Statistics Show That Pools Add Value To South Florida Homes
10.02.2017·SaraWatson
In terms of resale value, area homes without pools may be swimming upstream, according to the Miami Herald.
Real estate broker and Master Brokers Forum board member Ivory Cooks says that pools are no longer expensive indulgences, citing anecdotally that pools have become a greater concern for home buyers in markets with each passing year. Recent data from the Multiple Listing Service backs up Cooks claims.
The data, comprised of closed sales of single-family homes, showed that 55 percent of all homes sold in Miami Beach within the past 12 months had pools. For luxury homes priced between $2 and $3 million, 87 percent of homes sold had pools.
The statistics show an even more convincing argument for pools in Coconut Grove and Coral Gables. In these areas, an average 71 percent of all homes sold in the past year had pools. Of the luxury homes sold, a full 100 percent had pools, according to the statistics.
Although pools are a selling point, homes with pools comprise a smaller amount of market share. The statistics show that only 13 percent of homes in the $500,000-750,000 price range across Miami Beach, Coconut Grove, and Coral Gables had pools. That number climbs along with house prices: 41 percent of homes in the $750,000-$1 million price range had pools, according to the data.
According to the Herald, pools can have a long-term impact on Miami-area homes while serving as attractive lifestyle and entertainment assets for homes on the market.
Selling With A Pool: Know Your Buyers
When marketing your home and pool for sale its important to know your target buyer.
The folks at American Home Shield break this group down nicely to include the high-end buyers, the middle-aged buyers with teenagers, and the health enthusiasts. The reasoning? High-end buyers are thought to be more likely to purchase a home with a pool than a starter or mid-range buyers, while middle-aged couples with kids will enjoy having a pool for their restless teenagers. Health- or outdoor enthusiasts might even like your pool for swimming laps, or just relaxing outside during the nice weather.
The caveat here is that not all families with kids will be interested in pools. Says Zaragoza, The majority of young families with children dont want pools. dont want to maintain it, and see it as a safety hazard, they end up filling it in.
If selling with a pool its important to realize in advance that this will inevitably shrink your buyer pool and it might end up taking a bit longer to sell.
Cost Of Pool Installation And Maintenance
Not meaning to burst your bubble, though, but when it comes to installing a pool, its important that you know the responsibilities and costs involved. From the cost of installation itself to the liability and maintenance costs attached to it.
On average, the cost of installing a 600-square-foot concrete pool starts at $30,000 while average ongoing maintenance costs for a basic pool is $1200 to $1800 annually. And dont forget the repairs and utility costs too, which can increase your yearly total from $3000 to $5000.
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How Much Value Does Adding A Pool Add
How much value does a pool add to a home? The experts are a split on how much a pool can contribute to a homes value. One HouseLogic study suggests an increase of 7 percent, at most, under ideal conditions, while HGTV reports that the average inground pool can up your propertys value by 5 to 8 percent.
The Lifestyle That A Swimming Pool Provides Encapsulates The Outdoor Living Lifestyle That Aussies Are Notorious For Right At Your Back Doorstep Ready To Use At Your Leisure
Having a pool in your backyard has become an iconic staple of many Australian homes and with our warm climate year-round, why not! It provides homeowners with a copious amount of benefits its a complete lifestyle change for many people. The idea of having your own private recreational area to enjoy for many years to come, is extremely appealing to us Aussies. It provides a space that can be used for a multitude of purposes, whether it be lounging around and relaxing on those balmy summer days, or used for fitness and fun, which is not only greatly beneficial for our mental health but our overall general well being. A swimming pool is something that can be enjoyed for many generations to come, creating lifelong memories with family and friends along the way!
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Does A Pool Increase Home Value
Posted on Written by Ryan Fink
The fourth most popular recreational activity in the U.S. is swimming. Its a wholesome American pastime that has a long list of benefits, including being a great way to get regular aerobic physical activity. On top of that, it can help reduce stress and improve your overall wellbeing.
Having a pool in your backyard is definitely the most convenient way to spend a little time in the water every day. It can also be awesome for entertaining and spending time with your loved ones.
However, pool installations arent the cheapest home improvement you can make, and thats before you even consider the cost of maintenance and repairs. For this reason, you might be wondering: does a pool increase home value?
Lets take a look at what you need to know so you can make an informed decision about your property.
Does Having A Pool Increase Property Value
Upside
Theres no doubt about it: Aussies love their swimming pools. In fact, Australia is home to 1.2 million household swimming pools the worlds highest per capita rate of pool ownership.
