There are two things sizzling on Long Island this summer, the weather and the burn from you new property tax bill. Still, even if you think you can afford it, you may want to hold off on putting in a swimming pool. You might even want to get rid of the one you’ve got.
Pools are Losers
Here’s the sad truth about putting in a swimming pool – you’re never going to get your money back!
In fact, the National Association of Realtors says pools have returned just 8% of their cost since 2003. One Long Island property appraiser says you can lose 80% to 85% of your money when you put in a pool. That can easily mean burning tens of thousands of dollars, to buy a new money pit and make your home even more expensive, even if you don’t use it.
A Pool Can Devalue Your Home
Worse, a swimming pool can actually devalue your Long Island home. With property taxes soaring out of control, without any legitimate reason, home buyers often prefer a lot maintenance home with no pool.
New tax assessments, and the fact that school taxes continue to be raised every year, despite the fact they’ve stockpiled at least $2.4B in slush funds for the future, have buyers very wary already.
Having a pool may mean potential buyers will deduct the extra cost it will mean for them and the extra property taxes it will cost them from their offer compared to similar nearby homes.
Time to Take Out the Pool?
Some Long Island property appraisers say you may even need to remove your pool in order to sell your home. That may cost you money, but it may be cheaper than continuing to maintain it and suffering the losses of higher property tax bills and when you sell your home.
Pools are Expensive
Even once you finally get a pool in, that’s when the real expenses can start. There is weekly maintenance and cleaning. If your pool pump goes it can set you back thousands of dollars. Your homeowners insurance premiums can go up too. They have to cover that increased cost and the liability of injury and drowning. That doesn’t include another bump up to your tax assessment and annual tax bill.
Sell or Stay
Whether you decide to sell up or stay on Long Island among the blistering heat of rising taxes, a pool might not be the best addition to your home.
Instead, challenge your property taxes. Make sure you aren’t being charged for a pool which is no longer there. Use the savings to run the air conditioning and get away to a resort with their own pool, or have a staycation close by.