Living in the sunny state of Florida, many homeowners consider adding a pool to their property. There’s no doubt that they will get great use out of it, but for those who want to sell their home one day, they may wonder if a pool is worth the investment. Will it add significant value when it comes time to sell? The answer is yes and no.
If you look at the different homes for sale in Davenport, FL, you’ll see that houses with pools are typically selling for more than average. However, there are a few other factors involved, so don’t automatically assume that a pool is going to equate to more money in the end.
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, they’re likely to say it won’t do anything at all. Appraisers and many other real estate experts will tell you that you’re 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.
The Data Says Pools Do Add Home Value
However, if you look at the housing market, the data paints a different picture. In Davenport, the average home without a pool sells for $266,000. These houses are around 2,000 square feet in size and were built in 2008. On average, a house will be on the market for about two months before selling.
When you add a private pool, the average selling price jumps to $292,000—an increase of almost $30,000. Is that increase due to the pool? Perhaps, but it should be noted that these properties are also, on average, 300 square feet larger. That extra space could be an additional bedroom, bathroom, or bonus area.
This extra space could account for the higher sell price. It’s also important to note that these houses sat on the market for an average of 76 days, two weeks more than homes without private pools.
Does Being Near a Community Pool Add Value?
Here, appraisers and the data agree: being close to a community pool has absolutely no effect on the selling price of a house. Homes near a community pool typically sold for around $258,000. Overall, they were smaller houses, and they were on the market longer than other properties.
There are several factors that could contribute to this, including the fact that these homes may be located in a condo community. These smaller homes often have very little yard space. This makes them less attractive to families with children or pets.
The True Added Value of a Pool
If it doesn’t necessarily add monetary value to your home, what value can a pool add? The value of enjoying your own private pool, of course!
If you love the idea of having a pool in your backyard and you know you and your family will use it often, that’s all you need to justify the expense. Later, if you do sell your home, you’ll be able to attract potential buyers who are interested in having a pool.
Let Us Help You Find the Right Buyers
If you are interested in selling your home, whether you have a pool or not, we’re here to help you find the right buyers. Contact Florida Realty Marketplace today to talk to one of our real estate professionals.