Quote:
Originally Posted by OMG!WTF!
I think home reno spending has a lot to do with creeping incrementalism. Like hey our dishwasher broke and we need a new one so why don't we rip the house down to the studs and add a second floor and a pool. I mean we'll have the plumber here anyway. People didn't really project manage like that in the good ole days. It's the buy big save big mentality.
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The real push to consider a renovation an investment rather than an expense would be a big contributor for this. Starter homes, house flipping and the like meant you could easily justify piling 100K renovations onto $300K worth of mortgage debt since 'we'll make it back and then some when we sell in a year or two.'