I don't think it will have a detrimental effect. Knock down one generational home to build or buy another. 🤷♂️
Discussion
Then it'a not generational
And?
It doesn't matter all that much. The following generations will always need capital at some point. And land will always have value. 🤷♂️ It is what it is.
There is value to a home and land beyond just the amount of money it can be exchanged for.
No doubt. But, in the end it almost always boils down to how much the property can be sold for. Sure, they're not very fungible, like Stella said. But that fact just adds to its value over time and, imo, gives people more of an incentive to sell it.