The idea of buying a brand new home (or having one built) is attractive to a lot of people. After all, you don't have to worry about hidden problems, worn-out fixtures or the unexpected repairs that crop up in older homes -- or, so you think.
Like most of the rest of the nation, Arizona's real estate market suffered when the property bubble burst in 2008. Slightly more than a decade after the Great Recession, however, the real estate market in the state is thriving and expanding again. Investors in the construction business and property markets are taking note.
A lot of first-time landlords run into trouble with the Fair Housing Act at the very start -- right when they list their property for rent. Many of them may not even realize that they're actually being discriminatory in their ads.
It's every landlord's nightmare: You have a tenant that's troublesome and breaks the rules or just won't pay -- or you purchased a foreclosure property at auction that's still occupied -- so you go through all of the appropriate steps for an eviction. The proper notices are served, and you wait. And... the occupant refuses to leave.
When you get a loan in order to purchase a home, you have to sign both a promissory note and a mortgage.
If you're in construction, sooner or later you're bound to encounter someone who doesn't want to pay up after a job is done. A mechanic's lien can come to your rescue.
If you're selling a home, you're likely conscious of the fact that you need to disclose any known defects to potential buyers. However, some defects involve more than plumbing issues or leaky roofs. Some properties are considered "stigmatized" for reasons that are disturbing and unique.
You've probably heard of the Leaning Tower of Pisa, right? Well, it's probably the most famous construction defect in history. Unfortunately, unlike the tower, most construction defects don't turn into tourist attractions -- they turn into nightmares for their owners.
Plaintiffs have filed a class action suit against the National Association of Realtors (NAR), RE/MAX and some other big names in the real estate industry. If it's successful, the way that real estate is bought and sold may change -- for good.
The real estate market in Arizona and in much of the country is still running strong -- but how long can it last?