Is a 24,000 sq ft Home Worth It?

Moneywise

Hampton

Business, Entrepreneurship, Investing

4.8 • 674 Ratings

🗓️ 16 April 2024

⏱️ 35 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you have the money to put anything you could possibly want in your home, should you do it? This episode’s guest, “Hank” did, and as a result, his home ended up being 24,000 square feet. But with 24,000 square feet, there is a lot to go wrong. So are the upkeep, repairs, and bills worth the square footage? Can a home with all the fancy features you can imagine actually bring more joy to your life? Building (or buying) a house this size is no small feat, and there are numerous things to consider before pulling the trigger, such as your stage in life, your family situation, and how much you enjoy your free time. In this episode we explore the mega house. We’ll learn about who this type of home is for, the pros, the cons, and all the caveats to be aware of. And this is Moneywise, so we’ll get into all the nitty gritty numbers to learn how “Hank” can afford a home this massive and all of the expenses associated with it. He’ll also share if he ever plans on moving. We even speak with Ryan Thewes, an architect who designs private residences in the Nashville area. He shares the most commonly requested features, the type of clients he typically gets, and the coolest things he’s ever designed. And we have him answer the question: Would you ever move into one of these mega mansions yourself? By the end of the episode, if you are convinced that a mega mansion is right for you, we’ll leave you with some advice on how you should go about making your dream home a reality. This is Moneywise, a podcast where host Sam Parr is joined by high-net-worth guests to explore exclusive insights into personal finance and lifestyle tailored for other high-net-worth people, or those on their way. They'll get radically transparent about the numbers, revealing things like their burn rates, portfolios, and spending habits. Who is Sam Parr? Sam is a serial entrepreneur and the co-founder of The Hustle, which he sold to HubSpot in 2021. He's also the co-host of one of the world's top podcasts for entrepreneurs, My First Million. Known for his insightful business acumen and candid communication style, Sam Parr continues to be a prominent figure in the world of media and entrepreneurship. Sam's newest and biggest venture yet is Hampton, which he co-founded in 2022. This podcast was made for the Hampton community, a private, highly-vetted, peer membership community for founders and CEOs of fast-growing, tech-enabled startups. Chapters: How Hank made his money (3:05) How Hank ended up in a mega mansion (5:02) Building costs (7:47) Hank’s house’s coolest features (14:08) The coolest features Ryan has designed (17:14) Who this kind of house is best for (18:26) Advice for prospective mega mansion owners (28:47) This podcast was produced in partnership with Lower Street and distributed by Morning Brew.

Transcript

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0:00.0	When we moved in, it was still cavernous.
0:03.5	I mean, it was just ridiculous.
0:05.2	When we looked at each other, like, what did we do?
0:07.9	In 2022, the average home size in America was just over 2,200 square feet.
0:13.1	Now, most McMansions are in the ballpark of around 3,000 to 5,000 square feet.
0:17.5	Now, imagine living in a house four times as big.
0:20.7	It's approximately 24,000 total 185 under air.
0:23.6	That's the size of the house of today's guest.
0:26.6	We're going to call him Hank.
0:28.6	Now, personally, when I think living in a house that big, I can only think of one thing.
0:32.6	Maintenance.
0:33.6	It's too much! It's too much!
0:35.6	And even with a ton of staff helping you out and running things, with a house that size, you're basically running a commercial property. But on the other hand, I have a tennis court with a basketball court, movie theater, manic, pedicure, pedicure room, eight garages, and a guest house with two bedrooms. And that's not all, but is it worth it? And if it is, for who?
0:55.5	Spoiler alert, as it turns out, according to Hank, your stage of life matters.
1:00.0	Hank's going to tell us how he wound up living at a 24,000 square foot home,
1:03.9	how much it costs in terms of both time and money, and if he actually likes it.
1:14.5	Hey, everyone. and if he actually likes it. Hey everyone, I'm Sam Parr, and this is Money Wise.
1:16.8	There's a ton of podcasts out there that teach you how to make money,
1:19.7	but none that really teach you how to handle the life changes that wealth brings.
1:23.5	The reason I know this is I'm co-founder of a company called Hampton,
1:26.3	we're a community of business owners, CEO, startup founders.
1:29.3	And because of Hampton, I'm able to see behind-the-scenes information and conversations
	...

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