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Registry of Ex-drug Houses Essential For Buyers


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Vancouver Sun, October 29, 2008

Buying a new home is scary enough without worry that it might have a criminal past, especially when prospective homeowners are operating at the outer limits of affordability.

As we've seen in the past couple of months, future risks can be significant. The housing market can cool and prices decline, eroding your equity to the point where you could end up owing more than it's worth.

Your mortgage could come up for renewal at a time when interest rates have gone up, rendering your payments unaffordable.

But, historically, over time those risks have been less important than the risk of hidden defects, such as we've seen with leaky condos.

A home inspection can reduce the risk, but even trained home inspectors may not spot any physical signs that a house was previously used as a marijuana growing operation, leaving it with hidden damage that can require tens of thousands of dollars in repairs.

To read more click here.

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