If I were Filthy Rich
By Triskelion13+23 anyway to estimate how much the upkeep of a property would be if one wins the jackpot?
I'm sure many of us have looked at properties for when we win it big, but is there anyway to estimate how much these properties will cost us if we've bought them? Or would be able to higher someone to make that estimation after we've won and before we by, and who would that be?
Recent responses
+25 @Content-Two-9834 I don't plan to own property when i win. I'm going to walk the earth without worry. Just hop on a plane to any city and post up in a hotel till i get bored then off to the next city.
+17 @Ecstatic_Tart_1611 Budget 5% for total property maintenance. This should end up being higher than your actual annual expenses, but good idea to park any surplus as reserves for the types of extraordinary expenses that arise every 5-8 years. e.g. on a 10M property * Annual taxes at 2% - 200K * Insurance - 50K (this could be a much higher depending on property's location and other unique aspects of the property) * Labor (maid service, lawn maintenance, pool guy) - 60K * Electricity, plus various and sundry - 40K The above fudges the numbers a bit on the high side (but not by much) and totals 350K (3.5% of 10M property's value), so again, budget 5% which gives you a nice cushion.
+11 @None [deleted]