Does Swimming pool adds value to property as far resell concern
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I think a pool is a lifestyle choice as opposed to an investment one, I love my pool but whether it added value was never really a consideration as in FNQ its a necessity . I am not sure about Canberra though? Would it be heated and will it be used enough to justify the cost?
If your looking to sell in the future your property would definitely have appeal to owner occupiers but it could turn off potential landlords. I try to avoid buying rental properties with pools as tenants won't look after them and the extra costs involved are not worth it IMO.
It also depends on the market demographics, style of property and location. You would know from houses in the surrounding suburbs whether a pool was in demand.
If your looking to sell in the future your property would definitely have appeal to owner occupiers but it could turn off potential landlords. I try to avoid buying rental properties with pools as tenants won't look after them and the extra costs involved are not worth it IMO.
It also depends on the market demographics, style of property and location. You would know from houses in the surrounding suburbs whether a pool was in demand.
If you spend $30K on a pool it adds less than that to the value of the property - maybe $20K at most, so it is not a value-add.
In addition, you severely restrict your potential pool of buyers for a resale.
30% of the market is investors - almost 100% of whom do not want a pool in their IP.
Of the 70% remaining -PPOR buyers , a large % of them also do not want a pool.
This.
As a PPOR - desirable as long as it doesn't consume 95% of the backyard as most tend to.
As an investment - nooooooo! The less maintenance headache the better.
Agree with everyone here. Don't do it specifically to add value. Only do it if you're living in the property and will get to enjoy it for a period of time first.
Only 4.5% of properties in ACT have a pool (though this is a statistic from 2007) so there's not too much demand for one from the general public.
I would talk to some local real estate agents to find out what people demand the most and are prepared to pay a premium for - an ensuite? Ducted air-con? Under floor heating? Another bedroom? Lots of other options....
I reckon there'd be a lot of ways to add significantly more value (and demand) than what a pool would if you're prepared to put money into the property before you sell.
Hope that gets you thinking anyway!!
Only 4.5% of properties in ACT have a pool (though this is a statistic from 2007) so there's not too much demand for one from the general public.
I would talk to some local real estate agents to find out what people demand the most and are prepared to pay a premium for - an ensuite? Ducted air-con? Under floor heating? Another bedroom? Lots of other options....
I reckon there'd be a lot of ways to add significantly more value (and demand) than what a pool would if you're prepared to put money into the property before you sell.
Hope that gets you thinking anyway!!
I recently had a prospect arguing that it would cost $50k to remove the pool so was trying to get a reduction. Needless to say that they didn't get the property.
My brother's PPOR in Canberra had a pool. He set it up as a bit of a bachelor pad - also had a full size pool table and arcade games (which he included in sale)
When they sold it last year it sold on first open with two parties outbidding each other. It sold about $50k above comparable properties simply because the lifestyle appealed. Also sold in summer when it was very hot.
He used the pool maybe 4-5 months of the year.
When they sold it last year it sold on first open with two parties outbidding each other. It sold about $50k above comparable properties simply because the lifestyle appealed. Also sold in summer when it was very hot.
He used the pool maybe 4-5 months of the year.
Am looking for a house at the moment - am avoiding houses with a pool. Unfortunately there are more houses with a pool than those without! I have heard it costs about $20,000 to fill in the hole
My ppor had a fibreglass pool when i bought it, was quoted $7000 to have it removed then filled in with classified fill, engineered, layered and compacted ready to have a house built over the top of it. In adelaide though.
If i wasnt looking to build over it i would have been all over the giveaway clean fill adds on gumtree
As an investment no! As a PPOR in a suburb where premium is paid for pool yes, but in a suburb where no premium is paid or limiting buyers no!
