It’s not surprising these days to find many homes readied with a backyard pool. Depending on your motives, whether you are a seller trying to add value to your home, or a buyer on the hunt, this topic can be fairly debatable. So, will adding a pool to your backyard add value to your home? Yes…and no.
Typically, putting in the extra dollars and stressors of having a pool installed in your backyard will not substantially increase the value of your home when trying to sell. It would be more beneficial for you to make more physical interior and exterior improvements and additions to the house itself rather than adding an extra asset that may not be appealing to every buyer.
However, there are a few circumstances where a pool may add some value to your property.
1. Everyone in your neighborhood has a pool
If you happen to live in a wealthier and more established neighborhood where most homes have pools, not having one could very likely make it harder for your home to sell. It also could decrease the overall value of the home compared to the others built around you.
2. It won’t take up your whole yard
Similarly, if you can fit a pool into your backyard and still have some leftover yard space this is a huge bonus. Most buyers want the best of both worlds. A pool as well as backyard space for personal hobbies/entertainment purposes.
3. You live in a warm climate
Lastly, if you are located down South or out West, homeowners will most likely be looking for a home with a pool to cool off in because of the hot and humid temperatures. These factors alone or even collectively could potentially add value to your home.
Maximize your chances
Now, as mentioned before, even with the addition of a pool to your backyard, there is still no 100% guarantee of any return on your investment. Nonetheless, if you do happen to add this amenity to your property, you can take a few key factors into consideration that could help improve the selling point.
1. Appropriate design
For one thing, does the design and overall appearance of the pool somewhat coordinate and fit in with the rest of the neighborhood? If yes, you should be fine. If not, you should consider revamping the pool area to conform to the rest of the complementary neighborhood pools.
2. Keep it clean
Next on the list, is it apparent that the pool is clean and regularly kept? Or is it noticeably neglected and never maintained? An unkept pool would scare most buyers by giving the impression that it is too difficult and time-consuming to maintain and keep sanitary.
3. Newer is better
Lastly, how old is the pool? If you are adding a pool to your yard in an attempt to raise the value of your home and sell it, it is crucial to put your home on the market shortly after the pool is finished. You want a new and updated pool to ensure you recoup your costs/investment.
What is the ROI?
Now, the big burning question that everyone is dying to know: Will the money you put into the addition of your pool lead to a comparable increase in the value and sales price of your home?
Obviously, with all home repairs and enhancements, it is critical to not over-embellish your pool area. Whether you are repairing your current pool or building a brand new one from scratch, the goal is to add value to your home in an attempt to sell it.
You want to make sure your design is appealing and tasteful to buyers, not overly dramatic where they will be put off by it. You also want to take into consideration that you probably will not get the full value in return that you initially invested.
The cost alone to just build the pool can range from $30,000-$100,000 depending on how elaborate you want it to be. You then have to factor in extra costs such as filtration, maintenance, and insurance/taxes. While these costs are all very necessary for the addition of your pool, you may not receive the full value and dollar amount you put into it.
The bottom line
While a pool may not add monetary value to the home, it definitely can add value to the overall enjoyment and quality of living. Ultimately, the decision is up to you. Only the homeowner can decide the true return on the expenditure.
from Total Mortgage Underwritings Blog http://ift.tt/29LNAty
No comments:
Post a Comment