Sherrie Torl…, Home Buyer in Casa Grande, AZ

Can you buy a house without a pool and roll the cost of putting one in, into the mortgage?

Asked by Sherrie Torlai, Casa Grande, AZ Sun Mar 25, 2012

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garypuntman, , Los Angeles, CA
Thu May 7, 2015
It's good to know you can do this. Thanks for answering the question. I'm thinking of buying a home and putting a pool in it. It would be nice to put the price of the pool into my mortgage.
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mkmcooper, Home Buyer, Casa Grande, AZ
Thu May 23, 2013
Yes you can. We are doing that now. Buying an existing home for $420 and adding the cost of a new pool build of 46K. The bank will appraise the house with the pool. Lender says it depends what neighborhood. If it's a neighborhood where a pool is considered an added amenity, in our case it is. People pay a bit more for a house with a pool. Sometimes pool doesn't appraise as a dollar to dollar value so you'll have to come up with the off set. For example, if the pool appraises at 50 cents to a dollar, and if the cost of the pool is 46K, then you will have to find 23K to cover the difference at closing. Thankfully, most have appraised at dollar to dollar lately. I guess it also has a lot to do with the market and in Houston, it is hot hot hot right now.
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Samuel Gabe, Agent, Darien, CT
Mon Apr 23, 2012
In my area Wells Fargo has a product called "improvement financing" which is similar to construction financing. You can get a first mortgage based on the after improved value say for an addition or updates to meet community standards. So, if surrounding homes have pools, for example, or up-to-date kitchens, in theory you'd be able to do just what you inquired about. The costs here are slightly higher than a construction loan. Just wanted to expand on Steve Q's answer.

Let us know how you make out.
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Steve Quinta…, Agent, Albuquerque, NM
Sun Apr 22, 2012
Call Wells Fargo to see if they have a program to fit this need.
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Loren Hoboy, Agent, Phoenix, AZ
Mon Mar 26, 2012
Rolling it into the loan can be difficult if not impossible.

First the house after the pool was installed would need to appraise as if you had purchased a home with a pool. If we assume a existing pool adds $15,000 to the value of a resale house, and a new pool cost $35,000, you would need to contribute an extra $20,000 in cash at closing to get the loan. I am currently unaware of any loan programs that let you add a pool when buying a home. Does anyone else know of any?

In this case you might be better off taking out a separate pool loan after closing if you qualify.

I am currently working on a house purchase where the buyer is doing a conventional loan and has 20% for a down payment . We are exploring only putting down 5% and then after closing using the remaining 15% to buy the pool with cash. If you are tight on cash this wont work.
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Temporarily…, , Tempe, AZ
Mon Mar 26, 2012
No, lenders will determine loan value based on an appraisal of the existing home. There is an exception for a FHA 203K rehabilitation loan that can be used to repair and in certain situations add on to a home, but it could not be used to add a pool.

See link below for details of the FHA 203K.
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