03.10.2022
In special relativity, Einstein determined that time is relative—in other words, the speed at which time passes depends on your frame of reference.
My grandmother Marina told me that with age, time speeds up, because every passing day is a smaller increment to the time that has already passed. Not sure if Marina’s explanation can be considered an extension of special relativity, but she always had a way of contextualizing things, so they made sense. And as any parent will tell you, diaper changes seem like an eternity, but when their kids start walking, they grow a lot faster.
Similar problems arise with real estate.
A well-designed building is able to maintain its uniqueness and quality over time.
Think of the Pantheon in Rome; built in 125 AD, its giant dome was the largest in the world for 1300 years and remained the largest unsupported dome in the world.
By contrast, look at some residences built in the last 10-15 years where the finish is already peeling , suffering from water damage/moisture buildup and aged like a Lambada single on a CD.
Aside from the design and quality of construction, a building primarily serves a specific purpose, such as family living, a place to work together, and store items. Since these needs change over time, the building must be able to adapt to them.
For example, a young family will need more storage space as the children grow, separate rooms for each child as they become teenagers, and more ergonomic staircases as the parents mature.
There are two ways to solve these adaptability problems.
You either relocate at every stage of your life (starting in an apartment, moving uptown to a house with a garden, and moving back to a downtown apartment to be closer to amenities as you get older).
Or are you already building /buying a building with that flexibility and tearing down walls, moving things around as your life changes.
In the US, the former is the prevailing norm. In Northern Europe it is a mixture of the two.
In southeastern Europe we are building Pantheon-like houses that will last a thousand years (although their roofs tend to leak).
There are three important points here.
First, your home is not an investment. You decided to buy a house because you placed your desire to own something above the added value of having the flexibility to achieve career goals in different regions. You have chosen a particular property based on what you like right now, without thinking about your needs in the long term.
Second, just as your life will change, so will the wants and needs of your children. Marina invited friends for tea, and on weekends the whole family gathered for a long dinner. My parents have two living rooms, and one of them hasn’t had “life” for four decades because my mother worked and was afraid to get the white sofas dirty. Parents often find that their children do not need their homes because they are too big or too expensive to support.
Third, at the beginning of your career, your main investment should be in you, not bricks. While this changes over time, early in your career your focus should be on learning , networking, and being flexible to take advantage of opportunities without tying you up with inflexible assets.
According to the World Bank, the life expectancy of a person born in 1979 is 75 years in Cyprus and 73 years in Greece. The life expectancy of those born in 2000 in both countries is 78 years.
The average number of jobs a person should have during their working life is 14, i.e. one job every 2-4 years. This means that you will need to keep training and reinventing yourself 14 times to stay competitive with people younger than your kids and possibly from different regions.
George Burns, an American comedian, said that “aging happens. Growing up is optional. Buildings need to be able to adapt to your needs as they change and evolve over the long term. Flexibility is key, especially at the start of your professional life when you are your greatest asset. As you get older and time speeds up, those needs change again.
Live long and prosper.
Pavlos Loizou, CEO of Ask Wire
