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

Forum Index » Money and Finances

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

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[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]

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]

I own a $7.5M house. Your numbers are way off.

My house is historic in a historic district in an urban area (literally the most expensive type of residential property that be insured). Extensively custom detailed.  Insurance is $6,500 per year. Our house is 10,000 square feet and although historically restored we don’t have double pane windows. In the winter heating can approach $800-$900 per month, but admittedly I don’t like to be cold and I don’t turn it down a few degrees to save money in the winter. On average though out utilities, including cable and WiFi are $750 per month.

Our lot is much smaller (our house is in dc proper) but we have very extensive landscaping. We pay about $250 per month. So maybe given lot size that figure is right. We do own a pool (not in our dc house, but a second home). $10k could be right in that.

I’m still dumbfounded on your insurance figure. Presuming a 10,000 square foot house you are paying $1,800 per square foot to insure. That is insane. Literally nothing costs anywhere near that. Custom super high end in NYC retail might approach $1,000 square foot (but that would be like custom made leather flooring, custom made wall paper, brining over stone makers from Italy). Although it is not my main stream of income I own a fair amount of commercial real estate (about 40,000 square feet). I don’t anywhere near what you are supposedly paying for insurance.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics