Podcasts Business Your First Home Buyer Guide Podcast Lessons to Learn From A Case of Unstable Land and Sinking Homes

Lessons to Learn From A Case of Unstable Land and Sinking Homes

Published: Aug. 20, 2024, 8 p.m.

When you\u2019re buying a home, the last thing you expect is for the ground beneath it to literally sink away. In this episode, we dive deep into a real-life disaster involving properties affected by sinking land, where homes began to crack and crumble due to unstable ground. How could this happen, and what should buyers learn from this nightmare scenario?

We explore the consequences of purchasing off the plan, especially in areas with new subdivisions, where the history of the land is often obscured. The land might have been leveled from farmland, hills, or filled-in dams\u2014but without proper transparency, the buyer is left in the dark. Could something similar happen to you?

Our discussion also covers the challenges homeowners faced after the damage was discovered, including compensation complexities, demolition, and the bitter reality of living next to a demolition site. We highlight the critical importance of due diligence, particularly when buying in new estates, and how to protect yourself from similar risks.

Tune in to understand the key lessons from this case of unstable land and sinking homes, and learn how to avoid falling into a similar trap when buying property. Your dream home shouldn\u2019t become your worst nightmare.

Episode Highlights:

00:00 - Introduction

02:14 - Meighan\u2019s special house of the week

04:41 - Overview of the problem with over a thousand homes affected by unstable land

08:33 - The risks associated with purchasing property in newly subdivided areas or off the plan

12:17 - The dangers of not investigating property risks before purchase

19:16 - Emotional and financial toll on the residents affected by the sinking homes

22:36 - Consequences of living next to a demolition site and how it affects property value

24:00 - Protect yourself from similar risks in the future

Resources mentioned in this episode:

Resources:

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