When you are looking to buy real estate, whether residential or commercial, finding the right location is essential. However, even the most ideal property can potentially have property defects just below the surface that can seriously impact your ability to make use of your new purchase. This can not only cost you a lot of money, but in the most extreme circumstances, it can even pose a threat to your health and well-being. Here are seven property defects that can harm you real estate deal:
- Structural damage
- A property that looks nice on the surface may be hiding structural damage from a fire, storm, flood, or other disaster. These types of property defects can become a serious problem if not found early, requiring significant repairs to make the building safe to inhabit.
- Roofing problems
- Roofs are the bane of property owners everywhere, with defective roofs responsible for a variety of potential issues. A damaged or poorly built roof may leak during storms, or it may cause your property to leak heat during the winter, inflating your energy bills and increasing the risk of ice dams forming.
- Mold or mildew
- Mold and mildew are among the most persistent types of property defects you can encounter. Typically found in dark and damp areas, such as basements, attics, and crawl spaces, the presence of mold or mildew can become a persistent battle that can damage your property and cause health problems to those sensitive to their spores.
- Toxic construction materials
- An issue more commonly seen in older buildings, some places may be built with construction materials that are dangerous to people exposed to them. This may include materials containing asbestos, lead, mercury, benzene, or other substances dangerous for human health.
- Faulty wiring
- Electrical work is complex and difficult at the best of times, and should always be performed by a licensed professional. When done poorly or by someone unqualified to do so, it can result in this type of property defects, which can increase the risk of electrical shorts and accidental fires.
- Aging HVAC System
- Heating, ventilation, and air conditioning (HVAC) systems can be a major source of problems if they are old or poorly maintained. If they are in bad condition, you may need to repair or replace large parts of the system, dramatically increasing costs for you.
- Code violations
- To save money on renovations, some people will hire unlicensed contractors, or worse, try to “Do-It-Yourself” (DIY) their renovations. Unfortunately, this can result in work being done with serious code violations, which you may need to pay to fix.
For more than 50 years, the New York lawyers at Elovich and Adell are ready to represent you in your real estate case. Our attorneys, conveniently located in Long Beach, handle personal injury, real estate, commercial transactions, criminal defense, and labor and employment claims all across New York State. For a consultation, please call us at 516-432-6263 or visit our contact page for more information.