Recently
a Globe and Mail article quoted an investopedia.com article that listed a Pool
as the number one home renovation that does not add value. This is not always
the case. Given
a proper size land lot, a pool can in fact retain enough of its value to justify
installing.
Although
they are correct that, 'many potential home buyers view swimming pools as
dangerous, expensive to maintain and a lawsuit waiting to happen', others see a
pool as an amazing addition that adds tremendous value to family life. In fact
for those who want a pool, the idea of going through the upheaval of installing
a new pool from scratch is more of a turn off than any of the potential
detriments of purchasing a home with a well maintained pool in
existence.
In
my experience, pools that add value as opposed pools which create a flat value, are usually found in homes with pie shaped lots, or corner properties with a
large side lots. In these circumstances the pool does not dominate the entire
yard. The pool can be safely fenced off from the remainder of the yard and the non
pool side is then utilized for other family needs and wants (swing set,
vegetable/flower gardens, etc.)
Nonetheless,
homeowners do install pools on regular lots. The result is a hard landscaped effect with the yard transformed into wall-to-wall
pool and pool surround. From a Real Estate perspective, investment in this circumstance is not sound. However a well-kept pool with good landscaping rarely detracts from value. With pools on
average lots, homeowners should not expect to recoup as much of there initial
cost.
If
you are thinking of installing a pool and only have a regular size lot, I would
recommend staying above ground and minimizing cost. I have visited some amazing deck-to-above ground pool combos
that are better investments for small yards, as well as safe, and very
enjoyable.
Value associated to home
renovations and upgrades are often tied into trends and expectations of buyers
within a particular neighbourhood. Contact us if you are thinking of renovating
and/or upgrading and are unsure what is the best choice from a Real Estate investment
point of view – especially if a sale is in the not too distant future.
The David Smeriglio
Team
david@soldhabit.com
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