Buying, selling or leasing a home or commercial property can be a rewarding and life-altering moment in anyone’s life. But even minor mistakes or delays in the process can be particularly costly and time-consuming. By being proactive and staying involved in the process, potential property owners and sellers can identify and mitigate the impact of most construction errors.
Common types of construction defects
Construction defects can have a massive impact on the value of a property. When moving through the construction process, be sure to keep an eye out for these costly and common construction defects:
- Structural issues
- Electrical problems
- Water damage, and
- Improper sealing
Quickly recognizing these common construction errors can help property buyers and sellers strengthen their legal case and increase their chances of successfully earning compensation for any damages.
What damages can I receive compensation for?
When a construction defect has been identified, real estate owners have a right to take legal action and obtain compensation for their lost time and income. Additionally, real estate owners can seek compensation for any repair costs or expenses incurred while rebuilding the property.
Furthermore, since New York real estate owners are legally required to disclose any construction defects, potential buyers may be less inclined to purchase your property. If you were planning on selling your home or commercial building, you might be able to obtain compensation for the impact on your property’s marketability or decreased value. After the construction defects have been made public, your property could have a negative reputation or stigma surrounding it. This can greatly affect the value of your property. Fortunately, sellers are able to receive compensation for the damages that a negative stigma can cause.
If significant repairs are needed, real estate owners may also be able to receive compensation for their inability to live in the home or to lease the property out. If you are considering taking legal action, obtaining compensation for the loss of use of your property should be at the top of your priority list.
Construction defects can wreak havoc on any real estate transaction. But, prospective buyers or sellers can feel confident about their decisions and reduce the effects of a construction defect by having a real estate attorney to lean on and seek guidance from throughout the process.