Reply to How rich are people who buy 3 million dollar houses

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]At $10m net worth I looked at $3m houses but was not confident enough to buy one.

NW went from $10m to $30m over a few years and I finally pulled the trigger on a house around $3.5m on 1-2 acres of land.

I'm constantly amazed by how expensive the upkeep and maintenance of the house is.  It's probably $100k/year before I touch property taxes or mortgage.  I'd be just as happy in a full service condo but kids love the extra indoors and outdoors space so the house is really for them.[/quote]
You're lying. There is no way what you said is remotely true. I own a $3.5M house. No way the cost is anywhere close to $100k/ year before taxes and mortgage.
If you are really worth $30M, you're not supposed to be this ignorant.[/quote]

Guys guys,  the real question is what career field are you in? I have two toddlers that I'd like to start influencing to that field so I can live in luxury when I'm old.

Insurance $2k/mo
Landscaping $1.5k/mo
Utilities $1.5k/mo (less in summer, more in winter)
Pool maintenance incl. winterization and refill $10k/yr

That's $70k/yr between those, and it feels like every other month there's a random bill for a couple thousand dollars.  This doesn't include deferred maintenance like a new roof or HVAC.  If I'm doing something wrong, please let me know as I'd love to pay less.[/quote]
See? This is why you’re lying because you have no idea how much big houses cost.
My insurance cost is 2.2k per YEAR, with replacement coverage of more than 2.5M.
My utility is on average less than 300 per month, and I have 10,000sqft.
See how ridiculous you sound?[/quote]

I'm not sure why my numbers seem to have triggered you so much.  You have inspired me to shop around to see if I can save.  My structure's replacement cost was appraised at >$5m because there is a lot of custom interior work that the previous owner put in.  Most insurance companies said they couldn't underwrite policies above $5m.  I was left with Chubb and one other option, both of which were very expensive.  If you have any ideas on underwriters who are more reasonable, I'm all ears.  I wouldn't even care to insure the house for more than what I paid for it but I was told they aren't allowed to insure for less than what they believe full replacement cost to be, which didn't make sense to me.[/quote]
I wasn’t triggered at all. I was just astonished by numbers you pulled, given my own experience and my friends’ with similar houses. If what you said is true, then you must have a very unique old house. So your situation is not representative at all.[/quote][/quote]

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