Every homeowner wants to add value to their property. Even if you don’t plan on selling any time soon there is something comforting about increased equity. If you can get some enjoyment out of the item all the better. A swimming pool is one of those items that can add value, but only in the right situation. A pool in Michigan does not hold the same appeal as one in Southern California. Without maximizing the usage, you won’t get the appropriate bang for your buck.
It is also important to consider the quality of the pool, patio, and surrounding area. Putting in a pool just for the sake of doing so can cause more harm than good if rushed. On the other hand, the right pool not only adds to the appeal of the property but can deliver a sizable return. Before you move forward with a pool installation here are a few pros and cons to consider:
Higher Sales Return. If done right, a pool can have a positive impact on your property value. According to Investopedia a pool can add anywhere from 15-25% to the resale value. Given the cost associated, this isn’t the best return on your investment but still enough to make it a consideration. Very few homeowners add a pool strictly to add value. They do so to use for the foreseeable future and any increase in value is viewed as a bonus. With the right pool, you will see a return on your investment down the road.
Appeal in the Right Market. In markets where the temperature consistently hits 75 degrees or higher, a pool is must. Anyone that has lived in Florida, Arizona, or California knows that the weather stays warm for nine months of the year, if not longer. When it does get hot, the best way to cool off is a pool. Sure, a pool can be costly but if you use it fifty times a year it easily pays for itself. The common alternative to a pool is to crank the air conditioner 24 hours a day or to look for a club to swim. With either of these options, you are paying for the service without getting any long-term benefit.
Attract On-The-Fence Buyers.If you decide to sell your home down the road, you will be glad you installed the pool. In certain markets, a pool is the only thing that can distinguish a property. With the right pool, patio, and deck, the backyard can be a showcase that attracts buyers. This attraction can create a bidding war that reflects in your bottom line.
Cost.Installing a swimming pool certainly isn’t cheap. Depending on the size, style, and layout, you will be looking at anywhere from $5000-$20,000. Some pool companies do have financing plans, but you can expect to have most of the money available at the time of install. Putting this money in other areas of your house, such as a new roof, may not be as sexy but can be a better practical use.
Maintenance.You cannot just kick back and relax when your pool is up and running. You need to stay on top of it every day and at the end of every season. Between cleanings, chemical treatments, and vacuuming there is something that needs to be done every day with the pool. When you decide to put the cover on at the end of the year there is additional work required. A pool can be fun to use, but there is plenty of work associated.
Reduced Yard Space.There are trade-offs with everything in life. For use of your pool you need to be willing to give up space in the yard. In yards with limited space, the pool will encompass the entire area. You won’t have much, if any, room to play with the kids, toss a football, or play catch. Once the pool is in, you can’t have a do-over and take it out.
If you are considering a pool you need to first think about your area and how much usage you will get out of it. If you feel it is something you will use the whole summer, and beyond, a pool may be for you. If you want a pool simply as a novelty item, your money may be better spent elsewhere.
Do you think a pool makes sense for your property?