Is a house worth more, the same or less with a pool?
This is a legendary question in the real estate world, right up there with what happened to dusty rose carpeting and why do Realtors insist on typing in all caps on MLS.
Luckily we’re only here to deal with the pool question as the other questions are beyond our skill set!
The bottom line is that the beauty (or desirability) of a pool is really in the eye of the buyer. Similar to cars, fashion or food, each home will likely appeal to a certain demographic of buyer (within a reasonable range).
House A – a 2,800 sq.ft. 2 storey home around the corner from a primary school and up the road from a high school. There are 4 bedrooms on the 2nd floor with a large rec room and 5th bedroom finished in the basement. There is a beautiful pool, gazebo with hot tub and large grass and green space. The street is dotted with hockey and basketball nets with loads of kids under the age of 15.
POOL SCORE : A (pool is in great shape, fits buyer profile)
House B – a 950 sq.ft. semi-detached bungalow home on a 32’ x 105’ property. The backyard is completely consumed with an inground pool. The concrete coping across the back has settled away from the home. Due to the pool and concrete, the only ‘natural’ green space are numerous potted plants scattered around. Buyers on this street are largely first time home buyers, retirees or investors.
POOL SCORE : D (pool has issues, doesn’t fit buyer profile)
House C – a 1,500 sq.ft. detached side split built in 1979. The concrete pool was installed in 1982 and hasn’t been used the last 2 summers. It is clearly in need of attention. The concrete around the perimeter is pitted and cracked as well. The surrounding neighbourhood is often starter homes for younger families but occasionally out- of-town buyers are settling in, renovating and enjoying their retirement home. The pool isn’t beyond repair but will take $12,000 to rehabilitate.
POOL SCORE : C+ (pool has issues but may fit buyer profile and can be brought back to life for considerably less than a new pool)
So, in light of the above, let’s ask the question again.
Does a pool add value, subtract value or contribute any value to a home?
Determining the benefit of a pool will really depend on a lot of variables. Here are some you should consider:
– the pool itself (age, condition)
– the neighbourhood (is it commonly found in the area?)
– price point of the home (pools really are a luxury with expenses that must be factored in)
– potential buyer (who is the likely buyer and are they interested in a pool)
– supply and demand (are you selling a home with a pool at a time when demand is high and there are no other options available on the market? Or on the flip side, is the market oversaturated (or flooded…pick your pun!) with homes with pools?
So, this comes back to our previous bLOG “The 4 Sides To A Pool”. It really depends on the home, the seller and the buyer. Aaaaannnnd the pool.
For help with your home, with or without a pool, feel free to contact us today!
Thank-you for visiting.