Do Swimming Pools Increase a Home’s Value?
There are several great reasons to consider installing a pool in your home’s yard. Pools are very fun and wonderful for families with small children and for entertaining. There is nothing better than jumping in your own pool on a hot or humid day.
Pools are great. But are pools a good investment? If you’re installing a pool for your own benefit and lifestyle and can afford it, I recommend it. If you’re installing a pool as part of a plan to increase the value of your home, you might want to reconsider. Here is why …
COSTS OF OWNING A POOL
For any investment, you first need to consider the costs. There are many costs associated with installing a pool in your yard. The first cost is the installation itself. On average, an in-ground concrete pool that’s 600-square-feet will cost around $30,000 to install. This is not a DIY project so you have to hire a professional pool installer near you.
You won’t get a 100% return in investment on the $30,000 you spend on the pool.
You will also need to build a fence around the pool as that is a law in most states in the USA. You could install a fence on your own to save some money but there will still be costs involved.
To run the water pump and the water heater for a pool costs around $100 per month in addition to your standard utility bills and cleaning chemicals cost about $150 per month during the summer and swimming seasons.
You should also increase your home insurance to cover the pool. This will be an additional $10-15 per month on average.
You can see the costs of owning a pool start to add up fast. Beyond the initial $30,000 installation cost and fence build, you should plan on spending another $1,250 per year on the pool.
ARE POOLS HARD TO SELL?
You won’t get a 100% return on the investment you put into the pool. Then the next question becomes whether it will help or hurt when it is time to sell your home. After all, not everyone wants a pool in their yard.
Some buyers will be discouraged by the lack of an open space in the backyard or the monthly fees associated with maintaining the pool during the summer months. The pool could actually reduce your number of interested buyers.
There are home buyers on the search for properties with a pool though and if it is a mandatory feature of their new home, you will appeal to those buyers when other homes will not.
Still, in the end, a pool is not a good investment. A pool is a fun purchase for you and your family and your lifestyle. If you will enjoy owning a pool and can afford to do so, I think it is a wonderful idea!
If you are installing the pool in the hopes it will increase the value of your home or help you to sell the home in the future, I would invest your money elsewhere.