Reply to For those who hate teardowns, do you think that the old houses were meant to last forever?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I can understand disliking the look of a new house that has replaced a charming old house.  But if the old house was in a desirable location, is it not inevitable that this will take place?

Do you think that the old houses were meant to last forever?

For example, I recently read that, when the U.S. Supreme Court building was built nearly 100 years ago, they had to tear down existing apartments to build the building.  I feel bad that they got rid of housing, but I think that it was acknowledged that buildings are not meant to last forever.  (Maybe a building with historic significance, would be preserved as an exception.)

I personally live in a 1950's house in close-in Bethesda.  For the first time, some of the houses on my street are being torn down.  I am kind of bummed about that, but not surprised because it's a great location and these original houses are nothing special.  If I could afford one of the new builds on my street, I would buy it!  We've remodeled our house, and it's really nice now, but it still has the original floor plan, ceiling height, etc.  Not worth preserving for another 70 years.[/quote] The houses being torn down in my neighborhood are not old.  Houses should last many generations, not just one or two.  [/quote]

Not really. Houses depreciate over 27 years and then it's time to build new[/quote]

You must sell new builds. Absolutely nobody else thinks this financially and eco ally wasteful way. [/quote]

Depreciation commences as soon as the property is placed in service or available to use as a rental. By convention, most U.S. residential rental property is depreciated at a rate of 3.636% each year for 27.5 years.

[/quote]

I know, I’ve depreciated a rental condo myself. But this paper depreciation is irrelevant to people who live in their houses or condos. The purpose of tax depreciation is to recoup the expenses the owner will have as a result of the tenants’ wear and tear on the place.

My house, which I live in, will still be in great shape in 50 years, so long as I continue to maintain it and update things. The fact that I don’t get a tax perk for replacing the stove, via annual paper depreciation on my tax return, is irrelevant to me. [/quote]

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