Bigger isn’t always better, especially when owning a home. So many of us have dreamed about buying bigger homes, but the reality is that owning a McMansion is more money and effort than it’s worth. Sure, it sounds nice to have a formal dining room to host holiday meals and an extra couple of guest bedrooms on those rare occasions friends and family visit.
But ultimately, these huge spaces come with headaches, huge heating bills, and property taxes. So herein, we’ve rounded up some of the serious cons of owning a big house, ones that you should be thankful you don’t have to deal with.
The Heating Bills Are Expensive.
The expenses associated with a big house don’t stop once you sign on the dotted line. For instance, it will cost more to keep your house warm every winter. While a 1,800-square-foot house with a heat pump costs about $3,000 per year to heat, a 4,000-square-foot home with the same heating system costs more than $5,400 on average to heat.
There’s More To Clean.
It is just common sense. The square footage you own, the more surface area you’ll need to clean every week. And not only is this a major inconvenience, but it’s also expensive.
A homeowner with a 2,000-square-foot home can get away with buying cleaning supplies once every month or so. But if you have a seven-bedroom abode, you’ll need to restock at least once every couple of weeks. Sure, people with big houses can presumably hire maids, but that’s another expense to add to the list.
Repairs Are Costly.
The owner of a 2,000-square-foot home, for instance, would have to set aside $2,000 annually for this emergency fund. However, the owner of a 6,000-square-foot home would have to save three times as much. And that large sum isn’t guaranteed to cover costs completely, seeing as other factors—like the age of your home, the climate you live in, and your location—play important roles in potential maintenance costs.
You’ll Create More Clutter.
People who live in small homes can’t create too much clutter simply because there isn’t space. Folks who live in giant homes, though, are another story.
With storage space galore and rooms to spare, those with big houses are far more likely to waste their money on things they don’t need just because they have the room for it.
It’s Lonely.
It’s all too easy to feel alone when some 6,000 square feet of space surround you. Even if you have a family and a spouse, having unused rooms and unoccupied space will make you feel like something—or someone—is missing.
Besides, it makes sense that a four-person family in a 2,000-square-foot home is likely to spend more time together than a four-person family in a 7,000-square-foot mansion.
It Won’t Make You Happier.
For many, happiness isn’t how big your house is, but how big it is compared to your neighbours. Happiness could last only until a bigger house comes along. I’ve long trained myself not to succumb to this type of jealousy.
Our house
Our “mansion”
Besides, we live in a beautiful 2,400 square foot house, and my daughter’s classmate thinks we already live in a mansion— one child’s cave is another child’s castle!
Buying a smaller home is greener, you waste less space, and save you time and money. The more money you can save, the more money you can invest.
And the more you invest, the sooner you can achieve financial freedom!
You’ll Have A Hard Time Selling It.
You’ve probably heard of large mega-mansions sitting on the market, enduring deep price cuts to sell.
Even ordinary McMansions are hard to sell. Times have changed since the housing boom of the early 2000s. Easy access to subprime mortgages is long gone. People who have the money to buy a large house want to upgrade kitchens.
It has been a long time since I last spoke to my cousins. But the last time I heard, they were having trouble selling the mansion they inherited. So your large house could be just a burden to your kids when you pass away.
It’s All About The Land.
You can only live in so much interior space before it feels like a big waste. You begin to appreciate the amount of land that surrounds your property. You crave privacy at this price point, so having enough land and foliage around the borders is crucial for your happiness. There is something incredibly peaceful about walking the grounds naked.
A Mansion Makes You Want To Have A Massive Family.
You’ll start wishing you had more kids to run around the grounds, play in the pool, lounge on the beach, and sit with you at the massive dining table during dinner despite getting used to more space. You start daydreaming about playing hide and seek with your imaginary kids and all the giggles that would come out of them. OK, maybe that’s just me.
If you don’t want more kids, you’ll certainly want close relatives and friends to enjoy the property. It gets a sad little walking by empty room after empty room to your grandmaster suite. Increasing the utilisation of the house is like increasing your heart with love.
You Want To Get Away From It All
The number one benefit of living in a mega-mansion is privacy. Of course, if you’re hustling to make a living every day, you want to come home to a property where the only people who can disturb you are your loved ones. But, even then, it’s nice to have your private space to be alone once in a while.
