Well, it's a bit of both. Unfortunately, there's no hard and fast rule for how much they improve a home's value or if they do at all. But generally speaking, as with most home improvements, a hot tub can't be expected to gain you back the full cost of purchase and installation when you go to sell your home. If you decide to buy a hot tub, it should be for you and your family to enjoy, and whether or not it can increase the value of your house should be a distant second consideration.
That said, a hot tub will likely increase the value of your home, at least a bit. It can certainly improve the appeal of your home for potential buyers. Unlike a swimming pool, it's not likely to pose a threat to unattended children (covers are pretty heavy, and most come with locks). Also, the cleaning and maintenance isn't as big a deal as with a swimming pool. So, there's really no potential downside for various home buyers. And there is a potential upside. A hot tub could increase the desirability of your house, thus making a buyer willing to pay more for the property.
It should be noted that this depends a bit on the area you live in. Hot tubs aren't as sought after in sunny climates where the weather doesn't cool off much, but on the other hand, they can be big selling points in the Pacific Northwest, and other areas where even the evenings are cool even in the summer. No matter where people live, the promise of soothing jets on achy muscles is almost always a selling point (in general, hot tubs are used far more often than jetted bath tubs). And, of course, for families that like to entertain, a hot tub can be a selling point because it gives people a reason to come over and visit.
So, the answer to the original question (whether hot tubs increase the value of your home) is basically that they will usually increase the value of your home, and depending on the location and who you sell to, you may even recoup your financial investment fully.
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