Quote:
Originally Posted by cjd
You remodeled, so that changes things a little. Also, timing; It IS possible to come out ahead; long term, that is unstable; I am NOT saying that it can't happen, but that it is unsustainable.
It's probably a much better place to put money than a bank account, and should be much more stable than gambling...er, investing in the market. But, over the long term, if it does much beyond keeping up with inflation, we have problems.
And guess what... we have problems!
|
Yes. Not saying you were wrong in your earlier post. Just pointing out it’s not necessary true in all instances unless you want to explicitly exclude remodeling. I think it’s becoming less and less feasible for the younger generation to have the option to buy a fixer upper.
2020 really exaggerated the issue in my area. Lots of transplants moving here with cash from CA homes and buying where it is much cheaper. The average house went up a crazy amount in a couple years. My buddy bought a rental for 110k 4 years ago and sold it last year for 270k. 750sqft no garage. All he did was replace the cabinets and floor in the living room and repaint it. My 90k house I sold in 2017 for 178k sold again for 220k in 2020, probably around 280-300k now at 855sqft and single car attached garage. It is wild here and affords housing is nowhere to be found.
Home values are exceedingly becoming artificial.