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Why is it over time the usual thing was homes go up in value over time. Growing up I remember my dad always trying to debate what the county thought the home was worth. It seemed they always said the value of the home was more every year...thus demanding more property tax to be paid.
The thing was...the house should have been losing value because it was aging, had foundation issues, the usual stuff with an older home.
So why is it that homes that deteriorate without makeovers go up in value?
buckstalker
posted
Supposedly it's all about the location and the land...
Look around the country at comparable homes and the difference in values are staggering... A 3 bedroom bungalow in the DC area will go for 10 times more than the same exact home anywhere in Michigan
Homes are not going up in value anymore... I am a licensed building contractor, and I can buy existing homes up here for much less than I could purchase and develop a piece of land and build a new house on it...
Needless to say, there isn't much new construction going on up here...
NR
posted
Everyone involved in a property assessment stands to benefit when it is assessed for a higher price. The homeowner gets more equity, the assessor gets paid, the county and state collect more taxes. It's a win-win-win until reality re-asserts itself and then its 2008 all over again.
The only reasonable argument I have ever heard is that they aren't making any more land, but people are still having babies.
CashCowMoo
posted
Well I will be building my next home. I want to design it, use quality builders and contractors, and make it worth owning. A lot of these new neighborhoods I see are built poorly. 650K homes with windows rotting out in just a few years. Warping, foundation issues, etc.
Not a fan of stucco either. It seems so cheap. Fake stone, etc. The homes almost now all look the same, and they build them real fast and push to sell. Then a bunch of people move in, before you know it in 10 years all sorts of problems show up.
I do not need a big house. Just an all brick one with a few bedrooms and customized to my liking. Modest and nice. A strong home that can withstand possible bad weather events and keep a family safe.
buckstalker
posted
FYI... a brick home is constructed of wood and "faced" with brick
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