If you’re thinking about selling your home for as much money as possible, you might have to change some things about your home to attract potential buyers. These ways can cost money, but when done correctly, these improvements will have a return on investment for what you spent to improve your home.
Some of the sure ways of improving your house’s value include making its façade look more attractive, replacing outdated components like old furnaces and water heaters, or using color psychology and paint to make a house feel bigger and lighter. More expensive renovations include increasing the number of rooms or replacing floor tiles or fixtures that are outdated.
However, one question a lot of people have is whether or not having a swimming pool increases a house’s value compared to the other homes without pools in the area. Contrary to what most people think, it generally doesn’t.
Swimming Pools Are Unnecessary
Sure, a swimming pool can have many advantages. On a hot summer day, a pool can be a fun way to cool down and a good reason to host summer BBQs and get-togethers with friends and family. But unless you’re a swimming athlete (and even then, you’ll need a larger-than-average swimming pool to practice) or need a pool for water calisthenics for fitness, there’s no real practical reason to have a swimming pool in your home.
If you live in a neighborhood where swimming pools aren’t common, a pool will do very little to drive up your house’s price. If your home is in an area where it’s constantly raining or cold for most of the year, you won’t get to use your pool as much, making it pointless to have.
Sure, not all home improvement projects need to have a return on investment. If you get a swimming pool and your friends and family enjoy it, then the joy of having it is definitely worth the price. When it’s time to sell, you might find a family that will enjoy having their own swimming pool, but it can turn away those who see pools as unnecessary and an added cost on their housing expenses.
Costs of Owning a Swimming Pool
The average in-ground concrete swimming pool can add up to 8 percent of your home’s current value. That may seem like a good thing because it adds value, but when you see the costs of installing a swimming pool, it sometimes doesn’t add more.
If your property is worth $400,000, the most a pool can add to your home is $32,000. However, the price to build an average-sized swimming pool is $50,000. So, if you’re building a pool solely for the purpose of trying to increase your home value, it will increase but it won’t increase enough for you to recoup the cost of having one installed.
Aside from building the swimming pool, there are also additional costs of owning a pool. Installing a pool fence starts at $1,500 and can go as high as $10,000, depending on the size of the pool and type of fence. Landscaping to make the swimming pool fit with the rest of the backyard can cost an additional hundred dollars.
Pool maintenance costs an average of $122, but it can cost up to $650. You’ll also need $250 to have it professionally cleaned. Considering the maintenance costs, repairs and replacements, electricity to run the pump and heater, swimming pool chemicals for $600 every year, and the water bill addition to the pool, expect the annual costs can climb up to $5,000.
Reasons to Own a Pool
With that being said, however, there are still several reasons why swimming pools can still add value to your home. For instance, if your home is in a neighborhood where most houses have swimming pools, being one of the houses that doesn’t have a pool can decrease its value. In states with warm climates like Arizona and Florida, homes with swimming pools are more common and can drive your home value.
As long as the style of your home and neighborhood fits for having a pool, it won’t affect your home value negatively. The back yard should also be perfect for a pool, but the pool shouldn’t be too big that there isn’t enough space in the back yard for other activities.
Should I Install a Pool for House Value?
Ultimately, while swimming pools are generally not a good investment in driving up the price of your home in the real estate market, it’s a good idea to install in your home if you’re thinking about your lifestyle. If you like swimming or want to learn the basics of swimming, an average-sized swimming pool is a good installation in your home. However, be ready to shell out an additional $3,000 to $5,000 every year for maintenance, repairs, replacements, and keeping your swimming pool in usable condition.