Sinking more money in a home in Michigan (pool?)

16 years ago

Here is where we are at. Owned our home in a suburb of Detroit for 20 years. Owe about $100,000 and it is probably worth about $340-350,000. Three years ago we put a big kitchen addition on the house ($70,000) -- it is paid for but due to the real estate market in MI -- we would probably get very little out of it if we sold today.

We have the itch for a pool. Our options are to buy a house with a pool, put in a pool or do nothing and use the neighbors pool.

The "cons" to moving to a house with a pool would be the increased payment, increase in property taxes (we enjoy fairly low taxes because they are "capped", and we would lose most of our kitchen investment.

The "cons" to putting in a pool would be the cost and my biggest one -- sinking more money into this house which we will never get back. A pool pretty much adds no value to a house here.

Also, our house has a large yard but backs up to busy street (25 MPH). Behind the rotting split rail fence (HOA owns it) at the back of the yard is a sidewalk, a short amount of grass and then the road. Right now, the road noise bothers me greatly although we have limited landscaping back there. I just wonder if having a pool back there and still hearing traffic is going to annoy me. Also, the sidewalk back there is used by many bikers, joggers, dog-walkers etc... and I worry about kids seeing the pool and deciding to take a dip. We would put in some kind of fence and a row of shrubs or arborvites for privacy.

Our Michigan summers seem to be getting hotter and hotter. My kids are young (5 &7) and I think they would enjoy summers with a pool so much. I am a stay at home mom so it would get much use.

How do you decide?

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Comments (7)

johnmgreen
16 years ago
Unless you're planning on selling your home any time soon, resale values are of little consequence. Look at the money you sink into a pool as an investment in your happiness, not a business decision.

I think every state has safety codes in place that say your pool must be protected by a fence or automatic pool cover. Definitely plan on one for your situation. I'd certainly want to screen the street from view for privacy as well.

Regarding street noise, there is a simple solution for that. Put in a water feature. The sound of it will mask the street noise. Instead of traffic noise, all you'll hear is soothing sound of running water. We have the same situation and went with a water slide and deck jets. Unless a pack of Harley Davidsons goes by, you can't hear anything but the water. It's a beautiful thing. Good luck!
banana_fanna
16 years ago
I've agonized this decision for months and am still scared silly.

Hey, maybe if we sign with the same builder he'll make us an offer we can't refuse!

I'm taking my 8 yo to the movies in about 10 minutes and will write more later. I had a chat with my sis-in-law this morning (she's a mortgage banker) about my fear of sinking that kind of $$ into this house & the current status of the metro Detroit housing situation. I'd be happy to share her 2 cents.
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livvysmom
Original Author
16 years ago
Would love to hear it banana fanna. I don't want to become overly-invested in a sinking ship.

johnmgreen -- I like that idea about the water feature. Is it expensive to run that all the time?
snookums
16 years ago
I would put in a pool. That way you can have it the way you want it rather than buying a house with a pool that possibly needs to be repaired or remodeled. That way you won't pay more property taxes, realtor fees, moving costs, etc etc. If you love your home, put in a pool. If you are planning on moving anyway, don't.
murray93
16 years ago
If you know you are going to move in a couple years, it's definitely not worth the headache. If a pool will help you love your house more - and who wouldn't with a brand new kitchen!!! - then do it. A house is not a business investment, it's a place to live.

I am also a SAHM with a 9 month old and a 3 and 5 year old in the upper midwest. Our pool gets used almost daily, for hours and hours at a time. I would definitely investigate an auto cover. We have one on our pool and the safety and convenience are invaluable. Definitely set some money aside to get a good landscaping plan. We bought a plan from a professional designer and installed it ourselves to save some money. We live in a pretty close suburban neighborhood and everyone comments on how private our yard feels now that the plants have matured a bit in the last 18 months. It really looks great. Good luck with your decision!!
rossterman
16 years ago
My reccomendation is that if you like the house and the neighborhood as well as plan to stay for a while, go and add a pool. It's true that you likely won't get all your money back on your investment but you'll gain back 100 fold in memories and enjoyment. We did the owner builder to reduce the cost, built in most of the bells and whistles and our family (two teenagers) as well as the neighbors get tons of use out of it every day.
The only downside has been we have a nice RV and traveled routinely to the lakes or campgrounds during the summer. I'm having a hard time getting enthustiatic about camping now since the "lake" is right outside the back door (and has a hot tub to boot), the gas firepit doesn't smoke like the real thing, cold beer is 10 steps away and I don't have to pack and unpack.....go figure!
gk5040
16 years ago
Do you have to put in an in the ground pool in? Did you consider above the ground. We have an in ground, so I am not selling either one, just tossing an option. Also, if you build the "in ground" pool, versus buying a home with a pool, you get to pick the options you want. I am assuming you "love" the house, schools and neighborhood you are in??? and dont want to start all over decorating etc. If you plan on staying in the home for a while (your DH doesnt get transfered often) I would make your house what you want it to be, if that includes a pool, put in a pool. In 10 years, the home will be worth more anyway and the pool will have paid for itself. It might not get you "extra" but the home value will increase over time.

Sinking more money in a home in Michigan (pool?)

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johnmgreen

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Sinking more money in a home in Michigan (pool?)

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