Re:Where Can the Middle Class Buy a Home?
by Domenic_S on Thursday October 10, 2013 @08:04PM
(#6530793)
Of course it's been renovated, but the GP was talking about the original purchase price.
Re:Where Can the Middle Class Buy a Home?
by seanmcdirmid on Thursday October 10, 2013 @09:56PM
(#6531095)
After 100 years of renovation and property taxes, how much of the original house's purchase value is even left? I guess an argument can be made that all of the latter costs are incremental and therefore easier to afford.
Re:Where Can the Middle Class Buy a Home?
by Domenic_S on Friday October 11, 2013 @02:30PM
(#6534970)
A fine point, but not really relevant as the discussion was about the cost of acquisition.
Re:Where Can the Middle Class Buy a Home?
by seanmcdirmid on Friday October 11, 2013 @08:16PM
(#6536638)
I thought that that the original discussion was about how the house increased in value, not about costs of acquisitions. My mistake!
True, but this is also Denver. It depends on the location.
> Different amenities - doubt you saw many granite countertops or stainless steel appliances in the 1910s
Pretty sure your fancy 1910 house has been renovated more than a few times. Homes actually require maintenance and upgrades to be livable.
> Sparse (or no) plumbing/electricity
In 1910 I'm sure they had something. But see the previous point.
> Fewer building codes/regulations
Again, the home should have been upgraded unless the codes/regulations were superfluous; grandfather clauses only take one so far.
As an investment, a 3X appreciation over 100 years sans property taxes is still a quite crappy return, but at least you (and your progeny) get to live in it.