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Many homeowners look for ways to add comfort, luxury, and value to their properties. There are many ways in which a homeowner might increase the appraised value of their home, but perhaps the most popular is installing a swimming pool or hot tub.
These can be risky investments, however; perhaps a future prospective buyer will not be interested in such amenities, in which case they will not want to pay more for such a feature. Because of this risk, a homeowner must think carefully before choosing to install a hot tub or swimming pool.
The installation of an in ground swimming pool averages around $30,000-$35,000. This price does not reflect the cost of maintenance or landscaping. Above-ground pools are less expensive with an average price of $2,000, but offer very little in the way of resale value for the home.
According to the Association of Pool & Spa Professionals, there are roughly 4.7 million public and private swimming pools in the United States. The National Association of Realtors states that adding an in-ground swimming pool to your home will add an average value of 7-8% to your property. Armed with this information, a homeowner can quickly calculate the approximate return on investment in such a project-by calculating the current appraisal of one's home and adding seven percent.
One must also keep in mind that the region that one lives in will have a big impact on the demand for a swimming pool at home. For example, residents of Wisconsin will not get much use out of a pool, as the weather is cold for most of the year. Compare this to the needs of home buyers in Arizona, where swimming pools are seen as more a necessity than a luxury item. One is more likely to get a higher return on this investment if one lives in a warm region.
Hot tubs may also add to the resale value of a home, but the outcome is dependent on a number of factors. Much like swimming pools, a person can choose to have a hot tub installed above ground, or in-ground (or, in many cases, in-deck). Some people even elect to have the hot tub placed inside the house.
The risk of this situation can certainly be cut if the hottub is a moveable fixture and can be sold separately from the home. If the buyer is not interested in purchasing the hot tub, the fixture can easily be removed. Often in this type of situation, the buyer may be happy to sacrifice the hot tub in exchange for a slightly lower selling price.
Many people, of course, are willing to pay slightly more for their home if a hot tub is already installed. Hot tubs present much less of a financial risk than a swimming pool because the price is a fraction of the costs involved in owning a pool-hot tubs can have a retail price of about $5,500.00 to $15,000.00,
depending on the size, options, and model. Homeowners will have varying demands for hot tubs, as with swimming pools. Again, the property region and climate can have a big impact on whether or not a prospective home owner would be willing to pay extra for a hot tub.
All in All...
Hot tubs are clearly a less risky investment than a swimming pool, while still maintaining much of the recreational appeal that both fixtures have to offer. Hot tubs are lower in price, potentially mobile or removable, and require less maintenance due to their smaller size.
When you are looking at the financial feasibility of adding either of these items to your home, and how it will impact your home's resale value, you should consider all of these factors to make a smart decision. For many families, a swimming pool is a wise investment-but it is often a permanent change in the face of your property, and is a serious project to undertake. In hot climates, however, the risk and responsibility involved may produce a satisfying return.
By understanding the approximate return on investment for your additions, you will be able to get the most out of your home when you are ready to sell it. Above all, remember that if or when you ultimately sell your home, the buyer will determine what amenities are worth their extra money. Providing yourself with a removable option might, in time, prove a wiser choice, and allow you to maintain your flexibility as a seller.
Written by: Emerson Lockwood. While you can run down to your local portable hot tubs, spas dealer and purchase a hot tub for $5,500.00 to $15,000.00, you could also log onto the internet and pay only $4,000.00 to $10,000.00 for the exact same portable spas hot tubs (http://www.spasnstuff.com). And
by buying online, you could save some additional money by not having to pay state sales tax in most localities. Emerson Lockwood writes about home improvement and home technology at:
http://www.superhomeideas.com and http://www.spasnstuff.com