Home Buying Tips: Should You Check for Sinkhole Risks?

If you are at the final stage of buying a house and you are already performing those necessary checks before closing on the sale, you might want to include checking for sinkhole risks before anything else. Which areas in the U.S. are more prone to having sinkholes and what should you do if you are already living in one?

When people think of buying their dream home, very few think of the possibility that a sinkhole may suddenly appear and swallow their house. While such a thing often happens in the movies, especially those with the end of the world themes, this can actually happen to those who live in areas with high sinkhole risks.

Nearly 20 percent of the U.S. is said to be at risk of developing sinkholes, stated the U.S. Geological Survey, according to Realtor.com. This means that every homeowner in the country has a chance of waking up with a sinkhole in their front yard, in their basement, or worse, the sinkhole has already swallowed their property.

Areas such as Florida and Tennessee are said to have higher risks of developing sinkholes because of the widespread karst terrain and aggressive development of houses in the area.

These two states have laws, which require insurance providers to offer protection from sinkhole damage. Unfortunately, this insurance is an added cost for most homeowners. The publication noted that this additional coverage can cost up to $800 per month.

There are, however, ways to check if the house you're eyeing on is at risk for developing sinkholes. First would be to ask a property appraiser within the area and you can also research on your own through GoogleEarth's time-lapse function.

As previously reported here on Realty Today, all of these necessary checks may seem very tedious, but it could save you more later on.

Be sure to do the necessary checks before closing on the sale and consult with professionals in order to be sure that you can live peacefully and worry-free for at least the first few years.