My wife and I live in Austin, TX where it can get pretty warm out. We know that we want to add a swimming pool to our back yard, but we are not sure about the spa. The spa will run an extra 7,000 to 9,000 dollars. Although we know that we will use it from time to time, we are not sure it is worth the extra cost.
One of my big concerns is the resale value of the home. Knowing that I will most likely only get back $.50 on the dollar if we ever sell this home, I wonder if the Hot tub will impact that price. When people look at buying a home with a pool do they see a pool in the yard or do they really take notice that their is a spa.
I guess my question is, will I actually see any more return on my investment if I have the spa built or not?
Thanks you in advance for your feed back.
2007-08-17 02:22:44 · 8 answers · asked by Joel B 1 in Business & Finance ➔ Renting & Real Estate
yes it is in most cases
buyers look at thebig picture when they look at a home and pools add value. when they see a hot tub its anouther thing they can enjoy together and adds value. in there head they are adding pluses and minuses hey this one had a pool but this one had a pool and a hottub. its a bonus i live in florida and have a pool and my wife asked me to add a hot tube within 3 months of moving in and i live in florida.
pools generally add about 25k to the value of your home look at any appraisal and you will see homes without pools get a 25k deduction. and its all about how long will you hold the property if you plan on staying in it for 5 jor 10 years what would be the cost of a pool then and the gain will also go up.
anyone who says its a waste hasnt seen appraisals. i look at 20 appraisals a month averagage an many different states and have never seen simular houses one with a pool and one without and not seen a higher value on the one with a pool. hot tubs add additional value not to mention interest!!!
in any market its all about getting more buyers wanting your home at the same time.
we spend many nights drinking wine togethere and watching the sun set. I say go for it its worth the expense and the more buyers that place themselves in that hot tub the better for you when it comes negoation time.
2007-08-17 02:27:38 · answer #1 · answered by beachlover 2 · 0⤊ 1⤋
First of all it depends on the state you live in. In NC a hot tub can technically be taken with you if you move so therefore you don't get value on an appraisal. An inground pool you will get money back overtime. You will not see the return on your first appraisal. The easiest and best way I have found to explain an appraisal concerning an inground pool is like this. In a perfect world you would have two identical homes beside each other. The one on the left has the inground pool and the one on the right doesn't. How much would the average homebuyer be willing to pay for the inground pool. It varies from state to state and county to county but you could safely say from 5-10k on an appraisal. Simply put when a potential buyer looks at a house with a pool how much extra are they willing to pay for it? If you pay 30 thousand now for the inground pool it will take you time to recoup you money from that investment. But remember its an INVESTMENT. It does NOT take value away from your home. Hope I've helped some.
Licensed Real Estate Appraiser for 10 years
2007-08-17 23:58:23 · answer #2 · answered by Lez 1 · 0⤊ 0⤋
Once you put a pool or hot tub into your home you immediately lose money... just as if you were driving a new car off the lot. When you install a $7,000 pool, your house does not go up in value by anywhere close to $7,000. In fact, in some cases a pool can cause a house to go down in value.
Home improvements are almost never investments, particularly not in the current down market. The only reason to buy a pool is if you really like swimming. Your money is better served in a savings accoung if you're looking to invest.
2007-08-17 09:29:01 · answer #3 · answered by Keep On Trucking 4 · 1⤊ 0⤋
A built-in cement swimming pool or a hot tub takes away value from a home.
Basically there are only three things which add substantial value to a home: Bedrooms, Bathrooms and Land.
Family rooms, decks, an extra garage, finished basement [without a powder room or 1/2 bath], do not add much value to the value of a property.
To confirm what I wrote, you may want to call a local real estate office in your area and ask the same question. Perhaps there are additional items which will add more value to your home.
Thank you for asking your question. I enjoyed taking the time to answer your question. You did a great job - not only for your information, but for every other person interested in reading my answer.
I wish you well!
VTY,
Ron Berue
Yes, that is my real last name.
2007-08-17 10:03:06 · answer #4 · answered by Ron Berue 6 · 0⤊ 0⤋
matthew is mostly correct. improvements that add square footage or increase curb appeal can help raise the value of your home. but not dollar for dollar. the implications of a pool and/or hot tub affect the buyers different ways. one person may care less if you have it, and not affect their opinion (or their offer). is a hot tub a big appeal when you live in a "hot" area anyway (TX)? i would only invest the money if you think you'll appreciate, use, and enjoy the asset. otherwise, spend the money on something else... another bathroom, finish off the basement, add a garage, update appliances, etc.
good luck!
2007-08-17 09:35:00 · answer #5 · answered by abcdgoodall 4 · 0⤊ 0⤋
The spa probably won't increase your resale value a lot, even 50 cents on the dollar. If you would only use it from time to time and not regularly, it's probably not worth the extra money, but you are the only one who can decide if it's worth it to you. I wouldn't count on much in resale value though, although it might make the house sell quicker.
2007-08-17 10:09:37 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
You can take the hot tub with you when/if you move. Pool matienance costs are VERY HIGH and you better check your local codes regarding this because in Florida they have VERY STRICT guidelines for homes with pools.
Overall it won't make that much of a difference even with the pool.
2007-08-17 09:28:32 · answer #7 · answered by Anonymous · 0⤊ 0⤋
i have to go with beachlover on this one. when i bought my home 10 years ago we added a pool and a hottub and when it came time to sell most of the offers we got where form borrowers that loved to fact we had a hottub. we got several offers and ended up getting what we asked for due to the borrowers outbiddingn eachother. when it came down to the cost verses the gain we made out!
beachlover is right when ibought my new home we went with one with a hottub over others without . they just looked better and it was easy to see ourselves in a home with one
2007-08-17 09:43:24 · answer #8 · answered by Anonymous · 0⤊ 0⤋