New House Builder | Nobody seems to have told Kanye West that pools aren’t always the smartest real estate investments.
The rapper is building a pool the size of a lake in the backyard of the home he’s renovating with wife Kim Kardashian, according to TMZ. It will reportedly be five times larger than any other pool of the homes in their Hidden Hills, CA, community. Classy!
But such a warm-water basin can actually deter prospective buyers who don’t want to keep up the maintenance or worry about it not being environmentally friendly, say real estate agents.
West clearly hasn’t won any awards for his financial savvy. He tweeted about his $53 million debt earlier this month.
“The prevailing wisdom is that you never receive a dollar-for-dollar return,” says John Lucy, a real estate agent at the Keller Williams office in Los Angeles’ Hollywood Hills. “The best reason for [installing a pool] is for personal enjoyment only, rather than increasing the value of the home.”
Pools don’t have to be money pits, though, say real estate agents. Below are the three ways that mere mortals (aka those who don’t fly on private planes or dress their kids in designer fur coats) can use the popular amenities to increase the value of their personal palaces:
1. Pools are more lucrative for luxury properties
Large pools on high-end properties (think $1 million and up) make the best fiscal sense, say real estate agents and appraisers.
But on lower-cost properties, Lucy has encountered resistance from buyers with young children who worry about their safety near the swimming areas. Many buyers also don’t want to deal with a pool’s costly maintenance.
And others worry that swimming pools fly in the face of the water-conservation movement. (Some parts of the country are facing a drought, Kimye.)
“Public sentiment is turning against the mega pools or multiple pools,” Lucy says. “It would really be a selfish use of water.”
2. The fancier the pool, the better
Pools that look like they emerged straight from the pages of Architectural Digest usually help to boost the values of homes, Lucy says. Understated elegance is a hot ticket (No word yet on what Kimye is planning.)
Buyers will salivate over an infinity-edge pool, which is often built on a hill so that it appears to go on forever into a preferably stunning view, he says. “They use them in high-style, architectural resorts where you have a view,” he says.
Reflecting pools that mirror a stunning visual, such as a courtyard in full bloom, are also generally a hit with buyers.
3. Buyers can’t get enough of pools with attached spas
Luxury buyers are more interested in spas, which can include Jacuzzis, than they are in pools these days, says Roger Perry, a real estate agent at Beverly Hills-based Rodeo Realty. He’s seen buyers go gaga for properties with pools that have spas attached to them.
The typical spa area will include a lighted, sit-down area with whirpool jets. Those lucky enough to be lounging inside can then swim out into the larger pool to do a few laps. They’re particularly popular with those who want to relax with a glass of wine after a particularly long workout or day at the office, he says.
“A pool with bells and whistles and a view adds extreme value to a house,” Perry says. - Realtor
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