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What Does it Look Like to have the Mansion You Always Dreamed About? The Other Side of the Story

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Let’s agree on one thing – nothing is life easy, regardless of how it appears from afar. I didn’t start the post with this notice randomly, especially before talking about having the mansion many people would dream about, and many others would probably feel jealous. I know that seeing mansion owners on TV and in reality shows creates an unexplainable excitement which leads us to think that having such a place to live your everyday life must feel like heaven.

To be honest, the idea of writing about this issue came after reading an article on Business Insider, which reported that the famous rapper 50 Cent was spending $70,000 a month on his house (if we can call it a house) which had 52 rooms. Thousands of people in the world save money all their lives to buy a $70,000 apartment, while mansion owners spend a similar amount of money each month to take care of their luxurious accommodations.

Having a great house is just amazing, but when you flip the coin, there are so many hidden costs and maintenance prices that many of us wouldn’t even imagine. So, why don’t we go to the world of mansion properties and discover what it looks like to own one?

What does it look like to have the mansion you always dreamed about? The other side of the story.

Talking About Finances First

Owning a mansion is the ultimate real estate dream for many – a lavish residence symbolizing achievement, luxury, and success. But actually, affording one of these extravagant properties? That’s an entirely different conversation requiring some serious wealth. But if it inspires you to live in a place similar to one of these top 10 most beautiful houses in the world, you might have wondered about the financial needs one must have to afford such luxurious residential places.

Well, we’re not talking about standard single-family home prices here. No, true mansions occupy the uppermost echelons of premium housing markets. In upscale enclaves like Beverly Hills, Manhattan’s Upper East Side, or Switzerland’s Geneva region, one would need to pay a median of $10-15 million just for starters.

It’s the kind of rarefied air where only celebrities, tycoons, and the ultra-rich can realistically play. Just look at the eye-watering prices commanded by some famous mega-mansions: $150 million for Drake’s ridiculously luxe mansion with 10 garages for cars and musical toilets is just an example the whole show biz industry is talking about. Well, I’m not sure if you would like to have such a luxury.

Maintenance and Staffing

One aspect of mansion ownership that often gets overlooked is the sheer amount of staffing and professional maintenance required just to keep these palatial residences functioning and presentable. Ground crews of landscapers, arborists, and gardeners are an absolute must for taming expansive ornamental grounds – from grooming and putting green-smooth lawns to preserving sculptural topiaries. Housekeeping brigades are another non-negotiable, with rotating teams handling the task of meticulously cleaning tens of thousands of square feet weekly.

Then you get into specialty service providers depending on the mansion’s scope and amenities: personal chefs for gourmet kitchens, handymen for wonky smart home systems, pool technicians for elaborate waterscapes, and so on. It adds up quickly. That same aforementioned Business Insider article about 50 Cent’s former Connecticut mega-manse, unfolds some thoughts about how high the hidden costs of maintaining a mansion may go, and without a doubt, a big portion of those expenses belongs to the staff payments.

But labor is hardly the only operational expense. Routine maintenance like heating system tune-ups, gutter cleaning, driveway seal coating, etc. runs into the tens of thousands yearly for properties of this magnitude. Should I continue or better to move on?

Unused Spaces

Look, we’re not going to just talk about heating, cooling, and lighting the superfluous realm most of the mansions have. Even when unoccupied, vast chambers sit gathering dust that must be constantly maintained. Climate control systems run year-round to prevent mustiness or mold from accumulating in vacant areas. At a minimum, cleaning teams make regular rotations to ensure surfaces remain wiped down and presentable whenever owners or guests wander through.

These are all fixed expenses that continue accruing month after month, year after year – regardless of whether spaces lay dormant for ages. It’s the real estate equivalent of money leaks that ultra-high net worth owners must be prepared to stanch indefinitely.

Vacancy taxes compound the financial drain, too. Many municipalities have started implementing special property fees targeting absentee millionaires and billionaires sitting on grossly underutilized sprawling compounds. Vancouver, B.C., for instance, charges an annual tax on vacant Class 1 residential properties, and there are other countries too working towards making sure you own what you need, not what you just afford.

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