How much is a Pool worth?
The Appraiser’s Pool
We are blessed to be living in South Florida which has an average year-round temperature of 75 degrees. Having a swimming pool in your backyard is one way to take advantage of this southern lifestyle. My pool gets the most use during the humid summer months. During the winter, we view the pool as a giant water feature as we are not brave enough to swim in the cold water. I recently read an article on Realtor.com (http://www.realtor.com/news/trends/top-10-cities-for-pool-loving-homeowners/) which listed Coral Springs as the number 1 city in the country for pool homes. 66% of the homes in Coral Springs have a pool. Coral Springs is no different than any other city in the area, pools are very common and are a desirable amenity.
On a weekly basis I receive the Clipper or Home Value Magazines which advertise basic pool installations from $25,000 to $30,000. I have also seen contracts for pool construction in Parkland north of $100,000. The cost of construction and the value a pool adds are two different things. I researched sales data from the city of Plantation, Tamarac, and Coral Springs to determine how much a pool is worth. The results are as follows:
Coral Springs
460 data points (closed sales) were analyzed. These data points were homes throughout Coral Springs with a 2 car garage that had a living area range of 2,000 to 3,000. Pool homes sold $33,688 to $45,490 higher than homes without a pool.
Tamarac
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437 data points (closed sales) were analyzed. These data points were homes throughout Tamarac with a 1 car garage that had a living area range of 1,000 to 2,000. Buyers were willing to spend an extra $371 to $19,223 for a pool.
Plantation
523 data points (closed sales) were analyzed. These data points were homes throughout Plantation with a 2 car garage that had a living area range of 2,000 to 3,000. Pool homes sold $21,980 to $35,598 higher than homes without a pool.
As you can see in Coral Springs and Plantation, a pool is worth at least $21,980 to a buyer. In the city of Tamarac pools are less desirable, with the average pool home selling at $9,797 higher than a home without a pool.
Do you agree with these results? I am interested to hear your comments. For all your residential appraisal needs, Call Empire for What It’s Worth.
