On a hot summer day there is nothing better than cooling off in swimming pool. Kids swimming and the grill going makes for a great day in the sun, but when it comes to selling a home with a pool it isn’t always a pretty picture.
An appraiser will credit the value of a home anywhere from $15,000-$30,000. From an appraiser standpoint it is always a positive in home values. The hard part is understanding that fair market value is not always what an appraiser thinks. Fair market value is what a buyer will pay for it!
There are buyers the either want pools or do not want pools, and just a few in between. The homes with a pool generally eliminate 70% or more of the buyer that are out there. There are definitely more buyers that do not want pools in this area.
If a house has a large enough yard, the pool can help the value on the open market. If the pool takes up most of the back yard, the pool can cost home thousands of dollars. I have seen homes that have taken a $20,000-$50,000 hit in values on the open market. In this family community there has to be a place for children to play.
Summer is only 3-4 months a year but the other months you are still maintaining the pool. If you are thinking about buying a home with a pool, consider all the factors with the maintenance and the resale value of the home. If you are thinking about installing a pool in a best case scenario your will only receive 50% of the pool investment back when you eventually sale the home!
Swimming pools are a great for those summer days but from a financial standpoint they do more harm than good. Tip of the day is to make friends with people who have pools and visit them on hot summer days!