Just out of curiosity, I decided to look up Vancouver's most expensive condo rentals the other day. Wow, I found 5000 sq. ft. spaces, in-suite pools, crazy rooftop decks, even a Rolls, complete with a driver (that one was $25,000 per month)!
It must require millions to buy places like that so, no, I don't think the mortgage payment would be less than 10-25k per month. And it did make me wonder, who rents these places...celebrities?
Business executives.
If you're going to be in a foreign city for a few months or so, and wish to bring your spouse or even smaller kids, you rent a fully furnished condo or house. It's cheaper than a high end hotel suite.
Celebrities do it as well. If you're going to be in a movie shoot for a few months. Some people prefer the additional security and privacy that hotels can't provide.
To answer the question, no I wouldn't. $10,000 a month in rent is a big waste of money, no matter how much you have. If you want to stay wealthy, you need to be smart with your money. Now that is assuming I would be living in it year round, as Vancouver is my home.
If I was a business man, only in town for a couple or few months, and could rent it under my business and write it off, then yes, I would!
When it comes to penthouses in beautiful downtown Vancouver, there's a very much ultra luxurious one in Yaletown where the Strata Fees alone costs almost CDN $ 16,000 a month. :nod:
Just once in my lifetime, even if it was for a day, I would love to live life like a baller. Party in a penthouse, driving around exotic cars, and wasting money like its going out of style. To answer your question, yes, I would if I could, but only for a month.