Very illuminating post, the kind of stuff, I personally rue and muse over…if you are not an expert, atleast have one or be under the tutelage of one J. Read “Buyer Beware” below.
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BUYER BEWARE
Many of these McMansions, (and many new homes of all sizes), are very poorly constructed. Under the granite and marble is often a slew of defects and code violations. Even a cheap starter house is supposed to meet code but houses of all prices often don’t!
I bought a modest ranch house in 2000, of about 1800 squ. ft. That was big to me. I didn’t have any fancies, just stated again and again to the real estate agent, “I want quality construction, not frills” I didn’t know what quality construction really was, and learned the hard way that neither did the industry. Don’t know what it is or don’t care.
I got a highly defective house and spent five years embroiled in a construction defect dispute. My lawyer committed took my retainer fee, did no work, and committed forgery, so I was on my own, unwilling to trust a new lawyer just yet. It’s not that easy to find a good lawyer because they know builders fold their company and don’t pay court judgments and debts.
Fortunately for me I did manage to settle, but I learned something that every buyer of a new home ought to be concerned about. Many builders these days take extraordinary shortcuts to plump up their bottom line, and these shortcuts can make your new house essentially “disposable.” The so-called 10 yr warranty policies on some new homes are a joke. The policy comes after closing since the builder buys it, and they exclude almost everything. If you want to dispute a claim you have to arbitrate wtih their kangaroo court. I escaped that problem due to a federal law concerning govt backed (VA and FHA) loans that says the warranty co can’t force you to arbitrate: 24 CFR 203.204(g). If you need that regulation it’s on the Cornell Law site under Code of Federal Regulations, title 24, section 203.204(g).
No thanks to any lawyers I paid, I found this regulation thru free consumer info and was able to use it successfully.
As I go past new developments now I see horrendous examples of shortcuts on house after house. People think that with what I know now I should feel assured that I could buy/build again with confidence but I don’t feel assured at all. It’s obvious that a person has to either be, or know, an expert in construction and law before they have any hope of assuring their new house will be well built, and the contract fair and enforceable. I was supposedly a pretty educated and cautious consumer before but I still got taken. I’m even more cautious now, but the more I learn, the more I realize the scams evolve faster than the consumer protection info. It is truly Buyer Beware. Owners of these McMansions may or may not have construction problems but if they do they’re in for a world of hurt because a junky big expensive house is a bigger financial burden than a small junky house.
Another one from the “Pro-McMansionites”
I just “stole” a 5,000+ sq. ft. very well built mansion on 5+ acres. It’s friggin’ wonderful to have room to hang all the beautiful art I’ve collected in my consulting travels. Also we have a gorgeous pool and the gourmet kitchen that my wife has always wanted.
I plan to finish the 4,000+ sq. foot full sunlight basement that opens onto the pool and jacuzzi, so my elderly Mom can move in with us in 2 or 3 years. The basement is already wired and plumbed for 2 large bedrooms with walk-in closets and full baths, a kitchen, media room, full woodworking workship, see-through fireplace, etc. I figure it’ll cost about $120K to add another 4,000 sq. ft. to the house. The extra heating is really not that bad, since we do take care.
Oh, and mansions certainly are all they’re cracked up to be. I especially love the instant-on and unlimited hot water that comes from our very full water well.
My wife and I currently have our daughter and elderly WWII Marine father-in-law living with us. He loves it.
Yeah, I was going to downsize from my paid-off 3,200 sq ft. house on a creek, but then this fantastic deal came along. Let me tell you…if you have a chance to get a mansion for what a tract home in California or New York costs, take it. I’m diggin’ it to the max.
And some smart not-everyday-everyplace, uncommonly common sense
AISGREEN,
Good for you. Most people will read your post as a description of all this excess, but, in fairness, you have one elderly parent living with you, and are planning on another coming soon. So, four adults, plus your daughter living there is not even all that inefficient. So good luck with the renovations, and enjoy that pool!
To everyone, if you can afford it, I mean REALLY afford it, then live it up, and God Bless! If not, less is fine too.
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