation claim because subsidence will certainly have an impact on the property&#8217;s value, and the cost of repairs can be significant. If you are found to have misrepresented the property, you can expect to pay damages to the new owner to reflect losses they will have incurred, as well as the legal fees.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">I Want to Sell My House, but it has Subsidence that I Can\u2019t Afford to Fix. What Can I Do?\u00a0<\/span><\/b><\/h2>\n<p><span data-contrast=\"auto\">If your property is showing signs of subsidence, you\u2019ll probably find it hard to sell because the very mention of the word can scare off potential buyers. In this situation, a cash buying company can be your best option because they won\u2019t need to secure a mortgage; they\u2019ll buy your house for cash. <\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The price you\u2019ll get in this situation will of course take account of the costs needed to fix the subsidence, but it means you\u2019ll receive a sum that you can use to buy your next property. In the meantime, the cash buying company will carry out the subsidence repairs \u2013 as well as anything else that needs to be done \u2013 and then sell on the property. <\/span><\/p>\n<p><span data-contrast=\"auto\">Whilst you may want more than the cash buying company can offer you for your property with subsidence, you should remember that you\u2019ll get a hassle-free sale and you won\u2019t have to pay <a href=\"https:\/\/www.springbokproperties.co.uk\/blog\/estate-agent-selling-fees-2022-guide\">estate agent fees<\/a> nor legal fees. That\u2019s because c<a href=\"https:\/\/springbokproperties.co.uk\/companies-that-buy-houses\">ompanies that buy any house for cash<\/a> will cover those costs on your behalf.\u00a0\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><span data-ccp-props=\"{&quot;134233117&quot;:true,&quot;134233118&quot;:true}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">If you choose to sell to a cash buying company, you won\u2019t have people walking through your property pointing out the cracks and dated d\u00e9cor. You won\u2019t have a \u2018for sale\u2019 sign in front of your home to alert the neighbours that they can go online to have a virtual snoop around. What you will get is a hassle-free sale when you choose a reputable company, as well as their property expert to provide you with a free, no-obligation market appraisal. The price they offer is likely to be around 80% of your property\u2019s true market value, but that is to take account of the fees that you won\u2019t have to pay, the renovation work undertaken by the company to get it re-sold, and the convenience of selling to a buyer that isn\u2019t in a chain.\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">To achieve super-fast sales, you as a seller will have to take a hit on your price. Cash buyers typically offer around 70% to 80% of the current market rate; sometimes more. If you&#8217;re considering a cash buyer, you must be aware of two important points.<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">First is that there&#8217;s little regulation in this industry so it&#8217;s often a haven for scammers. Anyone can set up a business and say they&#8217;re a cash buyer. However, that doesn&#8217;t mean they have cash or that they&#8217;re competent. It&#8217;s up to you to do your due diligence and check where their money comes from, what experience they have, the price they offer and everything else. Secondly, cash buyers are a business and like any business, their aim is to make a profit..\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h2><b><span data-contrast=\"auto\">How Does a Cash Buying Company Actually Work? <\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Companies that buy houses will buy your house fast for cash, usually within 30 days, with most completing the sale within 7 days. When you reach out to these house buying companies, they\u2019ll ask for your details and those of the property, after which they\u2019ll have a valuation. Then they\u2019ll give you an offer. If you accept the offer, they will process the payment and you should receive funds in your account within a few days. This means you don\u2019t have to worry about being in a chain or chasing up an estate agent.\u00a0<\/span><br \/>\n<b><\/b><\/p>\n<h2><b><span data-contrast=\"auto\">Anything Else I Can Do to Sell My House? <\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">Yes, there is. You could also consider one of these four options:<\/span><\/p>\n<ol>\n<li>\n<h3><b><span data-contrast=\"auto\"> Open house day<\/span><\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">Holding an \u2018open house\u2019 day is usually a one-day event that will create excitement and competition between buyers and could result in a bidding frenzy. Listing just below market value will get viewers through the door and then they\u2019ll push the price above the listed figure; but only if you get enough people through the front door, and if they can look past the subsidence (or underpinning).\u00a0<\/span><\/p>\n<ol start=\"2\">\n<li>\n<h3><b><span data-contrast=\"auto\"> Auctions<\/span><\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">The digital property auction is a preferred option for many sellers. Almost any property can (and usually does) sell at an auction. Auctions encourage competitive bidding, frequently pushing the price beyond what you wanted (especially if your property&#8217;s desirable). And you&#8217;re not obliged to accept any bid below your reserve price. Modern auctions are handled online and have flexible deadlines, meaning anyone can bid and have enough time to sort out finance before the exchange and completion deadlines. Property auctions typically come in three forms:<\/span><\/p>\n<h4><b><span data-contrast=\"auto\">Traditional auctions<\/span><\/b><span data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">The most secure and quickest way to sell is the traditional auction. Before the auction, your agent or solicitor provides a legal pack that includes everything a buyer needs to exchange contracts. The buyers do their due diligence in the run-up to the auction, then they\u2019ll bid and contracts are exchanged when the gavel falls. The buyer is legally bound to buy your property from that moment and usually has 28 days to complete.