Saturday, July 19, 2008

Keep non-mortgage costs for homes in mind

A Connecticut couple is putting up their (amazing) home for sale through a sealed-bid auction. Their reason is that it is too much house for just the two of them (it's a 26,000 square foot house).

The thing in the story that stuck out at me was this:

The upkeep, more than $200,000 a year, was part of what soured the dream.

“It needs a staff — a chef and groundskeepers and gardeners,” Mrs. Cheslock said. “Trees, lawn, gardens, pool, deer-repelling. We have three different kinds of grounds teams.

Keep non-mortgage costs in mind when purchasing a house. There's also time that has to be invested in a house, whether homeowners perform maintenance themselves, or spend the time hiring someone to do it.

(Hat tip to FreeMoneyFinance for this story.)