Are Pools and Other Amenities Worth It If You Plan on Selling Your House?
Are Pools and Other Amenities Worth It If You Plan on Selling Your House?
Pools and other amenities can add a lot of value to your home.
If you are planning on selling your house, it is important to make sure that the pool and other amenities are in good condition. Pools can be a great selling point for your home. They can also add value to your home if you are planning on staying in your home for a while.
If you are thinking about adding a pool to your home, you should look into getting an in-ground swimming pool around the same time as you are starting to think about moving. If you have lived in your house for a minimal amount of time adding a pool to your backyard can cost from $5,000 to $20,000 depending on how big the pool is and what types of materials are used. There's a big difference between a fibreglass pool and a concrete pool, for example. It can be a great investment for your home.
Even if you don’t have a pool, there are other amenities that you can add to your backyard to make it more appealing. You can add things like a hot tub, basketball halfcourt, or playground. If you are thinking about selling your house in the future, adding one of these amenities can be a great idea.
Be sure you have the financial ability to pay for these features
A backyard pool adds a lot to your home value and any real estate agent will be sure to note that but a big concern for home-buyers when it comes to home improvements like a swimming pool is the average cost of maintenance.
Most great real estate agents will say there's no price you can put on a pool on a hot day for young children but an in-ground pool has costs associated with maintaining the water chemistry and more.
Even if you're planning to sell relatively soon, an appraiser's job will be easier if one of their key takeaways is that the pool is well maintained.
Other things that can add value to your home appraisal
Other forms of home improvement that you can enjoy year-round can be a better use of your money for your kids in the short and long term too. A cinema room is easier to take care of and it adds more room inside the home.
When a buyer is looking at comparable homes, there's no telling what will draw their eye to one property or another. The moment your home landed among others in real estate listings, its estimated value on the market depends on the potential buyers themselves. So, for your current home, the best thing would be to focus on what your family would enjoy the most until the home is sold.
Consider if these features are worth it if you plan on selling in the future
In a fair market, how much value you can derive from a house is something that both sellers and prospective buyers can influence at the same level. Several factors determine fair market value for a real estate appraiser.
If selling is in your plans, a comparative market analysis that puts into context the cost of adding an in-ground pool, it can make it a lot easier to make a decision. On the other hand, it's hard to know if a pool might price your home out of another family's budget.
The appraised value of your home with a pool is one thing but is it comparable to what you could invest in your future home? Is it worth to pay for a pool now when you could use the money for some other features in your new house down the line?
Make sure that any renovations or additions match with the style and theme of your home's design
It is important to remember that when you are making any changes or additions to your home, you should try and make sure that they match the style and theme of your home. This will help to ensure that your home looks good and also helps to maintain the value of your home.
When you are adding a pool, you should make sure that you are choosing a pool that doesn't clash with your landscaping or with a BBQ area. Think to yourself "What can a pool add?" and also what it can do to lower a home's value.
Older homes would require a different pool style but you should also think of how that affects a buyer. After all, beyond maintenance, some buyers will also factor in the cost of modernizing the aesthetics of a property.
Don't stop at just the pool itself.
A pool can add value, but when you want to sell with a great price, adding things like an outdoor rug or patio furniture can sell the whole package much more effectively.
It's the same for other amenities that can make the cost a lot more tolerable for buyers. Additions, like proper landscaping, can yield a vast profit per square foot compared to a simple pool with no other niceties.
Are swimming pools a liability?
That depends on your perspective. From the standpoint of a homeowner, a swimming pool can be a great way to add value to a property and provide a fun place for family and friends to gather. However, from the perspective of a municipality, swimming pools can be a huge liability. This is because they can often lead to drownings and other accidents.
Critics of swimming pools claim that they are extremely dangerous, especially for children who cannot swim yet may not know how to stay safe around a pool. There are numerous cases of children drowning every year, and often these drownings could have been prevented if the child's parents had taken proper precautions. That's your cue to make sure your pool has all the safety features required for the skittish buyers.
There are also cases of homeowners being held liable for the drowning deaths of others due to their swimming pool. The law does not consider a swimming pool an "attractive nuisance" but it does leave the door open by which lawsuits could be filed against a homeowner if someone is injured or killed in their pool due to a foreseeable risk. For example, if you place broken glass around the pool or leave the pool gate unlocked so that children can use it as an entrance or exit, then you open up your home's liability should someone get hurt. This is something you need to disclose before a sale.
In the end, is a pool a good idea if you plan on selling your home?
It depends on a lot of factors. If you live in a warm climate and your home doesn't have a pool, then adding one can be a great way to add value. However, if your home is in a colder climate or if you live in an area where pools are not common, then adding a pool may not be the best idea.
This is because it can be a lot more expensive to maintain than other options and it can also drastically affect your homeowner's insurance and lead to an increase in premiums. And if your home doesn't have the square footage for a larger pool, then it could reduce its value by adding something that takes up valuable space.
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