In the last year, home upgrades have been on people’s minds in Farmington Hills, Michigan and across the country. One of the most popular areas people have focused on is the backyard, either with an updated outdoor kitchen, more space for relaxing, or even, a hot tub. In addition to the added relaxation benefits of a hot tub, homeowners can also see a bonus of adding value to their homes. In a recent report from the real estate experts at HomeLight, agents across the country reported that the value of an inground hot tub increased by more than 70 percent since the arrival of Covid-19. On average, agents estimated that before Covid-19, a house with an inground hot tub sold for about $4,000 more than one without, while post vaccine today, buyers will pay nearly $7,000. Let’s take a closer look at how the value of hot tubs has changed in the Midwest during the last year.
The value of a hot tub
Post-vaccine, the Midwest saw a value increase of 74 percent for inground hot tubs, from $1,890 to $3,899. Who can deny the appeal of a hot tub all year round, even in the winter, turning the water temperature up to a toasty 102 degrees. Moreover, a spa can be a plus in the summer too, as HomeLight data shows that if your pool has a hot tub, you’ll get nearly $7,000 more at sale time. Some people opted for above ground options, not wanting to invest in the more expensive inground spas. And the value of a freestanding hot tub has gone up as well when selling a home, to 118 percent since before Covid-19 from $708 to more than $1,500.
But will you recoup the costs?
In the midst of Covid-19, people were longing for more luxury at home, leading to the addition of spas in all forms. But will you get a return on your investment? The answer depends on your market and the type of hot tub you’ve added. Keep in mind that freestanding hot tubs are considered personal property and aren’t factored into the overall value of a home. That said, buyers can offer to pay sellers for it separately, and data suggests that buyers might be willing to pay extra for this bonus feature. According to HomeAdvisor, entry-level hot tubs cost between $2,000 and $6,000, while mid-level ones cost $4,000 to $8,000. If you’re selling an entry-level tub in great condition, that means you could recoup your costs or get close to them.
Is that hot tub worth the investment? With so many factors to weigh, it’s hard to say for sure and your real estate agent may be your best source to determine how much that hot tub is really worth. However, there is no doubt that extra relaxation amenities are a plus for home buyers in the post-Covid-19 world, no matter what type of hot tub you opted for. Call me or contact me to find the perfect home with an inground hot tub for you and your family.