I was showing homes yesterday to a family of four, many homes were similar with similar amenities. One particular home had a gorgeous rocked/concrete in-ground pool. The house was great, very similar to the other homes in the neighborhood, however this home appeared to be one of the only homes in this particular neighborhood with a pool. This pool was definitely an eye catcher with a built in rocked spa! I can't deny that I along with these potential buyers were dreaming of diving in on this hot, humid day in Dawsonville, Georgia! The home that I was showing was priced at $225,000, this pool retailed for around $45,000, one would guess that the quality of this pool would boost the value of this home. Not necessarily!
The big question that buyers ask once the daydream of weekend filled with fun wears off is the cost?? Pools can be a lot of work and very costly to keep up. Pools like every other aspect of our homes require maintenance and with age, comes bills to insure the integrity and continued resale value. Pools that are in need of repair not only is suddenly unappealing, but can also really cost a new owner.
On average in the United States, an in-ground pool adds 7.7% value to your home according to the National Association of Realtors. These statistics varies greatly depending on your location. Neighborhoods where pools are not common, could find that they actually will lose money their backyard oasis. Overall, pools reduce the amount of potential buyer who was to view your home. My particular buyers decided that the pool may ultimately may be too big of a liability, cost and work for them to put the offer in.
These statistics were found at Homeowner.net
· In the Northeast, a pool adds 4 percent to 6 percent to a home's value.
· In the Southeast, the effect ranges from 5 percent to 10 percent.
· The Midwest is similar to the Northeast, with the average effect on value being about 6 percent.
· A pool seems to weigh in the most in the Southwest, where studies show the effect on a home's value to be between 8 percent and 13 percent.
• A pool also is important in the West, but the effect on value -- while still positive -- is less consistent than in other areas. In the West, the average effect on value ranges from 5 percent to 13 percent.
Jennifer Pirkle
678-617-0715
Harvest Realty
harvestrealtyofga.com
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