While a home with a pool is not necessarily a luxury pool home, to most of the world it is! This is an important point to remember when marketing your property. Is there any unique feature that you take for granted but other people would find irresistible? Even if you don’t see a way to list your property as a luxury pool home, with a little imagination and some cosmetic work, it can be in no time.
In fact, a pool can be one of the best selling points in many areas of the country. Even in Canada, this past winter was so mild that many homeowners were able to have pools installed late into the season, taking advantage of lower prices during the off season. Playing up this feature of your home or investment property for sale can bring in a great return. Refacing a pool is relatively inexpensive and provides many options for customization with new types of surface material and a variety of colors. Adding pavers to create additional seating space or adding landscaping or just staging the area with patio furniture can add thousands of dollars to an asking price.
According to the article Coordinating Your Aquascape by Debra Wood on www.luxurypools.com, property owners now realize the importance of customizing the pool’s design and features to the surrounding environment: Creating a spectacular pool and complementary surroundings requires careful attention to detail so that all backyard elements harmonize with each other, the home and the region's natural features.
“It is all about the aesthetic value of space and the environment,” says exterior designer Mike Nantz of Elite Concepts, Lewisville, TX. “When you are dealing with Mother Nature and the natural topography, it is very important to blend the pool into its surroundings so that it seems to disappear within them.”
If you are looking to buy deals for resale, you may consider if it is possible to turn a potential investment property into a luxury pool home. A large lot size is not always necessary. If there is space for a small pool or even a spa, which are very popular, it may add value to the property. Even if the pool takes up most of the yard space, that can be a selling point to someone who doesn’t like yard work!
Be careful about overdeveloping for the area though; Consumer Reports recently issued a report on the value of different types of remodeling projects and found that the best investments were those that brought a property up to the level of the surrounding neighborhood but did not surpass that level. While adding square footage ranked as the number one improvement for return on investment, it may still be possible to take advantage of this advice when installing a pool or spa. Just make sure to look for properties in areas where pools are the standard and find a property that has not been upgraded to that level.
A recent MLS search showed properties with pools to be excellent sellers in areas such as Florida, California, and Las Vegas. But areas that you may not consider to be attractive for luxury pool homes might be appropriate for a small, easy to maintain pool. Urban centers such as Atlanta, Georgia and Albequerque, New Mexico are becoming centers with higher real estate expectations, and properties with pools sell very well. The other benefit of having a pool is that even though the sales price difference between a home with a pool and a home without may not create the most desirable return on investment, pools with homes may sell more quickly in certain area. This reduces carrying costs of having to make monthly mortgage payments in a sluggish market.
Don’t assume that a cold climate eliminates the possibility of creating a desirable atmosphere for a pool. With the advent of pool installations has come a proliferation of methods for heating pools and ways for making them more usable. Solar heating, heat pumps, gas heating and pool covers all offer options for heating pools year round.
According to 360 Degrees of Financial Literacy, there may even be tax benefits to adding a swimming pool to a property:
Home improvements and repairs are generally nondeductible. Improvements, though, can increase the tax basis of your home (which in turn can lower your tax bite when you sell your home). Improvements add value to your home, prolong its life, or adapt it to a new use. For example, the installation of a deck, a built-in swimming pool, or a second bathroom would be considered an improvement.
Luxury pool homes are also extremely desirable vacation rentals. If you purchase a property with a pool in an area that attracts tourists, such as South Florida, Southern California, Orlando, or other summer vacation locales, being able to market it as a luxury pool home for vacation rental is an excellent way to increase the income from a property – and to gain a second home or vacation home that pays for itself.
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