I've come across a house that I am contemplating a rehab and sell. The home is actually located in nearby Rio Rancho. The area is ok. The pool is not. New liner and equipment required (approx. $6k). My question is: do you think a pool adds vaule in the ABQ area? My realtor says, "not really and can be a real trick to sell". I want to lean on her expertise but would also love to hear alternate opinions. We are not taking super high end home or neighborhood. This is a 1700 sq ft 3/2 that would list for near $150k. Thanks for the input.
I don't know anything about your market, but agree with your Realtor. A pool in my area is definitely not a value add.
Also having grown up with an in ground pool, I know first hand that pools are simply a pain in the ***. Did I have some cool experiences having a pool? Sure. But I can think of way more annoyances of cleaning the pool, draining the pool, chasing mice out of the empty pool, etc. Blah! Good riddance.
For selling you have to keep in mind that you are shrinking your client base to those who are actively searching for a home with a pool or those who don't mind a pool yet won't pay extra for one. Anyone who is against having a pool will not consider your property. Still, I had a buddy flip a home with a pool without a problem.
As for a rental, I'd stay away from pool properties unless you are well insured. The exposure is just too high for me.
Pools are great if it is at your friends house. Maintenance, liability, electricity cost are just some of the down sides. Never in a rental and maybe in a flip if the market desires it. It sounds like your market doesn't. Take your realtors advice.
not sure about NM but what I've seen are some upgrades and additions help sell the home for more money and some upgrades and additions help sell home quicker or appeal to a broader or more specific buyer pool. I would definitely consult your realtor or a few if u haven't signed a contract with one yet.
I'd reach out to an appraiser rather than relying on a realtor (this is coming from a realtor) because too many don't have a clue...
An appraiser has the training to actually determine the value-add from any specific feature of a house, where most real estate agents go off of feel. Beyond that, pools in Cincinnati (where I am) are much more subdivision dependent than city-wide. Some aerial photographs will show pools in almost every yard and others can't be found.
A pool in Rio Rancho is a huge PITA. With the dust/sandstorms that we get and the cold nights it is just not worth it.
A quick rule for pools is that the more likely the home owner is going to do the maintenance the less likely a pool is to add value. So a community pool is actually more attractive to a mid-price home than a private pool. A pool may add some value to a very high end home.
@Easton G. I think I may know the house you are referring to. My partner and I looked at it also. We decided not to go with that house, because in our opinion there were too many questionable things that will drive up the costs really quick.
I don't think in Rio Rancho a pool is a selling point. Like @Rick Davis said the sand, dust, tumbleweeds, and trash blowing in from the neighborhood would make keeping a pool up too much trouble.
FYI, filling in a pool will cost between $8500-$10K. If this is the house I'm thinking of, backyard access shouldn't be too much of a problem, so it is likely to be on the lower end of that estimate.
@ Paul can you go in to more details on the pool full in cost
I'm also curious what 'filling in a pool ' entails. Dirt? Concrete?
And compared to removal... Is that ever done?
As one who is currently house hunting in Albuquerque, I can tell you that as much as the fantasy of having a home with a pool sounds great, my husband and I won't even look at a house that has one.
Just because we don't want one doesn't mean there isn't a market for them. Perhaps if/when you go to sell this property, really use the pool as a selling feature to reach those who would love a pool!!
Unless the home is a great deal otherwise, I would pass on the pool home. Money can be made in Rio Rancho, but there is so much inventory. You have to watch every penny. I'm a Realtor (and investor) and I disagree that Realtors can't form a good value opinion. Appraisers mostly provide values for banks. They have little leeway to value what makes some homes fly off the market and some sit. An active informed realtor will know what the competition is and what will sell in a particular neighborhood.
@Cameron Kloster @Lydia S. - I can't recall the entire process the contractors told me, but it starts with punching holes in the bottom so there will be proper drainage. I believe they use different types of fill then tamp it down. Any concrete that comes out of the hole does not get used for fill, because there can be voids that over time can cause sinking in the ground.