Admit it: Don’t you dream of living the life of luxury, enjoying all those wonderful rooms in a mansion every so often?
We all have.
In 2019, the largest homes available for sale in the United States ranged from 32,000 to 70,000 feet. The largest, a 70,000 square foot mansion in Philadelphia, is 15,000 square feet larger than the White House.
Luxury homes have become hard to sell, so if you are in the market you have plenty to choose from. Whether an esteemed surgeon or a top-notch attorney, we are going to key you in on some of the luxurious amenities and the types of rooms you may find in a mansion.
Mansion or Luxury Home?
The definitions of a mansion and a luxury home are very similar. Realtors generally describe a mansion as being between 5,000 to 8,000 square feet and an impressively large home of a wealthy person.
Jade Mills of Coldwell Banker Global Luxury deals with the ultra-rich. Her sales have included the Warner Estate, an 8-bedroom, 11-bathroom, 12,254 square foot home that sold for $40 million. She also sold the Playboy mansion for $100 million.
Mills says mansion is a subjective word, some people consider 5,000 feet a mansion. Others will not use the term mansion until the square footage is over 20,000 feet.
A luxury home generally costs $5 million or more, but depending on location may be as low as $500,000 to $3 million.
Mansions and luxury homes are built of the finest material. This is where you find marble, Venetian plaster, hardwood, crystal, and Miele appliances. The home is located in a prime location, usually with large sprawling lawns and property.
Mansions have luxurious amenities, such as impressive foyers, spacious bedrooms with walk-in closets, and spacious living areas. Depending on the age of the home you may find entertainment areas ranging from ballrooms, libraries, and billiard rooms to arcade rooms and theater rooms.
When approaching a luxury mansion security guards are at the gated entrance, high walls surround the property, and there is a lot of foliage for added privacy.
The moving cost of shifting to a mansion can also be a huge expense. Something that’s not covered by lenders. The moving cost of filling up all those rooms with furniture can be a lot. It’s best to hire a local moving company to move the furniture. Local movers are usually much more eager to get your business and can offer a significant discount on large orders.
Unique and Common Rooms in a Mansion
It doesn’t matter whether you are touring a historical mansion or doing an online viewing of a celebrity home, there are always rooms you expect, and rooms that surprise. Here are a few you may find when home shopping.
Large Dining Room
If you love grandeur, opulence, and the magnetism of lavish dining, this is a room you want to pay attention to when shopping for a luxury mansion. Whether having a holiday dinner with family or a dinner party for friends and associates, your dining room will make people feel they have stepped back in time.
Guests enter the dining area through large double doors, to find a perfectly set table with seating for 16-20 people. A large chandelier over the table provides lighting, while a butler’s pantry can be seen just off the dining room.
Why climb the stairs when you can take an elevator in your home to the second floor. In 2015 one out of every 10,000 home listings had an elevator. They have become a status symbol and conversation piece in homes.
Not only are elevators a showpiece in the home, but they also serve a useful function. Just think how much easier it is to move groceries, furniture, children, luggage, laundry, and more when moving from one floor of the home to the other.
An elevator can add about 10% to the value of the property when ready to sell, increasing the marketability of a multilevel home by 50%.
A luxurious master wing includes a sitting room, wood-burning fireplace, huge walk-in closet dressing rooms, and a spa bathroom. The latest, modern trend is for couples to each have their own separate sleeping quarters, bathrooms, and closets.
Dual master suites allow each person to set their bedroom up the way they want. If the man wants the area used as a bedroom and home office and the woman prefers a sitting area for reading, each gets what they want.
The idea of a dual master suite is growing in popularity and becoming a strong re-sell feature.
An impressive room filled with floor to ceiling bookcases holding everything from historical works of literature to modern novels. Leather seating where you can cozy up with a book.
A stately desk provides workspace. Large windows allow natural light to flow in and allow views of the well-groomed lawn and gardens.
Even while the world has gone technical, a well-designed library is something that has a positive impact on the home’s price. In Paradise Valley, Arizona a library with a mahogany dome ceiling and a spiral staircase leading to the library’s second story look luxurious.
Wine Cellar or Wine Room
Some wine cellars contain massive walls full of wine, others include a tasting room for entertaining guests. Modern luxury homes are moving the wine from the cellar to the main room. They are making wine part of the décor, displayed like artwork.
A large wine room typically has between 300 to 500 bottles of wine. Those bottles are displayed in floor to ceiling glass walls that hold bottles that give an artistic look to the room.
Entertainment and Leisure
If you purchase a home from the 20th century, it may include a ballroom, billiard room, salon, and a lounge.
More modern homes are likely to include a game room, pool with a pool house and cabana, specialty bars, and a theatre room. You may also find a greenhouse, conservatory, spa room, gym, or even a mini man cave.
When you venture outside there may be a pool, tennis courts, putting greens, fire pits, hiking trails, large garages, riding stables, or even an airstrip for your private airplane.
Financing Your Mansion
Financing a luxury mansion is different than a standard house mortgage. Cash rules when purchasing a high-end home. According to multiple listing service data from the California Association of Realtors, 35% of homes priced at $2 million or above were cash sales.
If you don’t have the ability to purchase your mansion with cash, you may need to consider other options, such as home loans for doctors if you’re in the profession. High-net worth buyers of homes are appealing to lenders because they have substantial income and assets making them less of a credit risk.
Live in Luxury
Now that you have a glimpse at a few of the rooms in a mansion that allow you to live in luxury, you will want to continue exploring everything life has to offer.
We welcome you to take a look at our other blogs for more great ideas.