What is housing? | Bank rate

When you hear the word “home,” an image probably comes to mind: multiple stories, grand staircases, Scrooge McDuck delving into a basement full of coins. At the very least, mansions conjure up ideas of huge rooms, lavish facades, and luxurious amenities. But what exactly is a house? As it turns out, the term is difficult to agree even for real estate agents.

Although there is no single set of rules that define a home, these larger-than-life homes share certain characteristics. Although many listing agents avoid using the term, due to its ambiguity, some listings may describe a property as a “home,” especially if it is being sold by its owners. And of course, it comes out in common language or expressions.

So, if you’re thinking of listing your home or looking to buy an amazing property, here’s what you need to know about what a homestead is and isn’t.

What makes a house a home?

Certainly, when it comes to the character of housing, the size is important. Some real estate experts consider a property larger than 5,000 square feet a home, while others may limit the honor to homes larger than 8,000 square feet. (For reference, the average home size in the U.S. in 2020 was 2,261 square feet, according to Statista.)

Also, the minimum amount for housing is relative. If a house is significantly larger than other properties in the area, it can be considered a residence by local standards.

At the end of the day, we can all agree that homes are great. Apart from their large size, however, houses are typically luxury properties. They are custom built, often of high quality materials, and boast luxe features such as:

  • Hobbies. A tennis court, a master pool (definitely with a deck, maybe with a cabana), a greenhouse, and a wine cellar are all great features. Landscapes and gardens are often available as well.
  • Separate buildings. If a house is large enough to have a separate, detached living room (guest house, pool, carriage house, etc.) in a separate structure, it will meet the standard of housing.
  • Large, well appointed rooms. A house needs to have a big kitchen, a big laundry room, big bathrooms, laundry rooms, laundry rooms. All of them are often equipped with modern facilities and high-quality materials and other desirable extras. Modern technology and systems are all.
  • Recreation areas. Residences don’t require residents to leave their homes for sophisticated entertainment experiences. These properties can have home theaters, indoor basketball courts, or even a bowling alley in the basement.

What makes a home?  Size, Lots of Rooms, Lots of Land, Luxury Amenities, Entertainment/Entertainment Rooms, Outdoor Amenities, Outbuilding

View housing in details

Often, you won’t find a home listed unless the property is a historic home with its name (like the Gracie Mansion, the mayor’s residence in New York City). So how do you get one on the list?

Well, given the size (remember, 5,000 square feet and up), there are some code words. They may be listed as an estate, ranch, vineyard property, hacienda, manor, private island, or other word that connotes grandeur and luxury. Many agents call the property “exclusive” to indicate that it is large and expensive.

Remember, homes can be of any architectural style or design. Appearance-wise, what makes a home in Oklahoma might not make a home in New York City. Depending on the geography and available land, a home in NYC is a two-story building and often has a private elevator, while a home in Oklahoma may be a 10,000 square foot ranch.

Some brokers only work on what they call luxury homes or high-end properties, and these typically have residential properties. Brokerages like Sotheby’s International and listing platforms like MansionGlobal.com only deal in mansion-style properties, so buyers looking for large, luxury properties may want to look for the right realtor instead of focusing on the standard MLS.

What is a McMansion?

In the year There is a collection of McMansion subdivisions that were used in the late 1990s and early 2000s. It’s somewhat provocative: While large (usually 5,000 to 10,000 square feet) and luxurious, these often share few qualities with real residences, say their critics.

They tend not to be custom, stick-built homes; Instead, they were often built en masse by small-scale developers in suburban neighborhoods. Compared to their backyards, their lavish, over-the-top features — the massive driveways and multi-car garages — can often be seen rather than elegant.

And it’s also an often obsolete form of prosperity. “The term ‘McMansion’ is often taken as a negative because it implies that the construction and/or architecture of the home is original and original,” said Steve Gottlieb, a representative at Coldwell Banker Warburg in New York City. “The house looks like it was built on a factory assembly line, without needing anything to make it original or exciting.” (The “McMansion” moniker is a twist on the name of the McDonald’s hamburger chain, which serves billions of the same hamburger every day.)

The way these homes are built not only lacks customization, but the quality can be lower compared to other luxury homes, according to Josh Staples, managing partner of Treasure Coast MLS Search Brokers in South Florida. “Some buyers fear that construction quality has fallen during the peak construction period (ie, pre-2008). The materials used may not be a suitable option, and the finishes may not be that detailed. In the year In 2001, home contractors began importing drywall to meet the high demand and production, which many knew was low yield. This created a huge problem for hundreds of thousands of homeowners.

According to John Sanbor of Brotherly Love Real Estate in Philadelphia, politicians and zoning boards in places like Texas and Atlanta are trying to limit the number of McMansion-style homes because neighbors don’t like them — and many owners don’t either. Live there full time.

Still, McMansions have their supporters, especially if there is a shortage of large, multi-bedroom properties or available land in a particular market.

A final word about housing

Not surprisingly, due to size, acreage and amenities, homes are more expensive than other properties. While it may be a McMansion, Sanborn puts the value at “$600,000 or more,” which is higher than the current national median sales price of $416,000 for existing homes (as estimated by the National Association of Realtors).

Real estate properties start at over $1 million – you probably won’t see anything offered for less on MansionGlobal – and go up quickly, especially if you live in an area where the average home price is above the national average. For example, in Los Angeles, the median price of a luxury home was $12.1 million by the end of 2021, according to a report on the city by Douglas Elliman. The median price for a luxury property in Boca Raton is $670 per square foot, or more than $5 million for an 8,000-square-foot home, according to the Elliman Boca Raton Q1 2022 report.

Suffice it to say, regardless of your taste in housing, expect to apply for a jumbo loan. Unless you choose to pay in cash.

Related Posts

16 great country houses selling from £450,000 to £6m as seen in Country Life

Our regular roundup of some of the best homes for sale in Britain is a holiday-friendly county home in Sussex. West Sussex – £5,950,000 An unapologetically charming…

Seattle’s housing market is headed for a recession.

What goes up must come down. That seems to be the motto of the U.S. housing market right now, with some of the nation’s most expensive and…

Ant Anstead Is Selling The Laguna Beach ‘Dream’ Home He Bought After Splitting From Christina Hack – See Photos!

There are some big changes for TV personality Anstead. On Wednesday Celebrity IOU: Joyride The co-host has listed his Laguna Beach, CA home for $3.3 million. Garbage…

San Anselmo adopted new rules after the garden was broken

San Anselmo has implemented new rules for community gardens based on how the city’s amenities are managed. The City Council unanimously approved a new ordinance Tuesday to…

Property: A thriving housing market in Dunfermline and West Fife

Dunfermline continues to be the “hub” for first time buyers in East Central Scotland. ESPC’s latest property report figures show that house prices in the city rose…

FOR SALE: Take a look around this stunning Wirral property with covered BBQ area and fireplace

The family home is immaculately finished and close to the beach. This beautiful detached house is for sale at £1,225,000. In the popular Wirral area, Hoylake, a…

Leave a Reply

Your email address will not be published.