If you’ve ever looked out those sliding glass doors to gaze upon your remote retreat with smiling satisfaction, then you’re sold. You’re a pool family. There’s no going back!
On the other hand, if you’ve never owned a pool, you are going to take a close look at the financial advantages vs. disadvantages. In other words, is one not only worth the cost, but what will it do to your property value?
According to HouseLogic, a pool does have the potential to increase the value of your home up to 7%.
This figure, however, does pale in comparison to HGTV’s quote of a 91% average return at resale for a completely remodeled kitchen. They define one as: “A complete kitchen remodel in a midrange home averages $43,862 and returns $39,920 at resale. That price buys 30 ft. of cabinets, an island, laminate countertops, stainless sink, wall oven, cook top, vinyl flooring and appliances.”
That makes sense. A kitchen is a necessity, and a pool is a luxury. (Unless you value fitness, relaxation, the great outdoors, alfresco dining, technology-free time with the kids, pizza ovens, and owning the perfect party venue! Then it’s a necessity!)
Seriously, a pool may not bring in the big bucks of a kitchen rehab, but backyard pools still rack up some decent value points.
Pool Installations: What to Consider?
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Are you pool adjacent?
Neighborhoods tend to have common amenities. If you live near a golf course, you’ll see those cool little carts tucked away in garages or buzzing down the street. It’s the same with pools. If you are not living in your “forever home” and think you may one day sell, it would be advantageous for your yard to boast a pool if your neighbors have them.
Your non-pool home may appeal to a small sector of buyers, but if they can get a taste of outdoor living across the street, they may instead buy there. Also, the comps for your home may therefore be found in another non-pool-inclined-neighborhood which could certainly impact your sales price.
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Do you live in a warmer climate?
A backyard pool in Clearwater, Florida gets more use over the course of a year than one in Chicago, Illinois. Even though you can lounge and grill and chill most months, your pals in the Sunshine State are still splashing around come November.
Additionally, if your revitalizing oasis is in Clearwater, you don’t have to winterize and lock up your pool until everything thaws out like its counterpart in Chicago. So besides getting more pool time, you’ll save on the costs of chemicals and equipment.
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Does the pool suit the space?
Because they are large containers full of water, pools just generally attract attention. However, they could impact your home’s value if they dominate the space. They are amenities that should add and not detract. So, does the yard have sufficient space for a pool? Would you or your home’s buyer need to sacrifice a gazebo? That perfect place to practice yoga or sip wine under a stunning paddle fan? You don’t want pool owner’s regret. You want one that’s properly proportioned to the yard. If space is limited, you may want to embrace the tiny pool trend!
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Is your pool aesthetically pleasing?
If you have an older pool that has not been cared for, you will not realize a great return on your investment. Keeping them in the best possible condition and making the surrounding space welcoming will let prospective buyers see you have pride of ownership. Perception is everything. Keep that pool in excellent repair and it will buoy your resale value.
The home professionals at HGTV offer their opinion of a pool’s value:
“Real estate experts estimate that an average 14 x 28-foot inground concrete pool potentially adds 5 to 8 percent to the real estate value of your home. If your property is worth $400,000, you’ll realize a boost to the value of your property of about $20,000 to $32,000. Several other factors influence the added value of a pool. If you’re selling a house with a pool that’s been well-maintained, nicely designed, has amenities such as adjacent decks, patios and shade structures, and the surrounding area is attractively landscaped, a swimming pool could fetch more value. On the contrary, if the pool is in need of repair, isn’t that attractive or has been shoehorned into a small yard, its added value to your property likely will be diminished.”
The Costs of Maintaining A Pool
Monthly recurring charges are other things to consider when dreaming of pool ownership. Although keeping your backyard pool looking and functioning beautifully will yield you the highest possible return, you’re going to have to spend some money to make that happen.
Actually, just like everything else associated with your house (roof, HVAC, gutters, windows, landscaping) you need to preventatively maintain your pool in order to yield the cost savings of an efficiently run system.
Home Advisor serves up a nicely itemized list so you go in with eyes wide open (with your pool goggles on!)
Repairs, electricity, and water can be $1,800 to $3,200 per year, not including normal maintenance. Including maintenance, homeowners should expect to spend between $3,000 and $5,000 per year to keep their pool in good, working condition.
There are however expenses not associated with upkeep and those may come in the form of increased property taxes and extra insurance. Those costs and safety requirements differ from state to state, but you may need to attach a liability rider to your homeowner’s insurance policy. Or perhaps install a safety fence if you have small children.
Do What Works
At the end of the day, only you can decide what works for your lifestyle, your wallet, and of course your family.
Did your neighbor regret buying her Samsung UN110S9VFXZA 4K UHD TV with its 110-inch screen, 3840 x 2160 px resolution, and a 240 Hz refresh rate? Even though it cost $150,000?
Probably not, since every Sunday her family room is transformed into an NFL stadium with the extraordinary audio and video resolution! The experience was worth the expense.
Whenever you’re making an improvement on your home, you want a good understanding of the costs, both one-time and on-going. The one intangible here? What price do you put on memories?
Providing pool and home improvement loan solutions since 1979, Lyon Financial loves how a pool elevates a home’s profile. We also love the difference we can make for your family by providing something that puts years of memories within reach. Call 877-754-5966 for more information about creating your ideal backyard oasis.
