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Answers (11)
- John Taylor, "JohnATaylor"
- Contributions:17
Buying/ a pool is a tricky situation. When going to sell your home, you might limit the buying audience because of the pool. However, a pool is a personal choice, it will not add value to the home. You will enjoy it as long as you continue to live at the home. That is unless you live in Alaska!!
- Sally Grenier, "Sallyg303"
- Contributions:86
1. Investment -- It's pretty much a given that a pool will NOT ad value to your home. But if you plan on being in the home for a long time, then it doesn't really matter. You can't look at it as an investment, but just as a personal preference. Get a pool, because you like having a pool.
2. No you can't get a pool installed during the process of buying a home. You'll need to close on the home before you make any huge improvements. I'm not a lender, but I seriously doubt they'll let you borrow more than the house is valued at for adding a pool. You'll need to fund this on your own, or through a home equity loan or line of credit down the road.
3. Neighborhood -- there are some older neighborhoods that don't have HOAs that would probably be perfect for having a pool. Otherwise, most newer areas w/ HOAs likely have restrictions against having a pool.
2. No you can't get a pool installed during the process of buying a home. You'll need to close on the home before you make any huge improvements. I'm not a lender, but I seriously doubt they'll let you borrow more than the house is valued at for adding a pool. You'll need to fund this on your own, or through a home equity loan or line of credit down the road.
3. Neighborhood -- there are some older neighborhoods that don't have HOAs that would probably be perfect for having a pool. Otherwise, most newer areas w/ HOAs likely have restrictions against having a pool.
- Wes Black
- Contributions:509
In Louisville, KY, we do not have that many homeowners that have backyard pools. Many residents join country clubs and many areas have subdivision pools. Pools are generally do not help in reselling the property.
- Appraisal guy
- Contributions:120
I've written several articles about when it is the best time to buy, sell, or refinance in regards to a swimming pool.
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[hotlink removed by Zillow moderator]
- Hardcore4x4
- Contributions:6
Interesting.
So I gather a few things.
1. It is an insurance liability. I'll have to look more into that, is it because they are afraid of someone drowning or is it broken parts etc?
2. As far as heating, I plan on using solar and wind power at my new home. Of course this is all dependent on where I live. As long as I keep my water above 40 degrees I should be fine. I will plan on using a combination of solar and gas to keep the hot tub and pool warm during the winter months.
3. I'm still confused about the loan. So I would get a loan for the home and then look for a construction loan separately? Or would the purchase of my home with the cost of the pool and hot tub be a construction loan?
Thanks again for all your help
So I gather a few things.
1. It is an insurance liability. I'll have to look more into that, is it because they are afraid of someone drowning or is it broken parts etc?
2. As far as heating, I plan on using solar and wind power at my new home. Of course this is all dependent on where I live. As long as I keep my water above 40 degrees I should be fine. I will plan on using a combination of solar and gas to keep the hot tub and pool warm during the winter months.
3. I'm still confused about the loan. So I would get a loan for the home and then look for a construction loan separately? Or would the purchase of my home with the cost of the pool and hot tub be a construction loan?
Thanks again for all your help
- jrtpapa
- Contributions:84
I am considering buying a house now with a heated pool...Pennsylvania. I've budgeted an extra $100/month to account for the added maintenance....that of course lowers the amount I can borrow...making the effective house price higher. I am only wondering if 100/month was accurate.
- Brian Teyssier, "Brian Teyssier GRI"
- Contributions:964
Thanks for posting your question "hardcore4x4.
The way it is viewed is would the object (pool, hot tub, jet ski, street bike) be used more because of the climate the person lives in or less months of the year? A pool in Colorado would be used less I am assuming and that is why it devalues it. Of course it would depend on the buyer when you go to sell. It appears that in your area, most buyers would not want to have to deal with tearing it down or filling it in or maintenance of it.
As for financing, the lender will send out an appraiser to view the property in the condition it is in when the sales contract is written. There may be some construction loans out there for you.
Good luck, hope we helped!
The way it is viewed is would the object (pool, hot tub, jet ski, street bike) be used more because of the climate the person lives in or less months of the year? A pool in Colorado would be used less I am assuming and that is why it devalues it. Of course it would depend on the buyer when you go to sell. It appears that in your area, most buyers would not want to have to deal with tearing it down or filling it in or maintenance of it.
As for financing, the lender will send out an appraiser to view the property in the condition it is in when the sales contract is written. There may be some construction loans out there for you.
Good luck, hope we helped!
- Katherine Cannon, "highheeledhomeowner"
- Contributions:107
Some love them, and some hate them. They can be dangerous, a liability, and at the very least, expensive.
But for that buyer niche, moving from AZ or CA who loves pools as much as you do, it might be a good idea.
I wouldn't think too much into it as a resale investment. Do it or don't do it for your own enjoyment.
But of course, make sure the neighborhood isn't subject to CC&Rs that would prohibit putting in a swimming pool! Easy to figure out during the process of buying a home!
But for that buyer niche, moving from AZ or CA who loves pools as much as you do, it might be a good idea.
I wouldn't think too much into it as a resale investment. Do it or don't do it for your own enjoyment.
But of course, make sure the neighborhood isn't subject to CC&Rs that would prohibit putting in a swimming pool! Easy to figure out during the process of buying a home!
- wetdawgs
- Contributions:26833
Why does a pool bring the value down? They are expensive to maintain and even more expensive to heat. They are also a liability for insurance.
I know a couple of people with pools in Colorado. These individuals are very wealthy.
I know a couple of people with pools in Colorado. These individuals are very wealthy.
- Carrie Holmes, "Carrie Holmes"
- Contributions:241
Many communities with HOA's have pools which you can use, but don't have to maintain. Also depending on where you live and are looking to buy there are great city pools too. Pools are high maintenance and cost and are only really able to be used for 6 months out of the year that is why you don't see many homes in Colorado and are considered a liability in some houses and neighborhoods.
If you want to do renovations to a home and add a pool you as you mention you will most likely need a construction loan. It is a particular loan program that not all lenders offer.
Be sure and review any HOA covenants and city regulations about installing a pool before you purchase and you will be just fine. Good luck and let me know if I can be of further assistance!
Kindly, Carrie Holmes
[contact info deleted by Zillow moderator. Please refer to our Good Neighbor Policy for posting guidelines]
If you want to do renovations to a home and add a pool you as you mention you will most likely need a construction loan. It is a particular loan program that not all lenders offer.
Be sure and review any HOA covenants and city regulations about installing a pool before you purchase and you will be just fine. Good luck and let me know if I can be of further assistance!
Kindly, Carrie Holmes
[contact info deleted by Zillow moderator. Please refer to our Good Neighbor Policy for posting guidelines]
To pool or not to pool, that's the question
As my wife and I start looking at the market there's one thing I have noticed. Colorado people really don't like pools.
I LOVE entertaining and having been a lowly apartment dweller my whole life, I have come to love a heated pool and hot tub in the winter. After doing some research though, it seems that a pool actually brings the value of your home down. How is this possible?!!
Also,
If I do decided to buy a pool can I do this during the process of buying the home? Of will the lender only finance what the home was appraised for? So just for shits and grins, let's say I purchased a 100k home. Would a lender let me borrow 400k to tear that home down and build a new one that has all my hearts wants and desires?
On a more serious note,
If I do buy a home, what are the chances of me finding a neighborhood that will even allow me to do such a silly thing as put a pool into back yard?
I think it's probably a silly question but one I have been very curious about.
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