Did you know that there are 10.4 million homes in America with an in-ground swimming pool?
Swimming pools can be a great addition to a home because they can act as a communal area for families to relax by and also are great for exercising.
Keep reading to discover whether a swimming pool can increase the resale value of your property.
What Are the Different Types of Pools?
There are two main types of swimming pools that you can install in your garden or yard. The first one is an in-ground pool, these are typically more expensive to install and can also take longer to put in. In-ground pools are installed in the ground, usually with concrete.
The second type of pool is known as an above ground pool. These swimming pools are usually easier to install and made of plastic or metal. They often come with instructions and can be installed by yourself.
Typically an in-ground pool offers more value for your home’s resale price, whereas an above ground pool won’t add that much more value to your property’s resale price.
Why Can Swimming Pools Add Value to Your Home?
Whether a swimming pool can add value to your home depends on a number of factors, such as the neighborhood you live in and whether they have pools, whereabouts you live (people typically prefer to have a pool in warmer climates), and the size of your pool.
Some home buyers are willing to spend more money on properties if they have a pool because relaxing by the poolside and dipping into the cool waters during hot summer months can be the perfect way to unwind.
While other people might purposely choose to buy a house with a pool because of the health benefits. There are many health benefits of pools such as improving overall health and fitness and swimming is a great way of combining both cardio and strength training.
Another reason why a swimming pool can add value to your resale price is that your prospective buyers might love to be outdoors and enjoy spending time in their garden.
However, you must always think about the cost of installing a swimming pool and the cost of maintaining it. If you are thinking about adding a swimming pool to add value to your property because you want to sell it then you also need to think about your prospective buyer and if they can afford to maintain the pool.
How Much Does a Swimming Pool Cost?
The average cost for an in-ground swimming pool is between $35,500 and $65,070. The cost of a swimming pool varies, depending on how big you want the pool to be and the materials it is made out of.
A concrete swimming pool installation will cost around $40,000. While the swimming pool installation cost of a vinyl pool is around $30,000 and a fiberglass pool will cost around $28,000.
On top of that, there are also maintenance costs, such as the cost and time of the annual upkeep of the pool. If you are thinking about staying at your home then you need to calculate how much this will be for you. If you want to sell your home then you need to make sure you market your house at the people who can afford these costs.
The average upkeep of an in-ground pool is between $1,200 and $1,800 per year. Pool owners can expect to spend anywhere between $150 and $300 when opening their pools. This includes the costs of removing the cover, reassembling the filter, cleaning and testing the water, and refilling the pool with water.
And then when closing their pools, it can cost between $150 and $300 too. However, these costs could be higher, depending on individual circumstances.
Then there is also the monthly maintenance costs of the swimming pool. Monthly maintenance can cost anywhere between $80 and $150. Alternatively, people choose to maintain their pools themselves, however, this can be quite time-consuming.
Should You Add a Pool to Your Property?
Swimming pools aren’t cheap to install or maintain. However, there are some instances where adding a pool to your property can increase the resale value by up to 7%.
If you are thinking about installing a pool into your garden, then you need to weigh up the cost and work out how much return on investment you might make.
The best way to work out whether a pool is the best option for your property is by hiring an appraiser. The appraiser will be able to work out how much value a swimming pool could add to your property. Ask your appraiser how much your property is currently worth and then ask how much it would be worth if you installed a pool.
If the math doesn’t add up, don’t install a pool. For example, if your property is valued at $350,000 without a pool and the appraiser tells you that a swimming pool could add $30,000 onto your resale value. But installing the swimming pool costs $50,000, then it wouldn’t make sense to add a pool to your garden. As this isn’t adding any more value and will put you out of pocket by $20,000.
Alternatively, if you are thinking about staying at your property for several years and you really want a pool in your garden, then it might be worth installing one and forking out the extra money. After all, it means that you’ll get to enjoy it too.
Boost Your Home’s Resale Value
There are many ways in which you can boost your home’s resale value, such as upgrading your interior or adding a new kitchen.
But you can also add a swimming pool in your garden too, to help boost your home’s resale value by up to 7%. To find out whether you can boost your resale value with a swimming pool, get an appraiser in to check out your property.
If you enjoyed reading this article, be sure to check out some of our other insightful articles about home improvements and mortgages.