How much does a mansion cost guide, Luxury home price advice, High value property tips
How Much Does a Mansion Cost?
27 Sep 2022
Obviously, buying a mansion is not a piece of cake, especially for those people who are living an ordinary life. Of course, it is not a big deal for billionaires, but most people can’t buy a mansion unless they hit a jackpot, win a lottery or get their hands on a huge amount of money. Whatever the case is, if you are going to buy a mansion, there are a few things that you need to be aware of.
What Constitutes A Mansion?
What exactly is a mansion? A mansion is usually considered a residential area of 8000 square feet or more. It is a luxury house that is designed for only one family. A property of 7,000 square feet is not considered a mansion.
Something that distinguishes a mansion from other homes is that every minute detail of it is customized. Everything is set to be luxurious, whether it is furniture or a wall clock. It consists of a variety of rooms and areas specialized for different purposes. For instance,
- Drawing and dining rooms are specialized for guests only
- Front and back lawns
- Swimming pool
- Pantry room
- Servants’ quarter
- Separate space for an office
- Room for movie night
- Gaming room
- Wine cellar
- Fitness center
- A bar
Other than these, there are many factors that make a person want to live a luxurious life in mansions. So, other than specialized rooms, these are the things that constitute a mansion:
- A well-established security system
- Remote control or network-connected systems for various appliances
- Thermostats that can adjust the temperature of your room to your liking
- Automatic doors, windows, and curtains
- A walk-in closet that looks like just another room
The Average Cost of Mansions
Any type of house, whether it is a mansion, an average standard house, or a low-standard house, has different costs in different areas of the world. The average estimated cost of a mansion lies between $750,000 and $1 million. But, it can vary depending on the size and location of your mansion. For instance, in areas like Beverly Hills, a mansion can cost up to $8 million. Thus, mansions in major cities are more expensive.
Where Can You Buy Cheap Mansions?
There are a lot of people who dream of living a luxurious life in mansions, but they are not millionaires and want to make their dream come true. So, for those people, these are some states where you can buy much cheaper mansions.
- In California, the average cost of a mansion is $532,000.
- In Mississippi, you can find mansions for less than $500,000.
- In South Dakota, the average mansion cost is $700,000, which is a bit higher than others.
- You can have your own mansion in Arkansas for $500,000 or even less.
- Mansions in Missouri cost $500,000 or maybe a bit higher, but are still highly affordable.
- In New Mexico, you can find mansions for $650,000.
How Much Does It Cost to Build a Mansion?
Some people think that building a mansion would be cheaper than buying one. But it is not true. It is much more expensive to build a house instead of buying one. Buying land, paying the workers, and materials for your home costs quite a bit more than buying one. But for those billionaires who can’t find a mansion according to their liking and want to build a house according to the style they want, it is no big deal to build a mansion.
It costs an average of $1000 per square foot to build a mansion. In other words, it will cost you $4 million to $6 million to build an average mansion. One thing you need to remember while building a mansion is that you will need the help of construction takeoff and estimating services for an accurate estimate of the cost required for your mansion. Cost estimators provide you with detailed cost estimates, and that too, according to your budget and your plans.
The Cheapest And Most Expensive Mansions
You can find very cheap mansions, mostly in rural areas. In rural areas, the average cost of a mansion ranges between $250,000 and $350,000. So, mansions in rural areas are much cheaper than those in global economic cities.
On the other hand, the most expensive mansions in the world are found in France, the United States, and the United Kingdom. In these areas, the average cost of mansions ranges between $100 million and $300 million.
How much does a mansion cost – Final Thoughts
The cost of mansions varies in different areas of the world. Mansions are cheaper in rural areas and some other states, while they are costly in major cities. Building a mansion costs more than buying one, but if you really want to build a mansion according to your liking, then make sure to contact reliable construction material and quantity takeoff services. This will save you money and time.
Comments on this guide to How much does a mansion cost article are welcome.
Feuerstein Arena, Schierke, Germany
photo : Michael Moser
Feuerstein Arena Schierke
Comments / photos for the How much does a mansion cost? advice page welcome