How Does a Pool Affect My Home Value?
As temperatures begin to rise, the lure of sparkling sunlight reflected off rippling blue water draws many homeowners to invest in an in-ground pool. That a pool adds to quality of life, there is no doubt. When it comes to adding value to your home, however, that question is more difficult to answer. Before you dive in, consider these points.
Know your buying pool
The general demographic of your neighborhood often determines if a pool is an attraction or a definite turnoff. When the trend is young families with small children moving in all around you, a pool would hinder many potential buyers from looking at your home since pools are a hazard to small children. Conversely, if most nearby homes otherwise comparable to yours have pools, adding a pool might draw buyers.
For homeowners without children, or for families with older children, the right pool can be a great attraction. Pools often become the gathering place for neighborhood youth, single adults or child-free couples, and extend a home’s entertainment space.
Know your long-term plans
When you know that you’ve bought a starter home, and that you will be selling and moving within five to seven years, a pool may not be the best investment for you even if it increases the market value of your home. In-ground pools are expenses, often running into the tens of thousands of dollars between ground preparation, installation, adding protective fences and alarms, and obtaining permits. Unless you keep the home long enough for the market price to surpass the cost of the pool, it could be a net loss.
On the other hand, if you intend to live in the home for a decade or more, the cost of the pool may be absorbed into the increase in value of your home. A caveat however: as the pool ages, the potential for mechanical or structural failure increases. Constant maintenance will keep the pool in the asset column but a poorly maintained pool can detract from your resale value.
Other aspects to consider:
- How much space do you have?
Adding a pool to your yard decreases the usable yard space. If you have plenty of room, say a third of an acre or more, giving up space to a pool is no problem. A smaller yard, however, might require a smaller pool. If the pool is too small to be useful for exercise, recreation or entertainment it might be a distraction.
- What privacy level do you need?
Consider your comfort level and whether you will use a pool that is exposed to your neighbors’ view from upper windows and decks, low fences, terraced lots or otherwise visible to passersby.
- Does the community have a pool?
If your community development shares a pool, having a private pool may be less of an enticement to purchase, so factor the availability of nearby facilities into your calculations.
- Do you have the time to maintain a pool?
As noted above, pools in poor condition may hinder a home sale, so determine ahead of time if you have both the time and ability to maintain a pool. If you are very busy, or physically unable to clean and care for your pool, but you still want one, hire a qualified pool service professional to keep your pool looking and functioning at its best. Factor the cost of a pool maintenance service into your investment.
Every location differs when determine the return on investment for a pool. If you are looking at selling within five years, give us a call and we will help you determine if a pool is right for your property. If it is not, and having a pool is a high priority for you, we will help you find a home with a pool or where a pool is a more beneficial investment for you. Contact us now. We can help.