What is an Incurable Defect?
An unfavorable property characteristic that can’t be fixed, such as a location on a busy street, is known as an incurable defect. This requires the value to be adjusted downward from that of a comparable home to reflect the “defect”. What does this mean to a buyer? Using a home on a busy street as an example, you need to buy it at a price that reflects that location issue. And realize it will appreciate more slowly compared to homes not on a busy street, so you shouldn’t over-improve. The home should also suit your long-term needs, as these type of homes tend not to sell in a typical amount of time, and often much slower than the rest of the market.