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What Your Dream House Could Cost You?

Published Sun Jul 07 2019 By Dibas Pratap Basnet
What Your Dream House Could Cost You?

Every person wants to live in the house of their dreams. In fact, everyone has a certain vision of how they want their residence to be like. Some dream of living in a humble abode whereas some want to live in a mansion.       

Some want to escape from the hustle and bustle of city life but some want to build a castle-like home right at the center of the city. All of us have a dream house in their mind and we might be curious as to how much our dream home may cost us.

Complex structural marvels will obviously cost you more than what a simple 2 story home would. Similarly, the location of the house also affects the price of the building a house immensely.  

A house built on top of a hill will cost you more than what a similar, type of home built on more easily accessible land would cost you.

As per data from the sample data from 2,000 Americans, the average dream house of these Americans cost around $879,000. The median cost of normal homes as per Zillow was around $215,600.

Houses are built using different concepts and in different styles. The concept and style in which the house is built is also a major factor in determining the cost of the home.  

We have listed the cost of different types of homes below.

Cost Of Building Homes In Different Places 

Building A Home In A Secluded Place

Many people want to live a simple life secluded from the rest of civilization. Quaint home in the middle of the woods would lift the spirits of even the most pessimistic person. The cost of building an unsophisticated home in a remote place would cost more for transportation and building costs.  

A house in a secluded place
A house in a secluded place 

According to Quora, a house made in a remote place could cost around $463,000 on average. While extravagant and complex structures made in such locations could raise the cost even more. Similarly

Building A Mansion 

Most people want to live the rich life inside a mansion, typically mansions are owned by millionaires and the extremely rich. 

This home in Florida costs around $139 million
This home in Florida costs around $139 million 

The majority of people want to spend their lives in a million dollar mansion. Mansions are not just big homes but a status statement, due to this many people want to reside in mansions and manors.  

As of data from Reference, the average cost of building a home ranges from $80 to $120 per sq. ft. The cost of building a mansion is closer to or more than $120 million. 

Building Beach Houses

Beach houses are also one of the best options for building houses but they are not cheap. In fact, building beach houses cost around $65 per sq. ft. to $150 per sq. ft. but in prime locations like Malibu, the cost of building homes may be way more than that. 

A beautiful beach house
A beautiful beach house 

The average cost of a house in Malibu is a whopping $3,009,700. Mortgaging is an option to afford these expensive houses but the mortgage of $1 million over 30 years would be around $4,774 per month.  

Celebrity Homes

Celebrities tend to live the rich life and they own some of the best houses in the world. The following list is of the most expensive celebrity homes in the world.  

Playboy Mansion$100 million
Beyoncé and Jay-Z bought a Los Angeles pad$88 million
Brad Pitt and Angelina Jolie’s$67 million
Tom Cruise’s Colorado Property$59 million
Tiger Woods's Florida estate$54.4 million
Gwen Stefani’s Hollywood Home$35 million
Kim Kardashian and Kanye West's Hidden Hills$20 million

These celebrity homes come with a huge tax bill and they require different insurance coverage for their homes.

Property Tax And Insurance For Homes

According to USAToday, Americans paid $278 billion in property taxes in 2016. The same source reports that each household in the USA paid around $3,296 in property taxes. 

Celebrities also pay huge property taxes for their homes, Ozzy Osbourne and Sharon Osbourne paid a whopping $65,904 to the tax man as property tax in 2011. Similarly, Lisa Vanderpump also paid $190,899 in 2011 as property taxes. ‘

Homeowners also need to pay insurance for their home. Homeowners pay, on average, 35 per month for every $100,000 of their home worth.