The Toll of Defect Laws in Las Vegas

Every home-owner knows what it’s like to deal with maintenance on the house. But what about issues that arise not so long after the home is built? A new issue that has come to light is defects found on newer homes, condos, etc. New laws were added in February in favor of the new home buyer in order to protect them from defects. However, are these laws going to help or hurt the market as a whole? The sale of new homes has dropped about 25 percent since the 1990’s. Some experts say these laws will hurt the market because it will slow down the building of new homes which means you are losing a lot of business. There have been several cases in Las Vegas over the last couple of years where builders have had to pay out millions of dollars in settlement and court fees because of the laws, which causes builders to slow down their construction. Are these laws going to be a positive or negative addition to the real estate world? Read more below and see what you think!