I was at an open house last summer when an appraiser stopped by and I asked him "Do Pool Homes Sell for More?"
You see, every summer I have at least four or five buyer clients that would love to buy a house with a swimming pool only to find that pool homes are both hard to find in Albuquerque and in my opinion, they are frequently overpriced.
I had a long conversation with this appraiser, and if I understood him correctly, his answer was "it depends." It depends whether or not any of the recent sales in the neighborhood had pools, and it depends on whether the homes with pools sold for more or not.
He went on to say "just because I think a swimming pool ought to add value to a home doesn't mean I can increase the value. It's like solar panels, in my opinion they ought to add value to a house but without the comps to prove it, I can't give it."
Pool homes are not that common here in Albuquerque, so finding comparable sales and assigning value to the pools is difficult. Curious about pool homes and whether hey add value to homes in other markets I turned to two of my Realtor friends in neighboring cities to get their take. Are pool homes more common in their markets, and do they add value?
Pool Homes is Las Vegas NV
Las Vegas real estate agent Debbie Drummond says that "Las Vegas home buyers who can afford pools want them."
"At least half of the buyers we work with will answer yes when asked if they prefer a pool. Others say they would like one but it isn’t a must have. In over ten years, I’ve only had one couple who didn’t want a pool. They were from Michigan where a pool doesn’t add to a home’s value."
"On average, we see appraisers giving an older pool at least $15-$20K in value. The values increase with newer, larger pools. For a mid-priced home, they will add approximately $30K to a home’s closing price."
"The majority of our luxury homes have pools and the values can be as much as $100K. We’ve sold 125 luxury homes through our MLS that closed for more than $1M this year. Only nine of them didn’t have pools."
Homes with Swimming Pools in Phoenix
It sounds like homes with pools in Phoenix area sell for more too. Real estaate agent John Cunningham with eXp Realty says:
Albuquerque Homes with Pools
Phoenix and Las Vegas are both considerably hotter than Albuquerque. If you've never lived in Albuquerque that may surprise you, but it's true, and that's just one of the best things about living here in Albuquerque. It looks like homes in Phoenix and in Las Vegas are more valuable if they contain swimming pools, but are homes with swimming pools worth more here in the Duke city than homes without them?
Like my appraiser friend told me, "it depends." by Albuquerque Real Estate Agent Rich Cederberg, eXp Realty (505) 803-5012.