I desperately want a pool and the homes in the I like re limited. Does it make more sense to buy a cheaper home and have pool installed?

Asked by Ashley, Memphis, TN Sun Jun 24, 2012

Also, is there reasonable financing available for pools or renovations to home. I will have a down payment, but according to my research, it still wouldn't cover the total cost of a pool. Advice is welcome.

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7
Tammy Bunnell, Agent, Germantown, TN
Thu Jul 12, 2012
Financially it is better to purchase a home with a pool already installed. It does depend the condition of the house and the price. There are many things to consider if you install a pool, how long will you be in the house, the type of pool (vinyl, g unite, or fiberglass), and what you are paying for the house. The positive about installing a pool is that you can decide the type, style, and price that you would like. If you end up installing a pool, you will have many summers of enjoyment year after year and you can not always put a price on this!
0 votes
RE/MAX On Po…, Agent, Memphis, TN
Mon Jul 9, 2012
Everyone wants a POOL right now... Be prepared to pay full $ for the home as the demand is NOW for homes with pools. It is a seller's market in my opinion for a home with a pool!

I would consider buying a home without a pool and installing one this fall. You can get a reasonable fiberglass pool w/ financing at Catalina Pools off Hwy 51.

Hope this helps,

Laura and Jason
The Wallace Team
WallaceTeamSellsMemphis.com
0 votes
Ashley, Home Buyer, Memphis, TN
Mon Jun 25, 2012
Thanks for the responses. My total home budget is about 250K with a down payment of between 16 and 20k. And looking at pools, I know that's barely enough for a basic. I hadn't even thought about the age of the pool though, but i have considered ongoing maintenance and additional costs (no hard figures though).

Thanks for the general nuggets of wisdom to consider. The hubby and I will talk these points over with our agent and evaluate our priorities. i think right now we are wanting champagne on a beer budget so we may have to knock some "must haves" off the list. But it will not be the pool. :)

Thanks
0 votes
Michael Bell…, , Cordova, TN
Mon Jun 25, 2012
There are thousands of homes currently available in the Memphis market. Many of them have pools and I'm assuming you're looking for an in-ground pool. As a real estate Broker, I or any other agent, would talk with you to determine your housing needs and items that you really want, (i.e. a pool). Based on that information, we would provide you with properties currently available that meet or appear to contain most of your requirements. Contact an agent or Broker, they'll make your life a lot simpler, and can provide you with information on homes listed in the area MLS, where every MLS member posts their homes for sale.
Pricing for a pool will vary widely, but, you could expect to pay around $20,000.00 +/- for a basic installation to substanially more depending on the actual pool you decide on. Buying a home with a pool is going to be the easiest, and you say you "desperately" want a pool. Then, contact an agent/Broker and get going. Interest rates are unbelievably low, housing inventory is very good, and you may very well be able to get the type of home you want with the pool.
First things first though. What's your budget for your home, have you been approved for the loan, are you working with an agent, what characteristics do you require in your home, what area, what's your timeline?
If you would like to discuss this further, and get some expert professional advice, feel free to contact me.

Michael Bellaire, Broker, ABR
A Crye-Leike Realtor
michael@mbellairerealestate.com
0 votes
Stephen Sexa…, Agent, Saint Petersburg, FL
Mon Jun 25, 2012
You may want to evaluate or re-valuate your situation, your budget and the neighborhood you are looking into. Here are a couple thoughts:
1. If you purchase a home with a pool
-How much maintenance is involved and do I have time to upkeep and/or have a monthly budget to have a service maintain?
-How old is the pool? How much time will I have before it needs to be re-marciting or surfacing?
- Would it make more sense to find a community with a club house with a pool? No maintenance.
2. If I buy a home and have a pool installed
- Can I afford to build it or finance it?
- Are there any financing programs to finance it that make sense?
- Will it be an over improvement to the home or would I make money or recapture my intial investment when I sell the home?

In the end, it would depend on how bad you wanted it or need it and if it makes sense...
0 votes
Shaunette Yo…, Agent, Atlanta, GA
Mon Jun 25, 2012
It really does depend upon your budget for a home, if the inventory you've being seeing is limited I would recommend that you reexamine your budget to purchase a home. In regards to renovation financing, I would speak with a local lender and inquire about a 203(b) or (k) loan.
0 votes
Henry Booth,…, , Memphis, TN
Sun Jun 24, 2012
I'd wait until the fall and look for a home with a pool. Lots of work but enjoyable in spring summer and Sept.
0 votes
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