\u00a0<\/span><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<h4><b><span data-contrast=\"auto\">Flexible auctions<\/span><\/b><span data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">The modern version of the traditional auction takes a step back from the well-known \u2018going, going, gone\u2019 approach we\u2019ve seen on TV programmes. In a flexible auction, contracts aren&#8217;t exchanged when the gavel falls. Instead, the winning buyer pays a non-refundable deposit (often called a \u2018holding fee\u2019, \u2018reservation fee\u2019 or similar) to secure the sale. They get a fixed period (usually 28 days) to exchange contracts and then a second period to complete. Sellers don&#8217;t need a legal pack as the buyer has time to do due diligence in the first period.\u00a0<\/span><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Although it&#8217;s often called a \u2018modern\u2019 option, flexible auctions have been around for a long time and have grown in popularity because they work well online. Bidders can be anywhere in the world and the auction is usually held over a period of time (such as 14-21 days) instead of having to be in an auction room on a specific day.<\/span><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p>\n<h4><b><span data-contrast=\"auto\">Buyer-friendly auctions<\/span><\/b><span data-ccp-props=\"{&quot;335559731&quot;:720}\">\u00a0<\/span><\/h4>\n<p><span data-contrast=\"auto\">Traditional and modern auctions both put the fee burden on the buyer. Sellers pay nothing because the auction fees and reservation costs all come out of the buyer&#8217;s pot. As a model, this can limit the number of interested buyers; especially first-time buyers who discover there are additional payments to make.\u00a0\u00a0<\/span><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Similar to the flexible auction, buyer-friendly auctions go a step further by being extra-flexible on completion times and moving the fees to the seller. While that may sound like it won\u2019t work in your best interest, the flexible deadlines mean most buyers can participate. The \u2018zero fee\u2019 for buyers means there\u2019s a greater number of interested people and that will push up your sale price.\u00a0<\/span><span data-ccp-props=\"{&quot;335559685&quot;:720}\">\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ol start=\"3\">\n<li>\n<h3><b><span data-contrast=\"auto\"> Part exchange<\/span><\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">Part exchange isn&#8217;t a new idea, even in the property sector. In fact, builders have been doing it for years. They take your old house as part-payment on a new build, reducing the price and giving you a guaranteed sale so you&#8217;re not stuck in a chain. The advantages of this option of selling your house are numerous. You\u2019ll have a guaranteed buyer, so there&#8217;s no fear that your sale is going to fall through. And with no chain, there\u2019s no delay. If your dream-home purchase gets delayed, you can often stay where you are until it&#8217;s sorted. If the absolute worst happens and your purchase should somehow fall through, you keep your current property so there\u2019s no worry about being homeless (although this isn\u2019t the outcome you want if you\u2019re trying to sell). Also, because you know exactly how much you&#8217;ll be getting for your house, you can act like a cash buyer and push for discounts or tight deadlines on your new home. However, this may be more difficult for you if your property does have subsidence or it has been underpinned in the past.\u00a0<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<ol start=\"4\">\n<li>\n<h3><b><span data-contrast=\"auto\"> Assisted sale<\/span><\/b><\/h3>\n<\/li>\n<\/ol>\n<p><span data-contrast=\"auto\">An assisted sale is specifically designed for homeowners who want to sell but whose property needs work and refurbishment. It&#8217;s especially good for people with second properties, or if you&#8217;re moving into rented accommodation. With an assisted sale, you sell your property to a company for a fixed, guaranteed amount. When the deal has been done, you keep ownership on paper and the company markets the property for sale (using a Power of Attorney).<\/span><span data-ccp-props=\"{}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">The difference here is that the company pays the running costs for the property until it sells to a new owner, without it affecting your agreed sale price. They will pay legal and estate agency costs, maintenance and service charges, ground rent, utility bills, insurance and council tax; even your mortgage payments. An assisted sale is just like selling your house in the traditional way but it&#8217;s quicker and simpler, and it relieves you of the ongoing burden much faster than even the fastest cash sale. This could be a great benefit to you if you are having trouble selling your house. <\/span><\/p>\n<h2><b><span data-contrast=\"auto\">Any Questions? <\/span><\/b><span data-ccp-props=\"{}\">\u00a0<\/span><\/h2>\n<p><span data-contrast=\"auto\">We hope this article has helped you to find out more about underpinning and how it affects the value of your home. If you need any further advice about selling a house to a cash buyer, call us or send an email.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you\u2019re worried about underpinning devaluing your property, we\u2019re here with the answers to your questions. In this article, we\u2019ll find out more about underpinning and subsidence, the costs involved, and the effect on your property. \u00a0\u00a0 What is Underpinning?\u00a0 Underpinning is a technique used to correct properties that have suffered from or are suffering &hellip; <a href=\"https:\/\/www.springbokproperties.co.uk\/blog\/does-underpinning-devalue-my-house\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Does Underpinning Devalue My House?&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":648,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[60],"class_list":["post-644","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-property-selling","tag-does-underpinning-devalue-my-house"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Does Underpinning Devalue my House? 2023 Guide<\/title>\n<meta name=\"description\" content=\"Does subsidence or underpinning affect your home&#039;s value? 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