When shopping for a luxury home in the Chicagoland suburbs, buyers often focus on the big-ticket number: the sale price. But what about the expenses that come after you get the keys?
At Helen Oliveri Real Estate, we help our high-end clients in areas like Kildeer, Hawthorn Woods, Lake Zurich, and North Barrington prepare for the full picture — not just the list price. If you're considering buying a luxury property, here's what you need to know about the true cost of ownership.
1. Property Taxes Can Be a Shock
Luxury homes often come with sprawling square footage, high-end upgrades, and larger lots — and the tax assessor takes note. In many affluent Chicago suburbs, annual property taxes on luxury estates can range from $20,000 to well over $50,000. If your new home is in a top-tier school district or private gated enclave, expect to pay a premium.
Pro Tip: Don’t rely solely on the seller’s current tax rate. Have your agent request the most recent tax assessment or estimate based on the current market value post-sale.
2. Homeowners Association (HOA) Fees Add Up
Gated communities, golf course developments, and private lake enclaves often have homeowners associations — and while they offer amenities like security, tennis courts, and pool access, they come with monthly or quarterly fees.
In luxury neighborhoods like Hawthorn Woods Country Club or Wynstone, HOA fees can range from $300/month to $1,000/month depending on services and amenities.
What to Ask:
What’s covered by the fees (e.g., landscaping, snow removal, common area upkeep)?
Are there any upcoming special assessments or capital improvements?
3. Maintenance on High-End Finishes and Systems
Luxury homes often include custom woodwork, high-end appliances, radiant heating, smart home tech, and elaborate landscaping. These finishes and systems require ongoing professional care.
Here’s what to plan for:
Professional landscaping and irrigation: $5,000–$15,000+ annually
Pool maintenance: $1,500–$3,000+ annually
Smart home system updates or troubleshooting: $500–$2,000+
Specialty roof or window care (slate, copper, oversized panes): Costs can climb quickly
Pro Insight: Routine maintenance protects your home’s value and curb appeal — two essentials for resale success.
4. Utilities and Insurance Are Often Higher Than Expected
Luxury homes tend to be larger and outfitted with more systems. Heating, cooling, and water bills reflect that.
And then there’s insurance — which not only considers replacement value but also location-specific risks like flooding or snow load.
You may also need:
Flood insurance if near a lake or water feature
Umbrella insurance policies for higher liability coverage
Specialty insurance for valuables, wine cellars, or home art galleries
5. Luxury Isn’t Just About the Home — It’s a Lifestyle
When you move into a luxury neighborhood, you’re also buying into a lifestyle. Think golf memberships, club dues, private school transportation fees, security systems, and even snow removal contracts.
This is why we always advise our clients to do more than look at mortgage calculators. The cost of luxury living is a combination of home price, upkeep, and lifestyle expectations.
Final Thoughts: The True Cost of Luxury Is Planning Ahead
At Helen Oliveri Real Estate, we go far beyond the sale — we’re your advisors for the long run. Before you close on your dream home, we’ll help you:
Review all estimated ongoing costs
Vet vendors for landscaping, maintenance, and design
Understand tax implications and HOA rules
Budget for the lifestyle you want
Luxury isn’t just a purchase — it’s a commitment. Let’s make sure yours is the best move yet.
Thinking of buying a luxury home in Hawthorn Woods, Kildeer, or beyond?
Let’s break down the real numbers together so you can buy with confidence.
📲 Call or text Helen Oliveri at 847-967-0022
💻 helenoliveri.com
Instagram: @helenoliveri
Your best move.™
