Although you have the best inspector, the best realtor and the eyes of a structural engineer, unfortunately hidden defects are sometimes unavoidable and the scariest thing that can happen to sellers and buyers alike! What are the main hidden defects we hear about in the real estate industry? Here’s our top 5 list!, and don’t worry! We don’t hear of many very often!
Firstly you should properly understand a hidden defect. Got a leaky faucet? That is not a hidden defect, however a water infiltration from a skylight or foundation crack can be considered a hidden defect! In order to be considered a hidden defect , a problem must be serious enough to prevent you from fully enjoying your home. The seller must not have disclosed its existence; even if the seller did not know that there was a hidden defect, the seller is still responsible. In addition, a home inspector must not have found any signs of its presence. And finally, the problem must be significant enough that it would have justified a price reduction or a repair.
Top 5 Hidden Defects Seen in Real Estate:
1. Water infiltrations (roofs, foundation cracks etc)
2. Hidden Mould/Rot
3. Rotten or damaged Attic space
4. Electrical/Plumbing issues
5. Weak or poor building structure.
Best way to protect yourself from hidden defects? Team up with your local broker as they definitely have the eye trained for finding little issues that you may not have spotted, and secondly ALWAYS GET YOUR HOME INSPECTED. Unless you are buying a recent condo, or a brand new home, there is no reason for you to pass on inspection, and having done so can be deemed negligence on your part if you do find a hidden defect in the future!