Quote:
Originally Posted by baddog
Because families hand their homes down from generation to generation? People don't buy homes to flip them. At least that is what I have seen/noticed in my travels.
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They also seem to have a different sensibility about homes over there. I'm no expert, but it seems like a lot of people just expect that their home is going to be on the smaller side and that it might not have every little detail and luxury you could want. When people do own bigger homes they either have plenty of money, or, like you say, they are long term family homes that were either passed down to them or they plan to pass down.
You don't see a lot of people over there spending 70%+ of their income to pay a mortgage on a big house they don't need.
As I say, I'm no expert, this is just what I have observed and my own opinion.