It depends on your market. In a previous life when I was a resi appraiser in South Florida, in most neighborhoods every house had a pool and those without pools were knocked. Adjustments were made for pools vs screened pools (flat screen vs custom dome) and blt-in spas vs no spas. Here in Pennsylvania, things are a lot different. With higher priced homes a pool may add value. In a $100,000 market a pool may in fact be a detriment.
With respect to adjustments for swimming pools, I have found based upon a few good paired sales over the years that pools will consistently contribute between 5% - 8% of the value of the property excluding the pool. The major determinant in whether it falls at the lower or higher end of the range relates to the quality of the pool (i.e. vinyl liner versus a tile lined or concrete pool) and the extent and nature of the pool features and amenieties (i.e. automatic covers, diving boards, slides, etc.). For instance on a $250,000 property the pool contribution may range from $12,500 to $20,000. On lower value properties such as a $100,000 property the contribution would likely be in a range of $5000 to $8000.
By applying the adjustment as a percentage of the overall value of the property recognition is given to the proportionate contribution of the pool as an amenity. The degree of functional obsolescence due to superadequacy appears to be proportional to the norms, standards and expectations in various market segments. However, as one of the previous posts has indicated, there is a point in every market where the pool is likely a detriment due to the high relative cost of maintenance and operation being unrealistic for certain pricing levels.
When making a "pool" adjustment, I generally take the entire pool area as one. Heated vs not, Patio (type: such as "Cool crete" compared to regular concrete, Fence (Iron vs wood vs chain link ect). Landscape
I have seen were the pool does not contribute anything or even a negitive impact on the market.
Last house I did with a pool, had the perfect setup for a pool, finished walkout basement, with bath, pool side tiki bar. On that house the adjustment was something like $30,000, but they paid almost $80,000. Great party house. The day I was there it was 95, (which really helped the value, LOL.
In my market it it's about 5K to 10K depending on quality and whether or not the neighborhood typically has pools. Today it's going to be 100 degrees here and next week 110 degrees. That kind of day makes a pool look pretty valuable :lol:
To put it bluntly, Paired Sales, Paired Sales, Paired Sales. In my area, pools contribute anywhere from $0 to over $50,000. It depends on the specific neighborhood, quality of pool, AGE of pool, and condition of pool, as well as how the market reacts to the pool. A vinyl-lined pool generally contributes less than a fiberglass pool which is less than an entry level gunite pool, which is less than a custom pool with spa. To ask how much a pool contributes is like asking the price of a car without any other information. It varies.
I guess I agree a little with all of you, but it does boil down to paired sales for the area. It's hotter than you-know-what here right now, so a pool would be nice. But for only 4 months out of the year, it might be a negative. Thanks for all the opinions--I love this forum!!