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There are various types of houses, but the mansion belongs to the class of residential buildings that attract a lot of attention. We used to think of it as a large and wealthy building that is located on a well-maintained part of the land and awakens a sense of respectability and prosperity. Well, let’s find out what is considered a mansion, its defining features, and whether it is worth buying this kind of property if you are searching for a lucrative investment.
A Mansion – What Is It?
According to the Merriam-Webster dictionary, the mansion is a large house designed for a separate residence of a wealthy family. On the one hand, it sounds quite succinct and excites some pictures of a luxurious and prosperous home in our imagination. On the other hand, as real estate experts say, not every house can be considered a mansion. We will continue to study the key characteristics of this type of residence.
Does Size Matter?
We deliberately treat the size of a residential building as a separate item since it determines whether a particular house belongs to a glorious family of mansions. However, there is no unambiguous opinion here either, so you can try to study the views of different parties.
For example, someone relies on an indicator of 5,000 square feet, while some realtors use the term “mansion,” starting with an area of 8,000 square feet only. At the same time, several experts suggest relying on the experience of different regions, where the approach to the area of a mansion may vary.
So, a mansion in New York may well be 5,000 square feet large, while for Bel Air, a house must sit on an area of 20,000 square feet to be called a mansion. All this is a matter of abundance or lack of land, stature, architectural code, and even social traditions. Anyway, focus on the area where you are planning to buy a mansion or just explore a variety of real estate.
And Other Characteristics of a Mansion
Of course, not every big house can be called a mansion. We have prepared a list of the most striking features of this house type to dispel any of your doubts.
- Entertainment opportunities. The layout of the old mansions usually included salons, lounges, ballrooms, and billiard rooms. Modern homes offer new possibilities ranging from home theaters and game rooms to well-equipped swimming pool areas.
- Premium amenities. The dimensions of an authentic mansion allow its owners to equip several common living spaces and the right number of residential bedrooms with private bathrooms. As for the kitchen, its area suffices for cooking both for a family and at least 20-people party, although some prefer to equip 2 or 3 kitchens.
- High-class materials. Palatial, rare, and exotic materials are another striking characteristic of the mansion. Leave the brick, siding, and ordinary stucco for rustic cottages! Immerse yourself in the world of marble, granite, and travertine. Feel the magic of lush wooden textures of ash, walnut, teak, oak, and ebony. Get inspired by carving and gilding. Evaluate the possibilities of the latest generation’s innovative “smart home” systems and household appliances. Even if the mansion was built long ago, these upscale features would not be atypical since they can be added to any zone today.
- Sumptuous landscape design. A gorgeous territory is an integral feature of an authentic mansion, even if it is pretty modern. A specific list of elements for creating a homestead area may include various techniques, including sports facilities, an orchard, pavilions, a koi pond, and many others. Well-keeping and harmony are the key points here.
Another critical point that is worth particular mentioning; the mansion is a single-family house. No matter how big it is, its owner will be one person or members of the same family. Luxury real estate designed for the residence of several owners has a different name.
Mansion and McMansion: the Key Features
You’ve probably heard this term, and some even believe that McMansion is not different from the mansion itself. However, this is a misconception that may well become quite dangerous.
In fact, McMansion is a title for new sprawling houses in suburban areas of a particular region. However, the size is almost the only thing that makes them related to authentic mansions. McMansions can be built and finished with inexpensive materials and do not have a spectacular gentrified area. Also, its design and architecture do not imply either luxurious amenities or extensive entertainment opportunities. Another important point is the limited amount of land, typical for houses of this type.
Realtors and homeowners can be quite dismissive when talking about McMansion. However, this is not always fair. Yes, they lack the sophistication, luxury, and scope to be called authentic mansions and qualify for the category of high-end real estate. However, they have found themselves in the segment of affordable housing for families who dream of a large and spacious house.
Estate and Mansion: Is There a Difference?
