COMMENT OF THE DAY RUNNER-UP: MAKING OLDER HOMES SAFER “Ironically, all of the lawsuit-limiting legislation passed at the request of the home-building industry makes Texas one of the few states where a pre-existing home is a more secure investment than a new home. When the market begins to reflect this, which it will eventually, new home builders will regret it.” [jlawrence, commenting on The $58 Million Perry Home]
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I understand the concept of buying a new house versus an existing house – and you are buying a house, not a “home” – but what’s a pre-existing house? It was there before it existed?
haha, Yes here in Space City we bend the space-time continuum in just such a way…
My house has been pre-existing for so long I can’t count how many hurricanes, floods, droughts, tornadoes, inner loop wildfires and any other acts of God insurance companies won’t cover, that this must be the safest house in Houston to live.
Just don’t cross the tranny hookers.
Forced mediation and arbitration obviously didn’t work but unfortunately getting rid of the state “regulatory commission” that served the interests of the homebuilders set a precedent in the courts. The homebuilder is basically no longer liable. Buyer beware.
My advice has always been to consider the advantages of inspection. An inspection of a new home cannot tell you what may happen in ten years. An inspection of a “pre-existing” home can tell you what has happened in ten years.
But people like everything nice and new and pretty. So they buy a new home.
miss msry, are you in my house?
Hmm. I have to think about this. In theory, yes, the pre-existing home market would become more valuable than the new home market. In theory.
The problem, though, is that a lot of people like shiny and new and won’t settle for anything less. I live in a 70-year-old renovated bungalow that – knock on wood so far – is in great shape. But I know a lot of people who look down on my kind of house and wouldn’t be caught dead living any anything that isn’t brand new, has an acre for a back yard, and is 50,000 square feet.
Realistically, I don’t ever see the “new” home market declining. Even in Texas.
I would scratch “even in Texas” and replace with “especially in Texas”. I still do a double-take when, after telling someone my house was built in the early nineties they say “Oh, so you live in an old house”.
We all know they build them crappy now-a-days so they will fall apart sooner, and have to be torn down and re-built. Just learning lessons from the auto industry!
My House was built in 1927 and I doubt a tornado would do more tear off some shingles it is so soundly built. At least I hope that would be the case.
So what is the cut off date from which tort reform distorted the market?
@Jimbo. Yep. True story: I had some slight electrial problems with my panel over the weekend. Turned out that it was just blown circuit breakers. The electrican came today and took care of them. Not major.
Now, my house is 60 years old, and has been TOTALLY renovated, inside and out. I was talking to a friend who lives in another state and was telling her about the lights flickering and she immediately said, “How old is your house?”
Instead of answering, I stopped, backtrackded and explained that my house was technically “old”, but not old. She’s never been to my place, and bought a seven year old house in a gated subdivision in another state. She thinks her house is old. Whatever. To each their own.
Whups. My brain is off in both of my above messages. My house is only 66 years old.