Buy or build? Every house has a defect

Yes, every house, whether old or new, has a defect. Inspect it thoroughly or seek the opinion of an expert. Some defects may be obvious and fixable, for which you could negotiate lower prices or at least know how much it will cost to fix them.

Be on the lookout for material defects (which have a significant adverse impact on the value of the property or pose an unreasonable risk to people).

Material defects can affect both new and old houses and may include: features of the house that are cracking, detaching, or likely to fall, bowing or leaning walls, horizontal cracks on the walls, uneven flooring, unstable and unsafe stairs, bare electrical wirings which can lead to shorts, electric shocks, or house fires, decayed roofing — which can affect the supporting structure underneath it, leading to collapse — and electrical sockets located too close to water sources.

Evaluation of such visible defects should be referred to a structural engineer. In most cases, such defects are a deal-breaker as they tend to be complicated and expensive to repair.

In the end, whether you choose to build or buy, you have to live with your final product and, just like a baby, your home will have its share of demands on your time and budget.