Owning a Florida property is an exciting opportunity for anyone – from soaking up the sun in the summer months to experiencing the mild winters. However, Florida property owners can experience issues with construction defects that can have devastating effects on their homes, as well as affecting their community too.
Florida’s SB 736 bill is striving to shorten the amount of time a homeowner has to take legal action against contractors for latent defects from ten years down to four. This proposed legislation could have immense implications for property owners across the state. In this blog post, we’ll explore how unaddressed construction defects impact both Florida property values & community morale.
If you are a Florida property owner and are in a construction defect or insurance dispute, contact Herman & Wells today. We will fight to get you the compensation you deserve to cover all property defects. Contact us today for a free consultation with an experienced Florida construction lawyer.
The Cliff Notes: Key Takeaways From This Post
- 1Construction defects can cause a property’s value to plummet and be difficult to sell.
- 2The presence of construction defects can also have a negative impact on property values throughout the community.
- 3Stress and frustration is caused by construction defects among Florida residents.
- 4Strained relationships between homeowners and HOA professionals, as well as decreased sense of community pride and satisfaction, are also common results of construction defects.
- 5Proper maintenance, inspection, reporting, and resolution of construction defects should be taken to minimize their impact.
- 6Hiring a qualified attorney is essential for individuals or communities facing construction defect claims so that they can get legal assistance throughout the process.
The Effect Of Construction Defects On Florida Property Values
Construction defects can have a huge impact on the value of Florida real estate. Construction defect claims are common in the state, and can affect single family homes as well as larger commercial buildings. Some common effects on property values include:
Reduced Property Values Due To The Presence Of Construction Defects
Construction defects can cause a property’s value to plummet. The homeowner or business owner may find it difficult to sell their home or commercial building due to the presence of defects. This can cause major financial losses for them, as fewer potential buyers will be interested in purchasing the property and paying top dollar for it. Additionally, if the defect is serious enough, lenders may refuse to issue mortgages for the property.
Difficulty In Selling Properties With Known Construction Defects
Individuals or businesses looking to sell their property with construction defects can also find it quite difficult to find a buyer. Potential buyers may be wary of purchasing an already damaged property, and sellers may have difficulty getting the desired price for their property due to its condition. This can create a major headache and financial loss for those trying to sell their home or business.
Potential Negative Impact On Community-Wide Property Values
The presence of construction defects can also have a negative impact on property values throughout the community. If a particular area has several homes or buildings with known issues, then potential buyers may be less likely to purchase in that area, leading to lower real estate prices for everyone. This could lead to long-term economic damage for the community if the issue is not addressed.
It is important to address any and all construction defects as soon as possible in order to reduce the potential disruption they may cause. Homeowners or business owners should contact a qualified construction attorney, like Alan Gustafson, if they are facing a construction defect claim so that they can get legal assistance throughout the process.
