If you sell luxury homes, or are simply trying to unload the one you currently home, you know that everything in the home should be pristine in order for you to get top dollar for your home. Luxury home buyers are looking for the newest technology, high-end materials and most unique houses. If you are considering building a pool, you should learn the pros and cons before you invest money in hopes of helping the home sell. Here are a couple of the pros and cons of building a pool to help your luxury home sell.
The Cons of Building a Pool in Hopes of Helping Your Luxury Home Sell
- Your ROI of Investment is Rarely 100 Percent
One of the biggest downsides to installing a pool in the backyard of any home, including luxury homes, is that you rarely see your entire investment returned when the home sells. This means that if the value of the home is $500,000 and you install a $50,000 pool, you would need the value of the home to be $550,000 to have made the pool investment worth it. Rarely does this happen. A pool often adds less value than its cost, meaning you can lose money. If you are building it solely to increase the value of the home, you may want to think twice.
- You Can't Install a Cheap Pool
The other con to installing a pool in the backyard of a luxury home is that you can't cheap out when it comes to this pool. The pool needs to match the luxurious and high-end nature of the home. If it doesn't, it may feel and look out of place. As such, consider exactly what type of pools, pool surrounds and pool add-ons are being done in by others in the neighborhood. No one wants to have the worst pool in the neighborhood, so you need to be able to keep up or you should not build one at all.
The Pros of Building a Pool in Hopes of Helping Your Luxury Home Sell
- It Can Help the Home Sell Faster in the Right Neighborhood
In certain luxury neighborhoods, buyers expect to walk in to see a home and see a pool. If they do not see a pool, you can have a hard time selling the home. Typically, this is in areas where the weather is decent year-round, including Hawaii, Florida, and Southern California. However, speak to a realtor about what buyers in your neighborhood expect. While you may not see a return on building a pool, it can help your home move faster if buyers expect to have one.
- You Are Selling the Buyer on a Lifestyle
The other benefit to building a pool is that it can be just the selling point you need to get the home sold. Pools evoke different feelings in different people. Bachelors see a place where they can throw wild pool parties. Busy executives may see the pool as a place they can unwind and relax with a drink in hand at the end of the day. And parents may envision the pool as a place where they can spend quality time with their kids. A pool helps to evoke feelings in people, which is a great way to attract a buyer.
Competition is becoming more fierce in the luxury home market. As such, you may be thinking about building a pool to help your luxury home for sale move faster. Learning the pros and cons will help you determine if this is something you should do or something you should let the buyer do, if they so choose.