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We are in the Phoenix area and are looking to sell our house this summer. Recent sales in the area for a similarly sized house is about $210,000 however they haven't had a few key things that we do so I'm not sure how much it adds to the value.
Two major things are a pool and a major master bathroom remodel. Is there a general rule of thumb on how much these would add to the value?
This is what the typical bathroom looks like for homes in this neighborhood:
We also have other upgrades that the other houses didn't, how much could these smaller items add to the value?
Stuccoed fence in backyard
Interior wood window shutters throughout
Garage cabinets
Garage floor epoxy coating
Upgraded sunscreens on all windows
Master closet custom cabinets/drawers
Radiant barrier foil & additional blown insulation in attic
We are in the Phoenix area and are looking to sell our house this summer.
Recent sales in the area for a similarly sized house...
Two major things are a pool and a major master bathroom remodel.
Is there a general rule of thumb on how much these would add to the value?
Somewhere around ZERO.
In Phoenix pools and updated bathrooms are par. These (and the rest) will serve to get the actually
qualified buyers to act sooner but they can't be expected to garner any significant difference in price.
A pool, as far as I know, usually adds nothing to the value but people more familiar with the Phoenix market may be able to chime in here.
EDIT: http://www.bhgrealestate.com/Live/La...d-Appeal-.html <<-- according to this Better Homes & Gardens article, pools DO add value in the Southwest so I stand corrected! However, it may limit your potential buyer base. Some people love the idea of a pool, some people don't.
As for bathrooms, I'm not sure if this number still holds true in this property market but I always heard that you can expect to recoup about 75% of what it cost you to re-do the bathroom in added value to the house.
Good luck to you though and I hope you sell easily!
A pool, as far as I know, usually adds nothing to the value but people more familiar with the Phoenix market may be able to chime in here.
EDIT: http://www.bhgrealestate.com/Live/La...d-Appeal-.html <<-- according to this Better Homes & Gardens article, pools DO add value in the Southwest so I stand corrected! However, it may limit your potential buyer base. Some people love the idea of a pool, some people don't.
As for bathrooms, I'm not sure if this number still holds true in this property market but I always heard that you can expect to recoup about 75% of what it cost you to re-do the bathroom in added value to the house.
Good luck to you though and I hope you sell easily!
Yes.
I would expect to see a pool in many more homes in the Phoenix area than I would in the East.
I would expect the bathroom figure to only be at 75% if the renovation is spanking new and immaculate.
Lower if used for a couple of years.
I live in the west valley, and, around here at least, there is little to no difference in price between houses with or without pools.
The only thing I have seen that seems to make a difference is flooring. The houses with a lot of tile sell for $10-$15k more.
Honestly, looking at that picture, the backyard looks like a liability. There's no fence around the pool, and who wants to waste water on all that grass?
What percentage of home in the immediate are (your comps) DON'T have pools?
What percentage don't have updated master baths?
Same with the rest of the stuff.
The ZERO comment was hyperbole. I'm not saying you won't get ANY monetary benefit from
having done these things... but I am saying the direct cash difference will be marginal.
What you should get (compared to houses without these amenities) is more interest and from that
you should get a quicker turnover. The house will sell faster than the competition will but not for more.
I live in the west valley, and, around here at least, there is little to no difference in price between houses with or without pools.
The only thing I have seen that seems to make a difference is flooring. The houses with a lot of tile sell for $10-$15k more.
Honestly, looking at that picture, the backyard looks like a liability. There's no fence around the pool, and who wants to waste water on all that grass?
I guess it will turn some people away to have to maintain the landscaping but Im sure there will be some people who love it. I obviously love it and will do something similar at our next house. Can't stand gravel yards...what's the point of the yard then? I think the pool fence could be a problem if someone has small kids, but they could always add one. We don't have any kids so it was never an issue.
Personally a pool would be a negative for me. When young with kids, some interest. Older with no kids, a negative. To me you win on the bathroom and lose on the pool. Your home is lovely, but I would not be buying it.
What percentage of home in the immediate are (your comps) DON'T have pools?
What percentage don't have updated master baths?
Same with the rest of the stuff.
When looking at comps, how many sq. ft. +/- should I look at, and should both 1 story and 2 story be included? (Ours is a 1 story)
If I look at current homes on the market within a 1 mile radius that are within +/- 300 sq ft of ours and single level, there are a total of 6 for sale and only 1 has a pool and a very small backyard (basically it has a patio and then the pool, no other space in front or behind the pool). The prices range between $160k to $252k (the one with a pool is prices the highest). None have any upgrades I can see in the pictures...no upgrades baths, no granite in the kitchen, etc.
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