A Swimming Pool Can Open Doors for Homeowners to Make Money
Installing an inground pool on your property might completely change the way people look at your home. This doesn't only refer to people seeing the blue water and feeling impressed. Potential buyers might be more than a little impressed with the presence of a swimming pool. That opens the door to asking more money for the property. Resale value reasonably increases thanks to the added value generated by an inground pool.
Basic Real Estate Economics
When you sell your house for more than what you paid for it, you generate a profit on the sale. That's the most basic explanation of real estate economics. Steps do need to be taken in order for this simple concept to become a reality. Maintaining a home and hoping real estate prices increase are the bare minimum steps to take. Proactive homeowners take definitive steps to increase the value of their properties. Renovating a home, building an addition, or renovating the bathroom and kitchen reflect some of the most common ways to do this. Don’t dismiss the value of installing an inground pool. A nice pool on a property just might drive up the sale price significantly.
Homes distinctly set apart from other properties in the neighborhood should do perform better in the marketplace. When a property delivers on a buyer’s specific wants, the buyer may be willing to pay generously to purchase the home. Owning one of the few homes on the block meeting the buyer's wants puts the seller in a good position. Inground pools Ft. Worth installers could assist with establishing this good seller position.
And then there are other money-making strategies outside of outright selling the property.
Another Way to Make Money
As the saying goes in the innovative world of business, think outside of the box sometimes. A swimming pool presents ways outside of selling a house for a homeowner to parlay the pool into a money-making endeavor. And no, this doesn’t involve charging people money to swim in the pool. But the pool can serve as the linchpin of a business opportunity.
Home equity lines of credit allow for borrowing against a property’s value. People borrow against their home for a variety of reasons. Those reasons include the financing of business ventures. So, if the value of a home increases, the potential to borrow more against a home to finance a business plan also increases.
Of course, complexities exist when borrowing money against a home. No one should overlook the risks associated with doing so. However, the option does exist. The financial limitations associated with those options could very well be lifted once the pool does its part and ups the value of a house.
Boost Your Net Worth
At the very least, increase in the price of a home also increases the owner’s net worth. The vast majority of people do draw net worth balance. from owning a home. While a house is an illiquid asset, it’s still an asset. Anything that increases property value also increases the net worth of an owner. Net worth, however, would be subject to any minuses derived from debts on the home such as a remaining mortgage or line of credit balance.
With increased net worth comes increased financial opportunities that otherwise would not be accessible. Private equity investments, for example, often come with exclusions based on net worth. Private money lending opportunities require a minimum net worth as well. Keep this in mind when weighing options to install a pool. Yes, there certainly can be more to owning a pool than just enjoying swimming in one.
