Swimming pools can add value to your home. But is it worth it? Remember the days when lounging by your parents pool was the coolest thing to do during the hot summer days? They are certainly fond memories.
Many Americans still long for a dip in their own backyard pool – but does the cost of a pool match its long-term value?
The truth is every homeowner is different and the perceived value of a swimming pool varies from one buyer to the next.
- The Cost of a Pool
Although the cost will vary depending on where you live and how big of a pool you want, the Wall Street Journal reports you should probably budget between $25,000 to $50,000 for an in ground pool. The initial investment goes up from there when you add landscaping and fencing. Additional ongoing costs you should be aware of include an increase in home owner’s insurance, a tax increase, maintenance expenses like opening/closing the pool and heating if applicable.
- A Cool Pool Market
Experts say that pools add value to a home in neighborhood with a lot of pools. Even if you’re not in an area dominated with deep ends, the National Association of REALTORS® says that pools add 7.7 percent to the average home property value and more than 11 percent for homes in the Southwest U.S. The odds of recouping your money go up if you plan to stay in your home for longer than five years and you use it on a regular basis.
That being said, a swimming pool could limit your home’s selling power. Buyers with small children may see your home as an accident waiting to happen. Others may not want the annual maintenance fees, home owner’s insurance, and tax increase that comes along with the amenity.
Answer these questions as you embark on your research into pools.
- Can you afford the annual maintenance costs?
- Are you willing to invest in landscaping? Buyers want the whole experience of a pool which includes landscaping, patios, or other additions to the backyard.
- Is there a community pool nearby? If there is, buyers may not perceive the pool as valuable.
- Are you willing to take on the risk associated with owning a pool?
- Are you going to live in your home for another five years?
Once you’ve asked yourself these questions, it’s smart to get an appraisers opinion and talk to a real estate agent familiar with your neighborhood. Contact me, your trusted local real estate professional, by phone at (905)940-3599 or by email at firstname.lastname@example.org today; I’m here with the right set of information and tools to help!