It is not uncommon for homeowners planning to re-sell in the future to ask questions about the best way to invest renovation and remodeling dollars into their property. Sometimes the answer to these types of questions is a simple and clear cut one, other times the answer purely relies on the circumstance and can be determined by several factors exclusive to the particular home in question.
One of the most often asked questions in luxury home renovation investment is – Should we invest money in a pool or into a new kitchen?
From a homeowner standpoint currently living in and wanting to enjoy life to the full in the home, this can seem like a difficult decision. On one hand, a pool is a means to enjoy outdoor spaces and entertain guests. Outdoor spaces have become more and more desirable in recent years for home buyers. On the other hand, the kitchen has a long-standing tradition of being the center of the home, the room the whole family spends most of their time.
This is an investment question that is not easily answered with a straight answer. It really depends on where you live and the current condition of your kitchen and outdoor spaces.
If you live in an area known for sunny hot summers, where people tend to enjoy splashing around to stay cool, a pool can be a good investment. It is not uncommon for a luxury home to get passed up by certain home buyers in areas like these because a pool is on that must have list. In some areas, it is even expected that there will be a pool.
If you live in an area where a pool is a great added feature to a luxury home, but not a top must have item, you may consider putting your money into the kitchen. Not all people are pool people and some buyers in areas where pools are not expected it's can look like more work. If you invest in a pool in your home in this situation you will have to market it in hopes that the right pool loving buyer comes along.
Does your home already have a really nice kitchen? You might be able to get by with an update to the kitchen while still putting away some money for that dream backyard you have always wanted. Kitchens are great investments, but you do need to be careful not to go too over the top in the kitchen. High-end kitchens do sell, but when you start to get into the specialty high-end perks and features you need to be careful not to tailor your investment to a certain style.
If you plan to resell the home you will end up with the same marketing issue as the pool, trying to find the right buyer.
Before you invest your money in a home renovation do your homework on similar properties in your area. You can even give an experienced luxury home Realtor® in your area a call and ask them for advice.