Does A Swimming Pool Add Value To A House?

A lot of homeowners would love to build a pool in their backyard but they are not sure whether it is a practical idea. There are multiple factors to consider and the answer may not always be straightforward. Think of the financial investment, time commitment, and effort required to make it happen. Get an estimate of what you can gain in return if you push through with the project. Let's dive deeper into the details.

Cost of Installation

For in-ground pools, expect to shell out between $35,000 and $65,000. The final figure will depend on the size of the pool, the materials used, and the complexity of the design. It is possible to spend less than this typical range if you implement cost-cutting measures. You can also push it much higher if you dream of something grand. Just remember not to pour all your money into the initial build because you will need to spend a fair bit on ongoing maintenance once it's finished. There are weekly, monthly, quarterly, and annual tasks, some of which are best handled by professionals. Don't forget about pool insurance as well.

Resale Value

Does a swimming pool add value to a house? Before you can answer that, you should get an idea of the current property value without a pool. Then get an estimate of the value in case you build a pool with your preferred specifications. Calculate the projected cost of the installation, maintenance, and insurance. Ideally, the resale value should vastly exceed the total cost to make the project financially viable. You can discuss your findings with your contractor to figure out ways make it happen.

Neighborhood Pools

If you want your home to be competitive in the property market, then you will have to look into the what your neighbors have to offer. Areas where it is common for homes to have their own pool will pressure the few holdouts to build one themselves. Pools certainly attract more buyers at the right price. Of course, there are also budget buyers that want more affordable homes so they might bid despite the lack of amenities. You can check with a real estate agent about the current trends for guidance. Just remember that things could change by the time you are ready to sell the house.

Regional Climate

Outdoor pools will get more use in places where the weather is hot most of the time. Swimming in the cold is quite uncomfortable with people preferring saunas instead. If you live in a region that experiences significant temperature variation, then consider the timing of your property listing. Buyers will find the pool much more attractive in the summer than in winter.

Quality of Life

Lastly, think about the quality of life that a pool can bring to you and your family. Sometimes this can outweigh the financial considerations. For example, families haven't been traveling much in the past few years because of the coronavirus. While things seem to be getting better, this made people rethink their homes and made them yearn for improvements. Having a pool for relaxation, exercise, and entertainment could be worth every penny.

Looking to add a pool to your property? Consider contacting today.