Hi all, we are planning a knock down and rebuld in an east suburb of Melbourne. I'm currently contemplating whether to build a swimming pool. From a future resale perspective, does having a pool enhance the selling price of a new house?
Alternatively, would it be more cost effectives to construct just a big outdoor spa, usable throughout all three seasons?
I'm eager to hear everyone's opinions. Thank you!
Is swimming pool cost effective to add value to new build?
Page 1 of 1
This is anecdotal, but in looking at sales for the past 5 years in suburbs around me I'm pretty confident pools add a significant amount of value to a home (by significant I mean more than it would cost and enough to make it worth it). Not that I want to see more pools.
The last home I lived in didn't have a pool and when i went to sell it the agents were not happy, even telling me to put one in to sell the place. The agents weren't happy because this was the feedback they got from open inspection prospects for people looking at homes in my area.
It really depends on your area/location/proximity to services/the things people like/want from where you're located to figure the cost benefit.
The agents all told me that with a pool we would have achieved an additional $150k to $200k over asking because it's QLD, hot and people relocating from southern states want a pool in this climate.
If there are young families (demographic) looking to buy in your area, they'll love the idea of a pool. It's definitely a feature they will pay extra for.
You could always go and ask your older, local real estate agents (the ones who have been through a few property cycles) for their opinion.
Hopefully you have a good local agent who can give you an honest answer based on facts, much to the good point that Stonethrow made in using comparative sales as a guide.
Perhaps you can ask the agent to do a sales search for comparable sized properties to yours, in your area and surrounding area, with and without pools, and note the sales price. A comparative market analysis - CMA. You can do this yourself using realestate.com.au or domain and get almost the same outcome (all the CMA's come from these data feeds or RP Data/Corelogic).
To Stonesthrow's point, that's probably the most objective outcome you can get, based on data. Every one else will just be giving you their opinion, which may not be based on anything tangible
From a practical perspective, its always easier (access) installing a pool when building a new house than later on so there should be some cost savings there as a minor but relevant point to consider. Either way if your doing a new build you should make sure you let your builder/engineer know roughly where it could be located then have them put in some more bored piers to support any affected areas (during pool excavation). Doing that with a new build isnt a big cost but later is a much bigger cost.
It really depends on your area/location/proximity to services/the things people like/want from where you're located to figure the cost benefit.
The agents all told me that with a pool we would have achieved an additional $150k to $200k over asking because it's QLD, hot and people relocating from southern states want a pool in this climate.
If there are young families (demographic) looking to buy in your area, they'll love the idea of a pool. It's definitely a feature they will pay extra for.
You could always go and ask your older, local real estate agents (the ones who have been through a few property cycles) for their opinion.
Hopefully you have a good local agent who can give you an honest answer based on facts, much to the good point that Stonethrow made in using comparative sales as a guide.
Perhaps you can ask the agent to do a sales search for comparable sized properties to yours, in your area and surrounding area, with and without pools, and note the sales price. A comparative market analysis - CMA. You can do this yourself using realestate.com.au or domain and get almost the same outcome (all the CMA's come from these data feeds or RP Data/Corelogic).
To Stonesthrow's point, that's probably the most objective outcome you can get, based on data. Every one else will just be giving you their opinion, which may not be based on anything tangible
From a practical perspective, its always easier (access) installing a pool when building a new house than later on so there should be some cost savings there as a minor but relevant point to consider. Either way if your doing a new build you should make sure you let your builder/engineer know roughly where it could be located then have them put in some more bored piers to support any affected areas (during pool excavation). Doing that with a new build isnt a big cost but later is a much bigger cost.
Related
4/03/2024
3
Approvals are covered in the cost we are paying to the pool company. The only thing stated in our home build contract for the additional cost is engineering support. …
15/01/2024
3
As a tradesmen get a private inspector although I don't think there worth it in their profession themselves the reminder they serve to the tradesmen doing the work is…