Buying a house is a financial burden for most people, and NBA players feel it too. That's because a player's NBA career can be very volatile, while mortgage costs are fixed and long-term. Usually, an NBA player's career ends before the mortgage does.
So when a player retires, the mortgage is still outstanding. And if that player did not choose the size of his house wisely, it leads to significant financial issues.
During a recent live stream, former Washington Wizards guard Gilbert Arenas explained the perils of buying a massive house that you don't really need and why having one could go back and haunt players after retirement.
"Like the rest of us, you're going to have your bedroom done," Arenas said . "Maybe your guest bedroom, the living room, and maybe a pool room that you probably can go down. Other than that, the rest of that house is going to be empty for years."
According to Gil, players know nothing about interior decorating, so if every room is going to get filled and done, they'd have to pay someone to do it for them. But then, if you get all the rooms worked on and let the pros handle it, it's going to cost millions of dollars and some rooms will remain empty for years.
The mistake here is that when buying a house, some players don't think of who will actually live there. Instead, they base the size of their house on the number of people they expect to live there when they settle and start a family.
"Buy houses that have to do with the lifestyle that you live. If it's you, two extra rooms, maybe three, you're pushing it. So if it's you by yourself, four-bedroom, you should be good. You start getting to 9, 12, 14, it's just you by yourself," Arenas added. "Now you've got to move in friends just so you don't feel lonely."
A case in point in Arenas' story is former NBA star Michael Beasley, who recently admitted that when he first arrived in Miami after being drafted, Heat President Pat Riley advised him to buy a modest condominium unit for him and his mother.
However, he thought Riley was intruding in his private life, and instead of following his advice, Beasley went the opposite way, learned his lesson the hard way, and regretted not listening to Riles .
"If I did it all over again, I would've listened to Pat Riley. Pat Riley told me to get a condo, get two bedrooms, one for my mom when she's coming to town, and everybody else figure it out. I went the polar opposite, and my excuse to him was I grew up in an apartment, and I needed some space," Beasley said .
In Beasley's case, he purchased a six-bedroom mansion in Miami after signing a $14 million rookie deal. He also bought three dogs and, because the house was so big, he asked four of his childhood friends to live with him there.
Ultimately, his expenses caught up with his income and he struggled financially despite making millions. He is one of many who prove Gil is right with this advice.
Related: "It's embarrassing" – Gilbert Arenas rips the appeal of today's All-Star teams
This story was originally published by Basketball Network on Feb 11, 2026, where it first appeared in the Off The Court section. Add Basketball Network as a Preferred Source by clicking here.
