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Buying Property Subject To Mine Subsidence

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What is mine subsidence and how can it impact property buyers? What is mine subsidence? Mine subsidence is the gradual sinking of land caused by the removal of underground resources, such as coal, oil, minerals, or natural gas. This downward or outward movement of the surface of the earth can take many years to play out, or it can occur suddenly, causing extensive damage to any structure built on the surface. In some cases, homeowners can buy property that is subject to mine subsidence or landslip, but they need to be aware of the risks involved. Is mine subsidence considered a high risk? Not generally, a. However there are some risks if you’re building on the property. The risk of landslides, for example, is higher when the property is near or directly above an old or active mine, or a landfill area. Property is treated as normal when it is not either on or near a landfill area. You can consult a local valuer to find out if your property is at risk. He will know the area a...
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What To Be Aware of When Buying Off The Plan

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The rise of new apartment developments in our cities provides greater opportunities for potential homeowners to buy off the plan. There are benefits to this, but also a number of things to be mindful of. We look at some of the things to consider when buying off the plan with   Our Mortgage Options . The Benefits: A major benefit of purchasing off the plan is that you’ll own a brand new property. There are also financial benefits. For example, you’ll have the security of knowing how much you’ll pay for the property in the future, even if its value increases. Construction usually takes a year or two, so there’s time to save before you settle. If you need to borrow money for the deposit, speak to your broker about how to best structure the purchase. Most home loan lenders won’t approve a loan for a long settlement period, but a broker can provide advice about what assurances you can get regarding the amount you may be able to borrow when it comes time to settle. Depending on which sta...
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