You don’t want to be chilling on your deck where your neighbours can see you sunbathing in your undies. You don’t want to hear the annoying sound as a neighbour remodels their house. You want to walk out of your mansion in the buff and jump in the pool without fear of prying eyes!
You will get used to the 20 foot high ceilings, fancy washlet toilets, 8-inch thick doors, and massive living space. However, what you will miss is utter peace.
Having a place to get away from it all is amazing. You don’t realise how we are on top of each other until you experience mega-mansion living.
The One Downside Of Living In A Mega-Mansion
Besides the cost of ownership, there is only one other downside that is hard to shake about living in a mega-mansion. A disastrous home invasion.
When I drive back to my friend’s home after dinner off the estate, I sometimes imagine what I’d do if an axe murderer were standing in the middle of the private winding road?
There are two private electronic gates to get to the compound where I’ve got to stop, buzz down the window, and punch in a code. What if the axe murderer popped out from behind the tree and hacked off my hand? Ahhh!
The place is so secluded that I could easily get diced up, and nobody would know or find me for days. Because the house is so big, I started getting paranoid about thinking that someone could be outside secretly looking in.
As any horror flick aficionado knows, residents can’t see outside intruders when night’s interior lights are on. Spooky.
If you have an active imagination and like to think, What was that? Living in a mega-mansion might not be for you. But, on the other hand, there’s something to be said for conveniently walking over to a neighbour’s house and asking for some jam.
But for the rest of you who don’t think about the risks of isolation, it will be wonderful to live in a mega-mansion for at least one week a year. It’s a luxury you will truly appreciate, especially if you don’t have to maintain the property.
Living In A Mega-Mansion Is Nice
There’s also one more downside I forgot to mention for those who are fortunate enough to afford an 18 million dollar mega-mansion.
After several years of ownership, you will start looking at $30 – 50 million dollar mega-mansions to buy. In other words, the desire for more is never-ending until you somehow make it stop.
I hope everyone is having a wonderful summer so far. It’s time for me to get back to work because dreaming won’t pay the bills!
Constant Care And Maintenance
If something is always breaking down in your two-bedroomed home, consider the maintenance bill for a house with ten bedrooms, eight bathrooms, a wine cellar, an indoor pool, and a game room. The cost of the several hundred light bulbs required to light the house would be enough to send most people running for the hills. In addition, the heating and plumbing systems in old mansions usually require replacing, which involves ripping out the old one and starting again from scratch, or you could learn to live in a freezing home with dripping taps. You can follow this link to see which properties are available near you for more affordable options.
More Chance Of Serious Structural Problems
Compared to some modern buildings, who built old homes last much longer, but that doesn’t mean they will stay standing forever. Sooner or later, an old building will develop a serious structural failure such as a crack in the foundation or a roof collapse. In addition, old mansions that have been neglected for decades may also have cracks in the walls, sagging floorboards, mould, rot, and pest infestations.
Sky-High Insurance And Council Tax Payments
Council tax payments can add a few hundred pounds onto your rent or mortgage payment each month, even if you live in a one-bedroomed flat. The tax on a 100-acre estate in the country will probably be more than your entire mortgage payment. If several generations of your family live inside the home, it will quickly become a serious problem. Getting homeowners insurance could also be a challenge, especially if you have plenty of antiques, original artworks and a classic car collection located in your garage.
Enormous Heating Bills
Old mansions are cold. One look at the bedclothes of Victorian ladies and gentlemen will give you a hint as to just how chilly it could get in a stately home during the evening. Unfortunately, very few old mansions have central heating, so you will have to rely on space heaters, open fireplaces, hot water bottles and heavy blankets.
Staff Wages
Unless you plan to spend every waking hour cleaning and maintaining your home, you will need to hire a small staff to keep your property in good condition. An average-sized mansion should be able to get by with a cleaner, cook, butler, gardener, pool boy and stable boy if you plan to keep horses. You will also need a driver to ferry you up and down your huge driveway and an accountant to help you keep track of your payroll.
