There are many 'invisible' cost of owning a mansion. Utility bills, security systems, and smart home technology can add up to thousands of dollars per month.
which requires anyone buying a residential property for more than $1 million to pay 1% of the sale price. The tax can be up to 4.15% of a property selling for $25 million or more, he said.
"Things like that are a part of our standard disclaimer and should always be communicated to the buyer," Atlee said.Homeowners expect to pay utility bills, of course, but what some buyers may not know is how much these costs can add up in a large home — especially when they're coming from an apartment in the city.
"In a condo, your heat and hot water is probably part of your common charges, but if you buy say, a townhouse with 14-foot ceilings and have to pay all of your own utilities including heat, it can cost $2,000 to 3,000 per month,"And then there's landscaping. Keeping lawns, gardens, and water features in pristine condition can cost thousands per month depending on the size of the home.
Rubinstein says homeowners should also consider setting aside money each month for maintenance emergencies. "Eventually, there will be a flood, or an electrical issue, or a roof repair," he said."And whether you save money each month for that, or you just risk it and wait for something to happen, it's definitely an invisible cost.
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