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> > but how can a house not be a wealth store? > The same way that a car is not a wealth store, but is, instead, a wealth pit. That's not even remotely compar
by jjav 3y ago
> > but how can a house not be a wealth store?
> The same way that a car is not a wealth store, but is, instead, a wealth pit.
That's not even remotely comparable. A car depreciates because it wears out somewhat quickly. A house can last many lifetimes so it's going to retain value for a very long time.
- vkou 3y agoA house requires upkeep and maintenance of both itself and the surrounding municipal infrastructure. Which, over time, will exceed the cost of the house. If you're replacing the engine and transmission and body of your car every 300,000 miles you can also keep it running for a lifetime.
- jjav 3y agoI don't think you can seriously be suggesting these are equivalent. You would have to go to extraordinary efforts to keep a century old car running since everything will be a custom built part at that point. Some people do it but it is a labor of love (for the car itself or for preserving history). People who do it are fully aware you could buy a new car for one-tenth (at worst) of the cost of a restoration. Houses are the exact opposite. Maintaining houses for centuries is normal, you don't run out of parts and the cost to maintain is a tiny fraction of buying a new one.