Why do Athletes Buy Such Large Homes?
From professional basketball players to American footballers to all-star baseball players, professional athletes across the globe are paid a hefty sum, raking in millions of dollars per year.
And with such an excess level of wealth, many of these professional athletes spend an inordinate amount of money on large, huge homes to accommodate their newfound levels of wealth.
But just why do athletes buy such large homes? Below, we are going to look at the specific reasons why athletes buy large homes and houses and how these purchases can affect their future financial security.
In addition, we will take a look at some of the largest homes owned by professional athletes, many of them in excess of 10,000 square feet.
What is Considered a Large Home?
When discussing the impetus that many athletes feel when purchasing a large home, it is important to understand just what a large home is considered to be.
And to do so, it is important to qualify that those large houses and homes are highly dependent on the area and market in which a home is purchased.
Generally, a large house or home is considered to be any house which measures above 4,500 square feet in total size. However, and in addition, a large home generally qualifies as luxurious if it contains additional amenities and features.
These include high ceilings, expansive master bedrooms, multiple full bathrooms, home offices, media rooms, and a pool.
However, the market in which a home is purchased is also an important qualifier. A 2,500 square foot home in Manhattan can be considered large and luxurious, whereas that same price-point in Georgia or Illinois may qualify an individual for a home in excess of 7,000 square feet.
What Amenities Do Athletes Look for in Their Homes?
As many athletes purchase large and luxurious homes, there are certain amenities and additions which they look for.
These amenities and additions are not only useful to athletes, from a career perspective, but also make the home more comfortable and enjoyable for them and their families.
Generally speaking, most athletes will look for multiple bedrooms and bathrooms in their homes and ample space to host parties, guests, and their teammates.
In addition, most athletes will also look to have a media or game room, which is a dedicated space within the home to watch shows and movies.
Similarly, and from a career perspective, many athletes will also want their home to have a dedicated fitness center.
Typically equipped with multiple gym-level equipment, such as treadmills, workout bikes, and free weights, the fitness center can help athletes to train and keep in shape from the comfort of their home.
And lastly, many athletes prefer to have ample space in the backyard for a swimming pool and gathering space. Useful for keeping in shape and maintaining a healthy physique, the swimming pool also doubles as a place of gathering for family, friends, and teammates.
Reasons Why Athletes Purchase Large Homes
Athletes, as with other celebrities, are keen to spend their money on items and investments which provide them with healthy returns and certain levels of comfort and happiness. Below, we will discuss the five main reasons why so many athletes buy and purchase such large homes and houses.
- Investment Opportunities – as stated above, both celebrities and athletes are keen to place their wealth in investment-bearing opportunities. With millions of dollars in annual salary, many athletes find that purchasing a large home makes for a good return on their investment. And with home prices having risen nearly 17% within the past couple of years, purchasing a large home can make for a great return on investment.
- Privacy Concerns – another main reason why so many athletes purchase large, luxurious homes is due to the fact that they are afforded little access to privacy. From the grocery store to a movie theater to the mall, these athletes are instantly recognizable and often surrounded by fans and crowds looking for pictures and autographs. A simple way to alleviate this lack of privacy is to purchase a large home and install all the modern luxuries within it.
- Staff and Assistants – from nutritionists to physical therapists to home chefs to housekeepers, many athletes employ dozens of additional staff to help them maintain their physique, homes, and daily living. And with so many additional individuals occupying the home, many athletes prefer to have larger homes to accommodate all their staff. In addition, many of these staff members are live-in, meaning that they both work and reside on the premises, essentially mandating a larger home to accommodate their living spaces.
- Wide-Array of Collectables – similarly, many athletes own and collect a wide-array of items. From championship rings and trophies to memorabilia and collectable jerseys and items worn and played in games. As such, and with so many additional items, these athletes need ample space to house and store those items.
- Training Facilities and Gyms – in addition, many athletes require larger homes which are outfitted with training facilities and gyms to provide them with additional time to dedicate to their specific sport. Many athletes train countless hours per day and having a simple, easy, accessible means to those facilities can help to save them time during their day.
- Hosting and Parties – lastly, many athletes, particularly team captains and more senior athletes on a team, will host parties, meetings, and gatherings at their homes. Typically hosting their teammates, coaching staff, and additional staff members, these athletes need larger homes to accommodate those individuals and allow for ample space to host.