Introduction
If you’re planning to add a pool to your home, the most important question is: will it add value? Buyers often assume that a pool will boost their home’s value, but buyer culture often says otherwise. The good news is that there have been studies done on this subject, giving us hard numbers as well as anecdotal evidence of what we can expect. So let’s take a look at what those studies tell us about whether or not adding a pool will make our homes more valuable.
Many people assume that a pool will boost their home’s value, but buyer culture often says otherwise.
You might have heard that having a pool adds value to your home, but is this really true? The answer: It depends.
If you live in an area with lots of water and it’s hot most of the year, then a pool can be very desirable. But if you live somewhere where there are great public swimming spots nearby or summer days are short and cool, then a pool probably won’t add much value for you.
When it comes to selling your house, there are some issues with swimming pools. First of all, in-ground pools take up space so they can make your home seem smaller than it actually is—and that’s not always a good thing if potential buyers want more space than what they can get in your neighborhood.
Plus if the buyer doesn’t know how to maintain the pool then they could end up paying someone else thousands of dollars every year just for pool maintenance. As far as legal liability goes…certain states require you to have a fence around your pool, so I recommend talking with an expert before making any decisions.
Does a pool add value to a home?
Adding a pool to your home is an addition that can add value to your property. However, the true value of a pool depends on several factors including its location, size, and quality. If you live in a warm climate, then having a pool will definitely increase the desirability of your home. In some areas of the country, however, pools are less common and may not be viewed as desirable additions by potential buyers.
The cost of building or installing a swimming pool can also be difficult for homebuyers to justify if they were looking for an investment property with little maintenance requirements. The amount of time and money that goes into maintaining a swimming pool should also be taken into account when determining whether or not it will increase the resale value of your home in the long term.
How much value does a pool add to a home?
It’s important to keep in mind that your pool will not add value to your home at all times. In fact, if a pool is just sitting there and hasn’t been used for several years, it can actually detract from the value of your home.
Here are some factors that will influence how much a swimming pool adds to your home:
Location: Is that area of town known for being full of properties with pools? Or do most people live in apartments with a communal pool? If so, you might want to reconsider putting one on your property.
Size: How big is it? Is it a small kiddie pool or an Olympic-sized lap pool? If you’re going small and minimalistic, it won’t be as much of a selling point as something with a waterfall and hot tub.
Condition: Do you have a pool deck? Does the fence need painting or repair work done on it? Are there cracks around the bottom where water may leak out?
Is adding a pool a good investment?
Adding a pool to your property is a big decision that requires careful consideration. There are many factors to consider, including:
Costs associated with installation and maintenance. Pools are expensive both to install and maintain, and they can be dangerous if not properly supervised.
Finances. If you’re planning on selling your home in the near future, it’s important to make sure that adding a pool won’t have an adverse effect on resale value.
What does it cost to install a pool?
The cost of installing a pool can vary widely, depending on the size and location of your backyard. If you’re looking to install an in-ground pool, expect to pay around $25,000. An above-ground pool is typically less expensive and can be installed for as little as $5,000 or up to $15,000.
The size and condition of your home also play a role in determining how much your home’s value will increase with a new pool—and whether or not it’s worth it for you. Homes built before 1980 tend to add more value than newer ones because they’re often larger and have more character features that make them desirable properties; therefore homeowners are likely willing to pay more for them when compared with similar houses built later on…
Pools are time-consuming to install and maintain.
You’re going to need a place to put the pool. If you don’t already have one, this could mean digging an entirely new basement or part of your property. And if you do have a foundation, it will still likely require some work—and possibly need new plumbing as well.
Custom pools are also expensive due to their custom nature: every single component needs to be built specifically for your home, not just any house with enough space for a pool. This means paying for labor and materials that would cost less at large industrial companies like Intex or Zodiac, where economies of scale allow them to sell products at lower prices than smaller competitors without sacrificing quality.
You might think having a custom pool built would save money in the long run because it is more durable than mass-produced models; however, maintenance costs are just as high with these custom models as they are with cheaper alternatives because they all require regular cleaning and filtering so algae doesn’t grow inside them (which can lead all sorts of nasty health problems).
In what situations do pools consistently boost home values?
The answer to “Does a pool add value to your home?” is yes, but it depends on what you’re trying to accomplish.
If you want to sell your house and make money, then having a swimming pool can be a great addition. The truth is that people are willing to pay more for homes with pools because they are considered luxury items. In fact, according to the National Association of Realtors (NAR), homes with pools typically sell for $8-15k more than those without them!