Both the mansion and the estate imply grandiose upscale single-family houses, offering tremendous opportunities for a luxurious and high-quality life. The difference between them is only at one point; we mean the land plot size here.
The term “estate” implies the placement of a house on several dozen acres of land, and along with the housing, there may also be pastures or farmland. Historically, estates could even include villages, especially when talking about aristocrats’ housing and life. Of course, today, you will not find villages on the estates, but the impressive area as a parameter still matters. As for the specific figures, they range from 10 to 25 acres, although there are still no strict guidelines here.
The land size for the mansion is more moderate. At the same time, chic, pleasure, aesthetics, and relaxation become vital factors in its arrangement as a symbol of the well-being and impeccable taste of the owners.
Is Buying a Mansion a Good Idea for an Investor?
Are you looking for a property for a lucrative investment or a prosperous residence? Well, the mansion has some options that are worth considering. Realtors give the following arguments in favor of buying:
- Inflation hedge. Like any other real estate, the mansion remains a high-value indicator of life quality. As prices in different social areas rise, it also becomes more expensive. Thus, your investments are growing as well.
- Ample rental opportunities. Many mansions with exquisite interiors and exclusive amenities are located in picturesque and attractive tourist areas. For those who rent out real estate, this becomes another source of income.
- Tax deductions. This option is also available to you as a property owner and includes depreciation, repairs, interest, property management, legal services, insurance, etc.
There are two sides to the coin, so investments in luxury mansions are also not without pitfalls. Firstly, the housing market is volatile, and your mansion may lose value if a crisis happens. However, the situation most often evens out over time, so many experts do not consider this risk as high.
The second reason to think all it over is the dramatic expenses for the maintenance. You will have to spend money on maintaining the exterior, current minor or significant repairs, regular cleaning, paying for water and electricity, and taxes. Annual investments in an upscale house can reach thousands of dollars annually, so your financial capabilities need some reasonable estimate.
A Right Mansion for Living and Investing: the Rules of Choice
Luxury real estate investment is a serious and delicate process involving knowledge of the game’s basic rules. We offer you to learn more about the principles of choosing a fortunate mansion which both professional realtors and experienced investors guide.
Estimate Your Finances
The glow of an opulent mansion can dazzle, and you will not hesitate to sign a check. However, this is not a purchase that should be made spontaneously. The cost of mansions reaches tens of millions; make sure you can handle such a financial burden. Estimate the amount of your expenses. The list should include a one-time purchase amount, taxes, and approximate costs for the maintenance of the mansion or its reconstruction, if necessary. A detailed study will let you know if you can afford it without the risk of despair in the future.
Some people see the mansion as a lifelong dream; therefore, they are even ready for big loans. The rationality of such a decision is a matter of your financial stability, a sober view of your expenses, and the situation in both the housing market and the banking sector. Weigh all the pros and cons before taking out a loan.
Choose Convenient and Reliable Tools
Web portals for searching and selecting housing (including high-class mansions) are now available to everyone. Find the most reliable online tool with the ability to choose the parameters of the house to meet your investment goals fully and enjoy the leisurely selection of your perfect mansion.
Contact a Real Estate Agent
Choosing the object and making a deal on your own to buy a mansion is akin to insanity, especially when this is your first experience. Why not turn to a pro? A reliable agent with many years of experience in the luxury home market will help you navigate the options for real estate in the right area and form favorable terms of the deal. Do not act spontaneously, pointing to the first realtor you come across; use the recommendations of friends or acquaintances, or pick up a responsible candidate in an agency with a strong standing.
Patience is what you need when buying a mansion. Study every detail, and consider every factor, whether it is the property’s cost, location, or condition. Don’t be afraid to refuse if something confuses you or seems too strange. A measured and thoughtful search will lead to success and help avoid fraud, overpayment, and disappointment.
A mansion is a lavish home type that is still attractive and profitable. A large, luxurious single-family house with a voluptuous design and arrangement will be an excellent place for you and your loved ones to live – or it will become a cost-effective and quickly recouped investment if you have such plans.