| Posted By |
Message |
CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
|
Home Equity loans
We are considering applying for a home equity loan to put an inground pool in the yard. Does it make sense to do this - an inground pool will increase the value of my house, right?
|
Posted 4/17/06 10:44 AM  |
| |
|
Prudential Douglas Elliman Real Estate
Long Island's Largest Bridal Resource | Long Island Weddings |
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Home Equity loans
and will raise your taxes..
and your homeowners insurance.
Message edited 4/17/2006 10:46:59 AM.
|
| Posted 4/17/06 10:46 AM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Home Equity loans
Pools don't always increase value. In fact... pools can sometimes decrease your value... or at minimum reduce the number of available buyers.
There are a LOT of people out there that won't even consider a house with a pool because of the upkeep.
Pools are fine if you plan on living there for many years to net the benefit. But if you are selling within 3 years.... an IGP may not be the best move.
HELOC loans are very expensive too. Interest rates are high... so keep that in mind too.
Ditto on raising taxes and especially insurance.
|
| Posted 4/17/06 10:50 AM |
| |
|
csorisi
My 2 LOVES
Member since 11/05 1984 total posts
Name:
Corinne
|
Re: Home Equity loans
From what I have been told igp may decrease the value of your home, also it is now required that they have a fence around them. We just bought a home with an igp but that was because my husband wanted one--if the home didn't have one though we woudl have bought it anyway. I agree with the above posters it will raise your insurance and yoru taxes.
|
| Posted 4/17/06 10:55 AM |
| |
|
CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
|
Re: Home Equity loans
thank you...all things to consider....
what about an above ground pool? Does that also raises taxes and insurance?
|
| Posted 4/17/06 10:57 AM |
| |
|
Blu-ize
Plan B is Now Plan A
Member since 7/05 32475 total posts
Name:
Susan
|
Re: Home Equity loans
Posted by MrsTC
thank you...all things to consider....
what about an above ground pool? Does that also raises taxes and insurance?
I don't know about the taxes but it will raise your insurance and you will still need to get a fence and there will still be upkeep. You most likely will need a CO also.
Message edited 4/17/2006 11:11:16 AM.
|
| Posted 4/17/06 11:10 AM |
| |
|
dandr10199
Grace is growing up too fast!
Member since 10/05 11561 total posts
Name:
Dina
|
Re: Home Equity loans
Posted by DjPiLL
Pools don't always increase value. In fact... pools can sometimes decrease your value... or at minimum reduce the number of available buyers.
There are a LOT of people out there that won't even consider a house with a pool because of the upkeep.
Pools are fine if you plan on living there for many years to net the benefit. But if you are selling within 3 years.... an IGP may not be the best move.
HELOC loans are very expensive too. Interest rates are high... so keep that in mind too.
Ditto on raising taxes and especially insurance.
I could not agree more.
|
| Posted 4/17/06 11:15 AM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Home Equity loans
Posted by MrsTC
thank you...all things to consider....
what about an above ground pool? Does that also raises taxes and insurance?
Not much different. The fence is a great point! I forgot about that... fences are expensive.
Again... a pool is not something I would add unless you plan on staying there for a while.
If you plan on selling soon... you are better off with one of these 
|
| Posted 4/17/06 11:16 AM |
| |
|
Tah-wee-ZAH
Kisses
Member since 5/05 15952 total posts
Name:
|
Re: Home Equity loans
When we were looking there were a lot of colonials in our area that had pools. It was actually hard to find one that did not. It seems like most of new ones that would pop up on mls had one... any house that had a pool was automatically crossed off of my list. Too much upkeep and expense for only a few months out of the year. We both were anti-pool. Now a friendly neighbor that has one...
ETA: If you are in the house you plan on staying in for years and years and don't mind the added expense, fence, etc. then go for it.
Message edited 4/17/2006 11:22:59 AM.
|
| Posted 4/17/06 11:22 AM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Home Equity loans
My wife wants a pool. I can see myself getting a pool at some point (small above ground)... once the money is good.
But I plan on living in my house forever (I hate moving).  So for me... the selling point of the pool is not an issue.
I can always take down an above ground pool if I ever decide to sell.
|
| Posted 4/17/06 11:25 AM |
| |
|
CaseyGirl
Mommy to 3 Boys :)
Member since 5/05 19978 total posts
Name:
Jen - counting my blessings...
|
Re: Home Equity loans
Our yard is fenced already...do you mean a fence around the pool itself?
|
| Posted 4/17/06 11:44 AM |
| |
|
DjPiLL
Member since 5/05 3664 total posts
Name:
Richard
|
Re: Home Equity loans
Posted by MrsTC
Our yard is fenced already...do you mean a fence around the pool itself?
Is the fence at least 6 feet high?
|
| Posted 4/17/06 11:46 AM |
| |
|
