It is rather unfortunate that such mythology and conventional wisdom around real estate being a wonderful "investment" has built up, to the extent that it's now challenging to have a sensible discussion with anybody on the topic. Who knows how many young adults have been pressured into real estate by their families, partners, and others, rather than following their passions in other areas.
I've bought and sold a number of homes over the years, and I prefer owning to renting, for practical reasons. Still, it's frustrating that everybody encourages one to put much more money that is necessary into a home.
Right now, I live in a 50-year old property with an original bathroom and flooring. In talking to architects, contractors, neighbors and the like, nobody really seems to get the concept of renovating these items, bringing them up to modern standards and catching up on deferred maintenance, as opposed to overcapitalizing. The general assumption seems to be that this kind of thing is an "investment", and therefore the more money spent, the better, despite mounds of evidence to the contrary.
It is rather unfortunate that such mythology and conventional wisdom around real estate being a wonderful "investment" has built up, to the extent that it's now challenging to have a sensible discussion with anybody on the topic. Who knows how many young adults have been pressured into real estate by their families, partners, and others, rather than following their passions in other areas.
I've bought and sold a number of homes over the years, and I prefer owning to renting, for practical reasons. Still, it's frustrating that everybody encourages one to put much more money that is necessary into a home.
Right now, I live in a 50-year old property with an original bathroom and flooring. In talking to architects, contractors, neighbors and the like, nobody really seems to get the concept of renovating these items, bringing them up to modern standards and catching up on deferred maintenance, as opposed to overcapitalizing. The general assumption seems to be that this kind of thing is an "investment", and therefore the more money spent, the better, despite mounds of evidence to the contrary.