• Buddahriffic@lemmy.world
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    11 months ago

    I think there is value provided when someone buys a dilapidated house and renovates it into something worthwhile to sell, even if it takes less than 2 years.

    Or for me personally, I bought less than 2 years ago but the experience has given me a better idea of what I really want and I’d love to be able to sell to break even on this place and buy a different place that more fits my needs.

    High short term capital gains taxes would help with the 2nd case (as I don’t intend to make money from owning this place briefly) but not the first.

    • Wrench@lemmy.world
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      11 months ago

      I’ll take capital gains tax as a reasonable compromise.

      I will say that I don’t think keeping “renovation” flippers intact is a strong motivation. They are infamous for putting in shoddy cosmetic work to hide serious problems. At least if someone needs to occupy a renovated house for 2 years, they may actually be motivated to do things right.