Does adding a swimming pool to your home add value, or depreciate value of your home?
Question:I am thinking of adding a pool to my home in cailfornia, does it ad value?, or depreciate value. Swimming pool contracters all tell you it adds value, but I would like to hear from someone other than a salesman.
Answers:
I live in Florida and probably a third of the people in my area have a pool. Personally, I love my pool so much, I can't imagine living without one. However, as to adding to the value of your home? I don't think they really do that much; they require continued maintenance, constant vigilance, and added insurance. On the other hand, for people like me, a house requires a pool! I love it and use it almost every day. Look at it this way: Say your house is valued at 250K; you install a pool with jacuzzi (go for broke! you'll love it!) and landscaping for 35K. Now look at your home, and your neighorhood, and the surrounding area. If other homes in your area are valued at 300K, then the pool will probably make yours more neighborhood appropriate. If houses without pools are selling for the same or just slightly more, then you'll probably not increase your homes value by installing a pool. However, if you think you'll use it regularly, then you may increase home's value to yourself. Pool contractors are salesmen, but adding a pool is adding a huge responsibility, too. It won't depreciate the value, I'm sure, but it probably won't increase it substantially either. Put in a pool if you and the family really want one; otherwise, it'll be a burden.
I would think it would add value...its an extra amenity. Im no contracter but I would pay a bit more for a house that had a pool.
Value is in the eye of the beholder, to some extent, and especially with pools. We have a pool and our house is listed for sale. For some people, it adds value and makes them more interested. For others, it looks like work, which it is.
There is no one answer. It might help it sell. It might make it harder to sell. It all depends on who is looking.
Whatever you do, check with your insurance company first because some will cancel you if you don't have it secured well enough. One company wanted a 6 foot fence all the way around our property because we have a pool (above ground)! Luckily, we found someone more reasonable.
It depends in the area ,as well as the demographics where you live .If I was you I would call a realator that sells alot in your hood and ask them.
In California or Florida for instance, depending on the area, a pool might be expected. It almost never raises a home's value in other areas, and in fact often reduces it - being more of a liability than an asset. If most of the homes around you have pools, then maybe it's OK for your area.
I have been a residential appraiser for over eight years and this question is one that I get asked quite often. Unfortunately, there is no "yes or no" answer. The answer lies in the predominant market value of your neighborhood.
How much are the houses in your neighborhood selling for? Look at the houses similar to yours. How much do the ones with pools sell for? How much do the ones without pools sell for? The difference is roughly the value of a swimming pool in your neighborhood.
The cost of installing a swimming pool has nothing to do with the market value. If you live in a neighborhood where the average selling price is $300K, and you spend $100K putting in a nice gunite pool, the value of your house did not just jump to $400K.
From an appraisal point of view a pool is viewed this way:
If you are the only house in the neighborhood without a pool, then you get a deduction in your value, because everyone has one and you don't. If you are the only person in the neighborhood with a pool, you get no value for it because there are no comparable sales with pools and therefore there is nothing to use to determine the market value of the pool. To get value for your pool, there must be at least one other similar sale with a pool.
An above ground pool is considered personal property and NO value whatsoever is given for these pools, no matter how fancy the deck is.
In conclusion, you WILL get some value for your pool. You will most likely get much less than the cost of installation. DO NOT add a pool just to raise the value of your house. REMEMBER, when you go to sell your house you will lose part of your potential market because there will always be those people who do not want a pool, no matter how much they like your house.
If you plan on staying in your house several years, and you want a pool, then by all means put in a pool and enjoy yourself. Don't worry about the market value. Appreciation will take care of itself and in the future you will probaly find yourself with a happy medium based on your enjoyment of the pool and the future market value of your house.
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