No Privacy
Although a huge, gated property may look like it affords a great deal of privacy, the opposite is often true. Live-in staff such as maids and cooks overhear every detail of your private life and will gossip about you to local business owners and other staff. You can also expect to be harassed by door-to-door salesmen, Jehovah’s witnesses and local tradesmen looking for work.
Security Concerns
Securing your mansion will require more than simply locking your front door as you leave. Many celebrities and millionaire business people who live in large properties are victims of burglaries as this type of home usually hold several valuables. A home security system that protects every window and exterior door in your home will set you back several thousand pounds. You will also need to pay a monthly fee for a security company to monitor your property.
Although millionaires may seem like they have it all in their sprawling piles in the country, mansion living comes with a fair amount of stress and headaches. Modern mansions built to be more economical and feature modern heating and plumbing systems are much easier to maintain but will still cost a fortune in tax and insurance payments. A cosy house that is big enough for you and your family is your best bet and will not attract extortionate care and maintenance fees.
The Benefits Of Living In A Large Home
- You have room for many guests. Whether you are welcoming family members, friends, missionaries on furlough, foster children, or others, the extra bedrooms, bathrooms, and living space in larger homes provide you with the room you need to accommodate guests in your home comfortably.
- You can house multiple generations under one roof. As older relatives live longer and many families have to pinch pennies to make ends meet financially, it’s becoming increasingly common for nuclear families to have grandparents and other loved ones. Larger homes allow family members to maintain their own spaces while sharing a single house.
- You have space for a home business. The extra space available in a larger home makes it easier to create a home office and to have a workspace or storage space free for running a business out of your home.
- You can use the space in your home for diverse purposes. When you have a small home, you are often pretty limited in how you can use the available space. The living room must be a living area; who must use the dining area for dining; the bedrooms must be used as bedrooms. You can use it for various purposes when you have more space available. As mentioned above, you can use some space for a home office. However, you may desire to use the available space for other purposes. For example, if you homeschool your children, you might like to have an area that you use specifically for your schooling. Likewise, if your church members meet in homes throughout the week, you may desire to have some space designated for these meetings. You can also use free space to create a playroom for the kids or a craft room and workshop for mom and dad.
- Your home may be worth more because of its size. Throughout my previous post on small homes, a common thread is that they are generally more affordable than larger homes (they have lower utility bills, cost less to furnish, etc.). While this is generally true, depending on where you live and your plans for the house, it may be a wise financial investment to purchase a larger house. Spacious homes are still in high demand. If you plan to sell your house in the foreseeable future, it may be best to purchase a larger one (as long as it is within your budget).
Conclusion
So, what is it like to live in a huge mansion? Of course, it can be great if you have the money to afford all of the amenities and features of owning such a large home. However, there are also some drawbacks to living in a mansion that should be considered before deciding to purchase or move into one. But, with careful planning and consideration, you can make sure that you get the most out of your incredible home.
Faqs
What’s It Like To Live In A Huge Mansion?
The number one benefit of living in a mega-mansion is privacy. Of course, if you’re hustling to make a living every day, you want to come home to a property where the only people who can disturb you are your loved ones. But, even then, it’s nice to be able to have your private space to be alone once in a while.
Why Do People Need Giant Houses?
Who can fulfil some of these desires by owning a large home? It includes having lots of families, entertaining friends, having enough space to raise a large family, etc. But, unfortunately, if a person buys a large home as a source of happiness, it’ll find itself will lose its lustre after a while.
What Is The Difference Between A House And A Mansion?
For starters, most real estate experts agree that a house must have a minimum of 8,000 square feet to earn the mansion moniker. But square footage alone does not make a mansion. Instead, it’s all about what’s under the roof — and around the sprawling grounds — that separate a mansion from a really big house.
Is It Good To Own A Mansion?
High Resale Value: Since luxury homes have high-end features and are close to important places, they usually have a better return on investment than other real estate types. While prices are affected greatly by the conditions of the home itself and the market, mansions are often on an upward trend.
How Many Rooms Make A Mansion?
Most mansions have at least 5-6 bedrooms but can have as many as 10. In 10,000 square feet or more homes, people would rather spend money on larger bedrooms and amenities than more than ten bedrooms.