first off, im not talking resale value on the market here, im aware that pools can make or break resale on your house, as it depends on how your buyer values the pool. im wondering how much it would increase the appraised value?
here is why im asking:
we will be financing our pool, we pay all our bills with money to spare, but we are middle class and dont have 35-40k sitting around. basically, i see there are two ways to finance, home equity loan or a personal loan, both have pros and cons, such as the interest rate being tax deductible on home equity vs home not at risk with personal loan. both have about same interest rate and terms. BUT,
IF we did the personal loan, and the pool added enough value to our house, (which we bought brand new last august and put down 25k on it) we might have enough equity in our home that i could pay for another appraisal, and if we are below 80% LTV, after 24 months (which is only another 12) we could get the mortgage company to drop PMI, which is about 80 bucks a month, or about a grand a year. that would be worth more than what a tax write off would be worth on a home equity loan.
so how much do you think it would bump up our appraised value?