Article By: Jim Porter – March 12, 2016
It has been more than eight years since the real estate bubble popped and now values of homes have returned to 2003-04 levels.
People who were lucky enough to purchase a home between 2009 and 2012 have seen their equity position increase nicely.
Now that a ton of homeowners have equity in their residence, many folks are considering putting a pool in their backyard or remodeling their home. The question a person should ask before they spend or borrow large sums of money for home improvements is, how long do you plan on living in the home?
My opinion is, if the answer is 10 or more years, then making the house better for happiness and enjoyment is worth it if the person can afford the cost. If the answer is something like five years or I have no idea, then it may be a good idea to simply sell the old house and buy a home with a remodeled kitchen and a swimming pool now.
A pool costs between $30,000 and $60,000 and when you sell a house it usually only gets you an extra $10,000 to maybe $20,000 in price. The other thing to consider is limited marketability because some buyers will not buy a house with a pool.
Mary and I added a swimming pool to our home 15 years ago and have no regrets. The pool looks nice in the yard and my four kids loved being able to swim and play in the pool for the three months per year that it is warm enough to swim.
My grandkids love the pool and now spend hours and hours playing in the cool, refreshing water. My nephews and nieces from the Bay Area love visiting in the summer, swimming in the pool and spending the day in Vacaville with my family.
I am sure we would see them less if there was no pool in the hot summer of Vacaville.
I will probably never recoup the full cost of the pool when we sell the home but the memories, laughter and happiness has been priceless.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
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