The REAL Cost of Owning an $8M Mansion | Summary and Q&A

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July 13, 2023
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The Real Estate Lawyer
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The REAL Cost of Owning an $8M Mansion

TL;DR

Owning a mansion on Lake Norman can cost up to $15,000 per month, including expenses such as mortgage, insurance, taxes, utilities, maintenance, landscaping, HOA fees, boat storage, pool maintenance, security, cleaning, and potential staff salaries.

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Key Insights

  • 🪡 Cash purchases are common for multimillion-dollar mansions on Lake Norman, reducing the need for a mortgage.
  • 👪 Homeowners insurance is highly recommended for expensive homes to safeguard against total loss.
  • 🈷️ Property taxes can be a significant expense, with an $8 million mansion potentially costing $4,000 per month.
  • 🧡 Utilities for a mansion can range from $3,000 per month and increase based on usage and energy efficiency.
  • 👪 Home maintenance and repairs can average around 1% of the home's value per year, equating to $80,000 annually for an $8 million mansion.
  • 🈷️ Landscaping costs for a mansion can start at $1,500 per month and vary depending on the extent of landscaping.
  • 🤱 Monthly HOA fees are around $300 for mansions on Lake Norman.

Transcript

what is the real cost of owning a mansion on Lake Norman so for the sake of discussion let's assume we're talking about an 8 million dollar mansion I know that sounds wild but there's actually quite a few on Lake Norman and the thing that might surprise you most is the mortgage and in my experience as a closing attorney in this area most of these h... Read More

Questions & Answers

Q: Do most mansions on Lake Norman have mortgages?

No, in this area, many expensive homes are purchased with cash, eliminating the need for a mortgage.

Q: Is homeowners insurance necessary for a mansion on Lake Norman?

While not required, homeowners insurance is strongly recommended for expensive homes to protect against total loss. Premiums can range from $2,000 to $4,000 per month.

Q: How much in taxes can be expected for an $8 million mansion on Lake Norman?

Property taxes for an $8 million mansion can amount to approximately $4,000 per month, although the assessed value is often below the market value.

Q: What is the estimated cost of utilities for a mansion on Lake Norman?

Depending on usage and energy efficiency, utilities for an $8 million mansion can start at around $3,000 per month and potentially increase.

Q: What is the average cost of home maintenance and repairs for a mansion?

It is generally recommended to budget around 1% of the home's value per year for maintenance and repairs. For an $8 million mansion, this can amount to approximately $80,000 per year.

Q: How much can landscaping cost for a mansion on Lake Norman?

Landscaping expenses, including gardening, lawn maintenance, and snow removal, can range from $1,500 per month or more, depending on the extent of landscaping.

Q: Are HOA fees common for mansions on Lake Norman?

Yes, most mansions on Lake Norman are located in communities with HOAs. The average monthly HOA fee is around $300.

Q: What is the estimated cost of security for a mansion?

Depending on the security system and level of monitoring, security costs can range from a couple of hundred to a couple of thousand dollars per month.

Summary & Key Takeaways

  • Many multimillion-dollar mansions on Lake Norman are bought with cash, eliminating the need for a mortgage.

  • Homeowners insurance is strongly recommended for expensive homes, costing around $2,000 to $4,000 per month for an $8 million mansion.

  • Property taxes alone for an $8 million mansion can amount to approximately $4,000 per month.

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