Purchasing a condo is almost like a right of passage. Many young people, primarily millennials, know the power in purchasing a home and a condo provides a great starting point. It provides them an opportunity to enter the market at a price that is doable for them.

The construction defects law, originally created in 2005 that allows at least two condo owners to bring a lawsuit against their builder if there were defects in the home, has unfortunately derailed condo construction and building in Colorado, a state that desperately needs it. The construction of condos has been limited because builders are worried about lawsuits and what their outcomes may hold. We can’t blame them though, no one wants to deal with lawsuits!

On April 21 The Coloradoan reported, “Last week the Colorado Senate passed SB 177, which would make mediation the first option for dispute resolution between homeowners and builders. It would also require a majority of homeowners in a condo complex (or homeowners association) to consent to legal action.”

The problem as it stands is that condo owners and HOAs can challenge defects created by builders, but this threatens builders so production of condos is very limited. There may not be a magic bullet to this issue, but what do you think is best?

To learn more and read the entire story visit: www.coloradoan.com/story/opinion/editorials