There are some possible exceptions, of course. Do you live in Southern California or Florida? In that case, a pool might very well be an important element for more than a few potential buyers. If you live in a state that experiences real winters, though, an in-ground pool holds less value than in the states where the sun hardly sleeps. Also, many potential buyers view pools as a hazard, especially if they have children or grandchildren who will be in the home with them. They will also be aware of the extra costs attached to the pool for maintenance and water bills.
Adding on.
Room additions are not generally cost-effective for flips, as it takes at least a few years for them to earn a decent ROI. Some of the most expensive projects (a sunroom addition averaged over $72,000 nationwide) provide the lowest returns. If your house is the smallest in your neighborhood, and everyone else has a second story, you have a better chance of recouping your costs than if it were the other way around. Home buyers want to be comfortable in the home and with their surroundings. If you are adding onto your house in good taste so that it does not stand out like a sore thumb, the appraisal will likely be more in your favor. However, covering 100% of the cost of any addition is very unlikely, so don’t get your hopes up. Of course, there is wide variance in building costs. According to Remodeling magazine, a 200-square-foot sunroom addition with footings and slabs-on-grade foundation can cost up to $70,000, while a survey conducted on HomeAdvisor.com found the average cost on sunroom additions ran around $16,315.
Don’t go chasing waterfalls.
67
Powered by FlippingBook