New homes may be new, but they are rarely perfect.
Houses are giant puzzles with hundreds of parts, all manufactured at different locations and carried to the building site. And try as they might to put together a flawless product, builders and their numerous subcontractors don’t always get things right.
Luckily, buyers are more likely to have to deal with cosmetic defects than out-and-out structural failures. Scratched refrigerators, broken bathroom tiles and faulty electrical outlets are far more prevalent than badly cracked foundations or sagging roofs.
Is there value in a home with a cracked foundation or structural issues? Contact the appraisers at www.scappraisals.com for your value questions.
But structural defects do occur. According to recently released data from 2-10 Home Buyers Warranty, owners of new homes are as likely to experience major structural damage — big cracks in the walls, windows and doors jammed shut, buckled floors — as they are a major fire.
This isn’t to warn buyers off new construction. Previous research has found that just one in 20 houses will experience a major structural hit over its lifetime. But one in every four will experience “some” structural distress.
Based on his review of more than 10,000 structural claims over a 32-year period, Walt Keaveny, chief risk manager of the Denver-based warranty company, says structural problems can occur from day one. But most claims are reported between four and seven years after initial occupancy.
Read more at: http://www.chicagotribune.com/classified/realestate/home/sc-cons-0314-home-structural-defects-20130315,0,2388781.story
Green Real Estate Appraiser 