Does Having a Pool at Home
Increase or Decrease Equity?
home equity articles and tips
Having a pool of your own may be something that you really want in your home. There are lots of factors that need to be taken into consideration to determine if it makes financial sense. Here are a few of the things to consider to determine if a pool will increase or decrease the equity of your home.
In some climates, it's almost expected that your home has a pool. The type of neighborhood that you live in will make a difference when it comes to this decision. You don't want to be the only house that doesn't have a pool because that will make you stand out in a bad way. The opposite also holds true if no one else has a pool in your neighborhood. The equity of your home is determined by how much your home is worth and the neighborhood in which you reside.
A pool comes with a lot of maintenance requirements. If you aren't up for the challenge of keeping your pool maintained, it will only hurt the resell value of your home. No one wants to buy a house that has a pool that will require thousands of dollars just to get it back into shape. Another consideration that people may have is whether it's worth the time to restore it or just remove it altogether. A well maintained pool may be a nice selling feature for your home.
Choose a Quality Finish
The quality of the finishes that you select will make a difference in how well your pool is received. Speak with new home builders for more information so that you can select the right finishes that will last for the life of your pool. This may mean that you go with more traditional but higher quality pieces in order to make the most out of your pool.
The amount of yard space that your pool takes up will make a difference about whether your equity is decreased or increased. For example, your backyard being nothing but pool won't help your resell value. This is because other buyers may be looking for a nicely sized pool that also has some yard space for kids and pets. This doesn't mean that you want to undersize your pool. You just have to have the right balance of yard versus pool so that you can make the most out of your investment.
There are lots of factors that serve to determine the equity in your home. Consider these reasons to decide if a pool is a benefit or a hindrance.
Home Equity Tools