It’s no secret that homes with swimming pools look posh and stylish, but owning a pool can be very costly, and they won't always return as much as you think when selling your home. Whether a pool will appeal to buyers or not depends on a home’s location, the maintenance costs, and the buyer’s lifestyle. If you’re thinking of installing a pool, consider the pros and cons before committing.
The Pros of Owning a Pool
A Pool Can Add Value to Your Home
According to the National Association of Realtors, a concrete pool or one made of fiberglass can boost the value of a home by 5%. If your home is valued at $300,000, the pool will add $15,000. Many people have the misconception that pools decrease the value of homes but this isn’t always the case.
A Pool Can be Perfect for Some Climates
Some parts of the US are sunny for most of the year. If you live in a place such as Florida, Texas, California, or Arizona, having a pool is sensible as the person who buys your home will enjoy it for most of the year. If you live in a cold area, where the summers are short, a pool will most likely sit unused most of the time – and its ROI will be much less.
Ideal for Families
Buyers with families might consider buying a home with a pool because of their children. A pool can be very useful to a family, especially in hot summers. The poolside is a perfect spot for parties, birthdays, and barbecues. A pool also provides privacy, plenty of exercise, and relaxation.
The Cons of Owning a Pool
There Could be High Maintenance Costs
Maintaining a pool is not easy. Homeowners with pools spend approximately $700 per year on pool maintenance. Factors such as the size of the pool and the material used determine the costs. Repairing a pool with structural issues or leakage problems can also rack up costs. Some buyers prefer to steer clear of all this.
Low Return on Investment
Because of all the maintenance costs, a pool can give you a low ROI. The property taxes and homeowners insurance you’ll have to pay will also be higher. A pool is considered an insurance liability, an expense you may not recover. You may not recoup all the money you invested in it.
Some homeowners think pools are a necessity while others consider them a luxury. Home upgrades with great returns are usually dependent on the current market demands within your area.
Having a pool makes sense if you live in a sunny area and if your target buyers can comfortably afford the upkeep. While the maintenance costs can be high, there are some ways to reduce them.
Before you install a pool, do your due diligence. Carry out some research and determine whether a pool is something that will appeal to buyers or drive them away.
In the end, if you want a pool on your home because you want to enjoy it, go ahead. That is the most important thing. If you want to build a pol because you want to add value to your home, that might not be the best financial investment. But it depends.