Where Can I Buy a Mansion at a Discount

For most people, buying a mansion is a dream: we’ll be lucky if we can afford a modest, effortless home. But if you dream of a big life in a conscientious mansion, you will soon find out that this word does not have an official definition . A mansion is what people think of as a mansion, which means there’s probably one you can afford… somewhere.

There are some rough guidelines as to what constitutes a mansion. It should be large – about 5,000 square feet. He must have a territory, that is, a property around him, which is divided into gardens, reservoirs and the like. It should have amenities that most homes don’t have, such as a pool, home theater, or games room. And it must be well built, using durable, custom materials.

If you’re looking for a real, authentic mansion but don’t have a few million dollars to buy it, rejoice: Throughout history, mansions have often been built during boom times and then left behind when the region’s economy collapsed. shifted. This means that you can buy many legitimate mansions for as little as a few hundred thousand – as long as you are flexible in your choice of location.

Where to buy a real mansion inexpensively

In fact, you can find a lot of foreclosure mansions if you do your research, and this can lead to a significant drop in price. The problem with this strategy is that you still expect to pay millions of dollars for this place. Even if it’s a relative deal, it’s not exactly cheap.

The key to buying a relatively cheap mansion is its location . Deals tend to be located in areas that were once prosperous economic centers but have fallen on harder times. Most of them have a similar history: built by a local tycoon who made a bank in whatever industry was once huge, and then eventually sold or abandoned when the money dried up or the tycoon passed away and their family was not interested in is to stay put. . For example, in Bridgeton, New Jersey (closer to Delaware and Pennsylvania than New York), you can purchase a historic Nail House for just over $300,000 .

Scroll through the list of mansions you can buy relatively cheaply and a clear picture will emerge: you’re looking for homes located in the Rust Belt, the Deep South, and the rural Midwest.

The best places to find a cheap mansion

If owning an old mansion is your primary goal, here are some of the best areas in the country to check out.

West Virginia: You may not think of West Virginia as a place full of mansions, but you can definitely find some great deals there, especially as the average price per square foot is one of the lowest in the country, hovering at just $85 a few years ago. . For example, in the city of Martinsburg , a house at 816 King Street , built in 1852 and having 10 bedrooms and over 5,000 square feet of living space on 3/4 acre, sold for just $180,000 in 2019, although current price estimates exceed $300,000. .

Iowa: With an average price per square foot of just $133 , Iowa can offer the perfect opportunity to own a glamorous historic home for next to nothing. 17 Oak Lane in Davenport , for example, was built in 1903 and has over 6,000 square feet of old-school style living space. It sold in 2019 for $230,000 and is currently valued at $328,000.

Ohio: If you thought Iowa was a bargain, Ohio is even better, with an average price of just $111 per square foot. That’s why you can find a Cincinnati mansion like this , with 7,000 square feet and impressive woodwork and flooring, for $250,000 (although it sold for $500,000 after the bidding war). Sure, the amount of work this place needs is overwhelming, but it’s still a mansion you could buy.

Indiana: Housing in Indiana is generally pretty cheap, so you can find a place like 4000 W Peachtree Lane in Muncie, which is still priced at just $273,000 despite having room in the driveway for 20 vehicles and offers over 6,000 sq. legs.

Missouri: Missouri is another state where the price per square foot hovered just above $100 , which means there are plenty of fine old mansions to buy with theft, like this place at 225 N. Maple Avenue in Hannibal . It is estimated to cost anywhere from $330,000 to $350,000, has five bedrooms and lots of old-school charm.

Other states where you can sometimes find mansions that are not out of reach include Georgia, Kentucky, Alabama, Kansas, and Oklahoma. All it takes is some research, a little patience, and a willingness to move to the smaller towns and cities where these affordable old mansions can usually be found.