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By JonC (registered) | Posted September 24, 2009 at 10:33:56
The point which I made initially wasn't specifically to buy existing four bedroom houses, but that 180k towards renovations is ridiculous. The four bedroom house was merely an example of what was available on a per dollar basis. Anyone posting on this board could hire someone to build a new complex of 100 units (or a number of smaller complexes) for significantly less than 18M. Also keep in mind that the Connaught won't be renovated immediately, so you're concept of buying all of the houses at once is flawed from the beginning... But I digress, way to take the completely wrong point from a statement, and try to find a reason that it wouldn't work. Kudos.
The other idea of establishing ownership (whether through a co-op or paying back a government loan instead of renting at 80% market rates), is that a pride of ownership is in place that does not exist when renting.
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