Does An In-Ground Swimming Pool Add Value To My Home?
Does An In-Ground Swimming Pool Add Value To My Home?
Adding a swimming pool can add value to your home, but only if you have the right buyer. You can recoup much of the cost in your sale price if you have a large backyard and the pool doesn’t take up too much space.
Families with children will generally not want a home with a pool, and retired couples may prefer to use community pools rather than maintain their own. Other home improvements, such as landscaping and minor kitchen remodels, recoup 100% of their costs in most markets.
Costs
It may be tempting to add a pool to your property and immediately see an increase in its value, but it’s important to consider the long-term costs. Adding a pool will likely increase your electric bill for running the pump and heater; water bills, due to constant refilling as water evaporates; chemicals and cleaning fees; and opening/closing costs if you live in a climate where it’s possible to swim year-round.
In addition, a pool increases the likelihood of someone getting hurt on your property, which will likely cause your homeowner’s insurance to increase. Ultimately, it’s up to home buyers to decide whether or not the cost outweighs the value.
Additionally, if your backyard has a lot of rocks and other debris that the installation crew needs to work around, this will also incur additional fees. Hiring a professional to level the area may be necessary, which could add an extra $20,000 or more to the project.
Maintenance
In-ground pools are an upscale amenity that make a property stand out to buyers. However, the amount of enjoyment and value they add to a home is a personal decision for each homeowner.
A pool can require a significant investment in cleaning products, chemicals and equipment such as vacuums and leaf skimmers, plus regular professional servicing and routine repairs. These costs can add up and potentially dampen the value of a pool.
For instance, a pool can increase a property’s real estate taxes when it’s time to be reassessed. This can deter some buyers who do not want to pay for a high-priced feature that may not be in good working condition upon sale.
A clean, well-maintained pool is essential for safety reasons. It also helps to prevent pets or children from accidentally entering the water without supervision. Quality fencing and child-proof locking systems are usually required for pools, as well. These features can also add up and be a turnoff for some buyers.
Safety
While many homeowners consider a swimming pool to be an attractive addition to their property, it can be a turn-off for prospective buyers. It's important to understand that your potential homebuyers are evaluating not just the overall cost of your in-ground pool but also how it fits with the other homes on the market, says Dr. John Story, associate professor of management and marketing at the University of St. Thomas, Houston.
For instance, families with young children may not want a pool, even though you can add safety barriers to prevent accidents. Also, if your neighborhood has a lot of pools, a potential buyer may assume that yours will require extensive renovation or maintenance to keep it safe and clean.
Aesthetics
A beautiful swimming pool is an attractive addition to any property. It is a luxurious feature that signals an upscale lifestyle to prospective home buyers. It also shows that you have a well-maintained backyard and that you care about your property, which can make a strong impression on homebuyers.
In-ground pools can be made out of concrete, fiberglass, or vinyl-lined. These types of pools can be customized to suit the size and shape of your backyard. They are often a more cost-effective option than above-ground pools, which can be expensive to maintain and can detract from the overall appearance of your yard.
However, you should consider how a swimming pool might affect your home’s resale value before making the decision to install one. If you live in a neighborhood where most of the homes have a pool, it could lower your resale value as potential buyers are comparing your property to others in the area.
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Does An In-Ground Swimming Pool Add Value To My Home? Adding a swimming pool can add value to your home, but only if you have the right buyer. You can recoup much of the cost in your sale price if you have a large backyard and the pool doesn’t take up too much space. Families…