Whats a pool worth if all the comps I run are minus a pool?
11,877The house I want to run a CMA for has a pool. The homes that the CREATE A CMA tool offered up , none have pools. So what is the value of a pool, plus or minus, to add to my home value?
6 answer(s)
About 6 years ago
I found the previous answers informative because I have been wondering about that exact same thing when it comes to appraisals and home value. I will say this: in my opinion, it is an attraction and depends on the buyers if that makes the property more attractive or if it only seems like a burden. I had a situation where my buyer was considering two similar properties at the same asking price in the same neighborhood, one had a pool and the other not. They considered a more attractive offer for the house with the pool since they preferred it. Ergo, it is the buyer's motivation that will dictate what they are willing to offer, thus I also struggle with comping it out. Thanks for all the helpful answers
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DislikeAbout 6 years ago
Kirsten,
Your best bet is to ask an appraiser that knows the neighborhood you are preparing the CMA for. In a neighborhood that there are no pools, having a pool probably does not bring much value, if any. If the pool is old and/or in poor shape, it can actually pose an issue and you might need to reduce the price accordingly.
What I have done is determine the PSF range without the pool. Then if the pool is in great shape and high end, I will typically go with the highest PSF and add something for the pool. That will also depend on the price range you are working within. It would be hard to add an additional 20K to a 200K home, even if it is a 40+K pool. If you advise clients of the pool issue up front and they decide to price high at least they will be prepared if and when list price needs to be lowered. Best of luck to you!
Your best bet is to ask an appraiser that knows the neighborhood you are preparing the CMA for. In a neighborhood that there are no pools, having a pool probably does not bring much value, if any. If the pool is old and/or in poor shape, it can actually pose an issue and you might need to reduce the price accordingly.
What I have done is determine the PSF range without the pool. Then if the pool is in great shape and high end, I will typically go with the highest PSF and add something for the pool. That will also depend on the price range you are working within. It would be hard to add an additional 20K to a 200K home, even if it is a 40+K pool. If you advise clients of the pool issue up front and they decide to price high at least they will be prepared if and when list price needs to be lowered. Best of luck to you!
About 6 years ago
I like all these answers. Just to expand on Mark's a little bit:
Obviously needs work/plaster $0 (could even require a discount if it poses a perceived hazard or large rehab expense)
pool no spa maybe $10-$15K
pool and spa maybe $15-$20K
Over the top w falls, rock slide, pebble tech, etc...and in a neighborhood where this would not make the property overbuilt and glaringly over market...upwards of $50K
Obviously needs work/plaster $0 (could even require a discount if it poses a perceived hazard or large rehab expense)
pool no spa maybe $10-$15K
pool and spa maybe $15-$20K
Over the top w falls, rock slide, pebble tech, etc...and in a neighborhood where this would not make the property overbuilt and glaringly over market...upwards of $50K
About 6 years ago
Hi Kristen,
If pool is not common in the neighboorhood, it might not give additional value to the house.
If pool is common you might consider adding 25-50% of the cost of pool to the house value. Or by comparing sales within the neighboorhood, between with pool and without pool and get a number from there.
For the case of appraisers, For some appraisers, pool has no value at all. It is seen as hole in garden.
Regards,
Cagdas Acar
Msc, PSA, Realtor
832-283-1091
acarster@gmail.com
www.cagdasacar.kw.com
If pool is not common in the neighboorhood, it might not give additional value to the house.
If pool is common you might consider adding 25-50% of the cost of pool to the house value. Or by comparing sales within the neighboorhood, between with pool and without pool and get a number from there.
For the case of appraisers, For some appraisers, pool has no value at all. It is seen as hole in garden.
Regards,
Cagdas Acar
Msc, PSA, Realtor
832-283-1091
acarster@gmail.com
www.cagdasacar.kw.com
About 6 years ago
I have a habit of collecting appraisal reports from my transactions. I typically see anywhere from $12k-$20k. But I would get an opinion from an appraiser.
About 6 years ago
Hi Kirsten!
In my experience, from appraisal classes, pools don't carry much value. It's one of those investments a homeowner does for themselves, and it is unlikely that they will get a return on the investment when they sell. In a neighborhood with no pools, having a pool doesn't really raise the value for an appraiser. They can only assign a value for a feature if they can find a comp with the same feature. However, in a neighborhood of homes that all have pools, a home without a pool would be valued less. For your reference though, a pool costs $20K+ to put in, depending on the size and detail, but it won't result in a value increase of anywhere near that much. I know a great appraiser that I can refer you to for questions like these. I'll email you his info.
In my experience, from appraisal classes, pools don't carry much value. It's one of those investments a homeowner does for themselves, and it is unlikely that they will get a return on the investment when they sell. In a neighborhood with no pools, having a pool doesn't really raise the value for an appraiser. They can only assign a value for a feature if they can find a comp with the same feature. However, in a neighborhood of homes that all have pools, a home without a pool would be valued less. For your reference though, a pool costs $20K+ to put in, depending on the size and detail, but it won't result in a value increase of anywhere near that much. I know a great appraiser that I can refer you to for questions like these. I'll email you his info.
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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