Grant,
You have touched on a very interesting point...
I bought my first primary residence back in 88...bad timing I know, but it was never meant to be an investment, it was MY home!
Since that time, I spent over 200K renovating, and upgrading, before finally selling towards the end of 2003.
Understandably, given the work we did, the sale price was significantly higher than the purchase price...
The point being that property statistics simply look at the original purchase price, versus the sale price, before equating some kind of capital appreciation...the amount we actually spent renovating, has not been taken into account.
Given the obvious popularity of home renovating in recent times, one must question what the true underlying growth rate might really be for some areas?
Cheers!
housing/ fools in a fools paradise, page-12
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