The real estate madness that is currently unfolding brings its stress to buyers, but also causes many unpleasant surprises.
In Montreal, bidding prices rose 28% compared to last year.
More and more sales are closing very quickly, sometimes even without inspection. Once the deal is complete, some buyers will discover significant hidden flaws that can quickly turn a secret home into a nightmare.
Sylvain Brosso, chairman and CEO of Burex Group, said water intrusion, poor foundations and camouflage fires were just a few examples of the conditions that had multiplied over the past year.
“We can say that there has been a 30% increase from last year, only on hidden flaws,” he said.
And often problems are masked by previous employers.
“We have a foundation, it’s in poor condition. We put a good surface finish. We’ve going to put a layer that goes over the roof to cover the foundation wall,” said Sylvain Brosso.
These hidden flaws can lead to costs in the millions of dollars. Some buyers go so far as to demand that the sale be canceled.
Therefore Sylvain Brosso strongly recommends checking before purchasing. He recommends that the Association des inspectors contact Enbatiment du Quebec or do business with an inspector who is a member of the professional order.
“Calling before is cheaper than calling after,” he says.