But while a swimming pool may be the perfect spot to kick back with a drink on a hot summers day or take a dip after a family barbecue, but is it really a good investment?
If youre considering selling a home with a swimming pool, return on investment is likely to be a key consideration. After all, upkeep and maintenance of a pool isnt cheap, so you want to be sure that youll be getting some of those costs back when you sell.
So, is it worth it? Lets take a look.
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The Value Of Your Neighbourhood
Before you find out how much it would cost to put in a pool, consider your neighbourhood. If you live in a neighbourhood where houses are expensive and there are many pools installed in surrounding homes then a home pool may be a great idea. Not having a house with a pool may make your home less valuable to potential buyers.
How Your Geographic Location Affects Your Investment
Michelle Sbabo of Northwest Arkansas Pool and Spa also explains that The contents of source water also affect pool water care. In many parts of the country, for example, the water is very high in calcium and other minerals. This can cause scaling on pool surfaces and inside equipment, and water must be treated appropriately to minimize scale damage. Additionally, weather and environment greatly impact pool care. Pools in areas with a lot of rain or wind may need a greater range of chemicals to address contaminants that enter the pool. And certain plants and trees can cause maintenance issues.
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Consider The Costs Of A Swimming Pool
Image source: Platinum Poolcare
The cost to add a pool to your home is high. If you are wondering how much an in ground pool costs, the average will be between $35, 600 and $65,100. The overall average price of a concrete pool is about $40, 000 while a vinyl pool is closer to $30, 000. A fibreglass pool is approximately $28, 500. The size of your pool will also determine the costs and how much you will pay for your home swimming pool.
How Much Does It Cost To Maintain A Pool
Pool Maintenance Cost The average cost to maintain a pool is $80 to $150 monthly or about $960 to $1,800 yearly. For a first-time pool cleaning service, expect to spend $150 to $350 on average. The annual cost to own a pool is $3,000 to $5,000, which includes maintenance, repairs, electricity, and water.
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Does An Outdoor Pool Detract Value From Your Home
You probably already know that indoor swimming pools are more expensive. They usually cost £25,000 more than outdoor swimming pools. But will the saving cost you more in the long run in terms of house value?
Outdoor swimming pools may detract from the value of your home more than indoor pools.
This is due to the usability. You will get less use with and outdoor swimming pool due to weather and the fact that they are usually closed up for half of the year. Also, maintenance for an outdoor swimming pool can be more intensive than an indoor pool.
Indoor swimming pools are less of an issue for value of a home. Yes, they still have maintenance and running costs. But they will usually get more use than an outdoor pool.
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How Much Value Does A Pool Add To A Home
The experts are a split on how much a pool can contribute to a homes value.
One HouseLogic study suggests an increase of 7 percent, at most, under ideal conditions, while HGTV reports that the average inground pool can up your propertys value by 5 to 8 percent. Another analysis by the brokerage Redfin of 19 warm-weather markets found that a pool can add between $11,591 and $95,393 in value to your home.
As is true of virtually any facet of real estate, location makes a big difference.
In towns with a below-average amount of pools, a homeowner with a pool could see a large increase in value because of their unique selling proposition, DiBugnara explains. Also, neighborhoods that are heavily populated with school-age children will likely see the greatest increase in the need for pools.
Be forewarned, however: The presence of a pool isnt enough to raise your likelihood of higher resale value.
A poorly maintained pool in need of repair or maintenance could drag your home value down and deter buyers, cautions DiBugnara.
If youre pondering having a pool built, consider paying for a professional appraisal. This expert can best evaluate if adding a pool will augment your homes value
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Noise And Other Considerations
Noise and the danger factor can be a detraction from getting a pool or spa. Many people are worried that the sounds of kids splashing in the pool will be too noisy. Additionally, any time you have a spa or pool, there is the potential for water dangers like drowning. This is a big concern for home buyers with small children. There are ways around these drawbacks. The homeowner can instruct the builder to place these items farther away from the door so that noise will be less of an issue. Safety fences can also be installed around these areas to keep small children out of them.
Hire A Professional To Help You Make The Right Choices
So, does a pool add value to your home? A pool can be one of many ways to add value to your property.
Ask a professional for advice on other ways you can update your home. The right upgrades will add curb appeal, open your spaces, and brighten the appearance of your home.
If youre ready to take your homes value to the next level, contact us now. Let one of our professionals help you make the most out of your home.