This makes sense when you consider the psychology behind buying something—we tend to not only care how much something costs today but also how much it will cost over time (i.e., maintenance). A swimming pool adds another element of cost into the equation: namely ongoing maintenance fees (which can be quite high if done incorrectly).
Are houses with pools harder to sell?
If you’ve ever been to a party at someone’s house, you probably know that people like to get together by the pool. It’s fun! Water is cool and refreshing, and it makes for great photos on Instagram—but does having a pool make a home harder to sell?
The answer is complicated. On one hand, pools are expensive: digging them can cost up to $30,000, and installing the filtration systems can run another $10-15,000. But if you’re considering buying a house with an existing pool (or building one yourself), consider this: they’re also dangerous and liability-inducing.
Generally, houses with pools take longer to sell and may require more marketing to attract buyers.
Should I renovate or upgrade my pool before I sell?
If you are considering a pool upgrade, do your due diligence before making the investment. A pool renovation can cost thousands of dollars and be very time-consuming. If the price tag isn’t under $10,000—and especially if it is over $15,000—you should ask yourself if this will be enough to increase your home’s value by at least as much.
There are times when updating a pool can result in a significant increase in value (for example, adding water features or changing the shape or size of your pool). However, upgrading just for the sake of upgrading may not be worth it. As with any major project on your home, make sure that you have an accurate estimate from a reputable contractor before starting any work.
People are afraid of lawsuits involving pools.
Now that you’re excited about the potential of adding a pool to your home, let’s talk about some of the reasons people might be hesitant to do so.
People can Sue you if they get hurt in your pool.
Even if someone was a trespasser and didn’t know there was a pool there, they could still sue you for their injuries.
Your insurance company may demand that you take out an umbrella policy even if it wouldn’t normally be required by state law. This can add hundreds or thousands of dollars per year to your homeowner’s insurance premium.
Find out if other homes in your area have pools — and if they add value to those homes.
First, ask around. If there’s someone in your neighborhood who has a swimming pool or even a hot tub, see if they’d be willing to talk with you about their experience. Are there any improvements they made that they think added value? What do other people in the neighborhood think of their pools?
Ask a real estate agent to check comparable homes in the neighborhood and see if the ones with pools are worth more than ones without.
Lastly, check out websites like Zillow and Trulia for real estate listings with pools (or other amenities) in their area and then compare the market value of these houses against those without.
How to finance a pool
To finance a pool, you have several options:
Get a loan from a bank. This is the most traditional way to do it, but it’s not necessarily the best. If you want to finance your pool this way, make sure that you shop around for loans first—the interest rates can vary drastically between banks and even between different branches of one bank. You’ll also need to be prepared for some paperwork headaches as well; getting approved for a loan can take several weeks or even months depending on how long it takes your credit score and income history to get verified by the lender.
Get a loan from friends or family members. This option is usually quicker than going through an actual financial institution since they’re more likely to trust you without having seen any hard evidence of how responsible (or irresponsible) with money you really are! But keep in mind that if something goes wrong with paying back said friend or relative with interest, then chances are good that the relationship will suffer too.
Use savings instead or debt financing like home equity lines of credit (HELOCs) which require monthly payments over time until completely paid off.
Talk to an appraiser.
Talk to an appraiser. If you do decide to install a swimming pool, the best thing you can do is talk to an appraiser beforehand. This person will be able to assess your property and determine if the addition of a pool would be beneficial for both its aesthetic value as well as its financial value. They will also tell you what options are available for upgrading your existing pool, if necessary.
Determine how much money it will cost to install a new swimming pool on your property before doing anything else! The costs associated with installing new pools vary widely depending on geographic location, size, depth, and other factors that are specific to each case.
However, there are some general guidelines here:
Cost per square foot (which works out to around $10 per square foot)
Installation costs range from $0 – $50 per sq/ft/hour
Maintenance fees average between $1-$2 per sq ft annually ($400-$800 annually)
Replacement parts generally run around 10% of the original purchase price.
A pool can add value, but it depends on your local housing market and other factors.
The location of your pool and its state of repair will have a tremendous impact on the value it can add to your home.
For example, if you are looking to sell your home in a neighborhood where there are many other pools, then adding one more may not be enough to make much of an impact. But if you are selling in a community with no nearby pools at all (or even just one), then having a pool can be much more significant in terms of driving up the price tag on your property.
Conclusion
The truth is that a pool can be an asset if you live in the right place. However, it’s very important to look at all the facts before making any decisions about adding one or not. If you want to know more about whether or not it will be worth your while, there are plenty of other posts on our site that might help! We hope this post gave some insight into whether or not pools add value to homes — and if so: how much? Good luck with your decision!
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