How Swimming Pools Affect Home Values
A new pool is a big investment. So for many homeowners considering the project, the first question is, "Does a pool add value to a home?"
The answer is.... No. Yes. Well, like many things in life... it depends.
Generally speaking, it's not a good idea to add a pool to your home for the mere sake of improving your home's value. You're probably better off making investments in kitchens, baths and even simple exterior or landscaping improvements.
But, if being able to dive right into a sparkling swimming oasis when Florida's temperatures and humidity levels have you at wits end is really the ultimate goal, then adding a pool to your property may be worth considering.
How Much Value Added Can I Expect?
There's never a guarantee that adding a pool will increase your home's value. But there are some circumstances when the odds are definitely in your favor. And if the right circumstances line up, you could see your home's value climb up to 7%, according to HouseLogic.com.
You do have at least one thing working in your favor. This is Florida, and that helps your prospects of a return on the investment you'll make in a new pool. It's warm most of the year and gets hot as blazes in the heat of summer here. And public pools are sometimes few and far between. It makes swimming pools a desirable feature among more home buyers than you would expect in places like New York or Minnesota.
That may not be enough to guarantee you'll get your money back on a pool investment, though.
One example of a situation when your bottom line is more likely to benefited by an in-ground pool investment is if lots of homes in your neighborhoods already have pools. With any home sale, you want your home's amenities, updates and features to be in line with the homes around it. If your home is lacking, compared to most others in the neighborhood, it can be harder to sell.
Your chances of a good ROI also improve if you make sure the pool doesn't overtake the yard. Buyers will still want room to put a swing set, plant a garden or play with their pets. You'll also want to ensure the pool's size, style and design fit with your home AND the neighborhood.
And it will be important to pay attention to the numbers.
Building, installing and equiping an in-ground pool often has a price tag of $30,000 or higher. You'll also want a fence, and your homeowners insurance company may even require it. Lighting and landscaping around the pool can also cause the startup costs to creep upward. If you're going to spend $30,000 or $40,000 to build a pool... how does that number compare and relate to your home's current value? What about neighborhood values? Will they support a 7 percent boost in your home's value? (If not, you may want to consider letting us sell your home so you can buy another home that already HAS a pool!)
At the end of the day, the biggest driver behind your decision to add a pool really should be your desire to HAVE a pool! Your expected ROI should be a secondary consideration in most cases, because whether or not you can recoup your costs depends on all of the factors listed above, as well as other things like your home's age, size, condition, location and current market conditions. Our CEO would be happy to chat with you about your specific situation and whether a pool would help or hurt your home value anytime, so feel free to call.
And our friends at Solar-Fit, would be glad to talk to you more about how building your new pool to utilize solar pool technologies can cut your pool's operation costs and make it usable year-round to add value to your investment and make it more desirable to future buyers.