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Some Important Factors To Consider When Purchasing A Pool To Ensure That You Are Adding Optimal Value To Your Home
Location, Location, Location
Installing a pool in the right suburb and climate is key to adding optimal value to your property. Homes based in suburban, family orientated neighbour hoods and homes located in states with warmer climates, tend to attract potential buyers that are willingly to pay more for a home with a pool. Surprisingly, seaside suburbs house the largest number of homes with pools, this is believed that people who are attracted to waterside living will pay more for a home with a pool. Additionally, property owners should factor in considerations regarding placement of the pool in their backyard to ensure it complements their home, such as sunshine, distance from the house, and of course aesthetics, ideally the pool design you choose should be timeless and look amazing not only today, but for decades to come. This will increase your odds adding valuable dollars to your home.
A pool that requires minimal effort
A big factor that can potentially turn buyers off, is an older, outdated model that requires costly work and daily upkeep of the pool. A smart idea to consider the various cleaning options that are available when selecting a pool to reduce the commitment involved with maintaining it. Modern technology allows us to produce state-of-the-art pools that are practically self-sufficient, with minimal obligation and effort from the owner.
Shape and design of the pool
How energy efficient your pool is
A Feature To Sell Or An Obstacle To Closing
A lot of real estate experts say that a well-kept pool under the right circumstances, especially inground, can boost your homes resale value by as much as 7% according to Houselogic. This though depends on certain conditions as follows:
- You live in a higher-end neighborhood where pools are a common home addition.
- You live in a state with a warmer climate like Florida, Arizona, or Hawaii where a pool is enjoyed all year-round.
- You have a spacious backyard and your pool isnt taking up most of the space.
Hiring an appraiser to help assess whether adding a pool will add value to your property would be useful before you decide on installing a pool in your home or not. Ask that your home be appraised as it is and as if it had a pool.
The appraiser will usually look at comparable homes that have a swimming pool and issue a fair market value for your home based on those findings.
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Does Inground Pool Increase Home Value
The short answer is yes. If you add a pool to your home, its value will likely rise. Under optimal circumstances, a pool could boost your homes value by as much as 7%, according to Houselogic. Because of this general limit, youre unlikely to increase the value of your home by the amount that the pool costs.
Will Adding A Pool Add Value To Your Home
As the summer approaches, 68% of realtors surveyed by HomeLight expect to see a surge in pool additions to homes. Demand is so high that some pool contractors are booked through to 2022, according to the Pool & Hot Tub Alliance.
However, if youre thinking of installing a pool in your home with the idea that youll be able to recover your full investment when you sell, dont do it. A typical in-ground pool installation can cost between $40,000 and $50,000, according to HomeLight. A high-end or luxury pool area can cost up to $150,000. Although youll get some value back, you wont recover your investment.
Beals estimates that appraisers only add $15,000 to $20,000 to the value of a home with an inground pool. For buyers, this means, bidding up a home because of the pool may lead to a costly appraisal gap.
It really should be about personal enjoyment still and then the resale value is more of a bonus, says Feeney.
Still, if you already have a pool making sure it looks and functions its best can help your house stand out for buyers. Heres how.
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A Pool Is Either A Luxury Or A Liability
After you add up installation and maintenance costs, you end up with a large sum to recoup when you sell your home.
How buyers view a pool determines whether you can use the pool as a selling point. If you live in a higher-end neighborhood where the majority of homes have pools, buyers will consider a pool a luxury, and in some cases, a necessity.
Of course, living in a warm climate helps elevate your pools luxury status. If the pool design blends well with the style of your home, you get another point. If it doesnt take up the whole yard and its well maintained, you add a bit more to its value.
Keep in mind the age of your pool. If its over 20 years old, or youre not planning to sell your home for 15-20 years, its not likely youll see much of a return on investment.
Overall, you mayadd about 7% to the value of your home by building a swimming poolif your pool meets the above qualifications, and if you can attract a buyer whos excited about a home with a pool.
What Do Appraisers Say About The Value Of A Home With A Pool
If you ask an appraiser what adding a pool to your home will do to its value, theyre likely to say it wont do anything at all. Appraisers and many other real estate experts will tell you that youre actually not going to see a return on that investment. Adding a pool is expensive, especially in Florida, where you have to worry about small sinkholes causing cracks in your pool. The cost of installing and maintaining a pool can be significant, which is why appraisers often warn homeowners away from adding a pool. This is especially their suggestion if their goal is to simply get more money out of the property when they sell it.
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