If you're in the midst of selling your home during this heated summer season, you're probably under the assumption that your backyard pool is an automatic advantage. In certain cases, you're right, however, you must consider a few factors that either add to or decrease the value of your home.
Real Estate Rule of Thumb is to renovate kitchens and bathrooms to increase the property value and maximize the return on your investment. Of course, improving the roof, siding, windows or floors is also appreciated. Remember, a pool is a luxury, so adding one in order to sell might not give you the best return.
However, selling a home already equipped with a pool will add value...
2) IF the surrounding homes have pools. Chances are, your home will be in the running with other homes for sale in the neighborhood, as you will be accommodating the buyer with similar features.
3) IF the type of pool is consistent with the others in the neighborhood. Unfortunately, if everyone has an in ground pool with a sprawling patio deck, and yours is the only above ground, stiff competition will be a factor.
4) IF you're leaving enough room for outdoor entertaining and yard space. The pool should be an added feature, not consume the entire yard.
5) If you live in Florida! There are people that won't even consider a home without a pool in that warm of a climate. I know firsthand!
To sum it up, it really depends on the buyer. There are people that check 3 beds, 2 baths, 3,000 square feet and a pool in their requirements while searching for a home.
On the other hand, others may be reluctant due to the maintenance a pool requires, the cost of energy, the safety of their little ones, or because they simply prefer green grass in their backyard!
Article by Kim Fromentin
for Compass Real Estate Group, LLC