Nobody seems to have told Kanye West that pools aren’t always the smartest real estate investments.
The rapper is building a pool the size of a lake in the backyard of the home he’s renovating with wife Kim Kardashian, according to TMZ. It will reportedly be five times larger than any other pool of the homes in their Hidden Hills, CA, community. Classy! But such a warm-water basin can actually deter prospective buyers who don’t want to keep up the maintenance or worry about it not being environmentally friendly, say real estate agents. West clearly hasn’t won any awards for his financial savvy. He tweeted about his $53 million debt earlier this month. “The prevailing wisdom is that you never receive a dollar-for-dollar return,” says John Lucy, a real estate agent at the Keller Williams office in Los Angeles’ Hollywood Hills. “The best reason for [installing a pool] is for personal enjoyment only, rather than increasing the value of the home.” Pools don’t have to be money pits, though, say real estate agents. Below are the three ways that mere mortals (aka those who don’t fly on private planes or dress their kids in designer fur coats) can use the popular amenities to increase the value of their personal palaces: click here to read more
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February 2016
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