"Getting pre-approved for a mortgage requires great credit and a large down payment". FALSE! The Federal Housing Administration (FHA) recognizes that not everyone has 20%
To Swim Or Not To Swim The 25k Question
Ahhh Sunny South Florida....a beautiful, and sometimes very HOT place to live. With summer around the corner, many people love having the option to take a dip in their very own private pools. The $$ question is, is it worth the investment?
Well, its all relative IMO, if its something that you feel you will truly enjoy and get use out of, then yes, go for it! If you are thinking of installing one because of the return on your investment, you may want to think again.
An in ground pool can run between $10,000 to upwards of $35K (depending on size, depth etc) Especially once you start including add on's such as lighting, accessories, landscaping, and the flooring surrounding it (these can add up quickly) This also does not include the monthly maintenance costs, and supplies.
In terms of value, I've seen appraisers typically give a property an additional 10k-15k for standard type pools, at least down here in Florida. That's actually not that bad, if its purpose to entertain and cool your family was served. Again, just don't do it with the intentions of getting a full return on your investment.
Sometimes, you may even be better off purchasing a home that already has a pool, this way even if you are paying slightly more for the home with the pool, its amortized over 30 years (if you take out a traditional mortgage) and not an immediate hit to your pocket.
All in all, if you plan on staying in your home for a while, and cannot bear the thought of another summer without cooling off, then get to digging!
Angela Canete PA
Real Estate Agent @ Bridgestone Realty
Angela understands how complex the real estate market can be; she personally enjoys helping others buy or sell property. She is passion-driven, and known for guiding her customers through the whole p....
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Hey, Millennials. Come on into the real estate market! We really need you to buy some homes so we can keep chugging along. Oh, wait. Prices are rising and so are interest rates, plus inventory is