Swimming pools
can add value to your home. But is it
worth it? Remember the days when lounging by your parents pool was the coolest
thing to do during the hot summer days? They are certainly fond memories.
Many
Americans still long for a dip in their own backyard pool – but does the cost
of a pool match its long-term value?
The truth is every homeowner is different
and the perceived value of a swimming pool varies from one buyer to the next.
The Cost of a
Pool
Although the
cost will vary depending on where you live and how big of a pool you want, the
Wall Street Journal reports you should probably budget between $25,000 to
$50,000 for an in ground pool. The initial investment goes up from there when
you add landscaping and fencing. Additional ongoing costs you should be aware
of include an increase in home owner's insurance, a tax increase, maintenance
expenses like opening/closing the pool and heating if applicable.
A Cool Pool
Market
Experts say
that pools add value to a home in neighborhood with a lot of pools. Even if
you’re not in an area dominated with deep ends, the National Association of
REALTORS® says that pools add 7.7 percent to the average home property value
and more than 11 percent for homes in the Southwest U.S. The odds of recouping
your money go up if you plan to stay in your home for longer than five years
and you use it on a regular basis.
That being said, a swimming
pool could limit your home’s selling power. Buyers with small children may see
your home as an accident waiting to happen. Others may not want the annual
maintenance fees, home owner’s insurance, and tax increase that comes along
with the amenity.
Is a pool
right for you?
Answer these
questions as you embark on your research into pools.
Can you afford
the annual maintenance costs?
Are you willing
to invest in landscaping? Buyers want the whole experience of a pool which
includes landscaping, patios, or other additions to the backyard.
Is there a
community pool nearby? If there is, buyers may not perceive the pool as valuable.
Are you willing
to take on the risk associated with owning a pool?
Are you going
to live in your home for another five years?
Once you’ve asked yourself
these questions, it’s smart to get an appraisers opinion and talk to a real
estate agent familiar with your neighborhood.
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