As the season for family trips and summer vacations nears its end, many homeowners ask themselves the same question — would it be easier to simply put in a pool? After all, there’s nothing like taking a dip in your very own crystal-clear swimming pool on a hot summer day. Many homeowners and home buyers see a pool as a high-end amenity that will enhance their family’s life and make their home more desirable on the resale market. But the idea of peacefully floating in the privacy of your own backyard may distract you from the reality that comes with pool ownership.
Before making a decision, you need to determine the total value that a swimming pool will bring to you and your family — not only as part of your biggest financial investment, but also to your quality of life. Let’s look at each.
Will an in-ground pool add market value to my home?
To answer that question, your best bet is to speak with your d’aprile properties real estate agent. They will look at comparable homes that have a swimming pool in your neighborhood, and provide you with a fair market estimate based on those findings. If you live in a higher-end neighborhood, and most of your neighbors have pools, it may make sense to add one. Let’s say that your home is currently valued at $250,000, but a similar home in your neighborhood with an in-ground pool is on the market for $285,000. A market value increase of $35,000 sure sounds like a smart investment, right?
But the number crunching doesn’t stop there. Remember that installing a pool comes with significant cost. According to HouseLogic, the average amount in the U.S. to install, equip, and fill a 600-sq.-ft. concrete pool starts at $30,000. That $285,000 estimated price tag for your home may no longer sound as exciting, seeing as how after you spend the money for installation, you are now left with a net increase in value of only $5,000. And let’s not forget, maintaining a pool also costs money — heating, filtration, and cleaning can easily run you thousands of dollars per year. In the end, HouseLogic states that by installing a pool, on average, owners might increase their home’s value 7% when it comes time to sell.
Will an in-ground pool add quality of life?
As with most decisions in life, money is not the only factor involved. Ask yourself the following questions:
- Do you live in a warm-weather climate, where you could maximize the use you get out of your very own pool?
- Is your property large enough to accommodate a pool, and still leave room for gathering and entertaining?
- Do you have young children who will benefit from the added physical activity that comes from having a pool?
- Will a pool simply make those hot summer months more bearable?
In the end, no one but you can truly determine the value that a swimming pool will bring to your home. It is best to add up the personal benefits that will come from spending summers in the sun, and then speak with your d’aprile properties agent to make sure that the financial value will benefit your family’s future.