Did you know that there are more than 10 million swimming pools in the U.S. alone? Nearly 3 million of them are in California and about 50% of these pools are above the ground.
Having a swimming pool in your yard can definitely provide tons of entertainment during hot summer days, but how much value does a pool add to your house?
This is a great question that can have multiple different answers. Many homeowners wonder if their pool investment is protected later on when they sell the house. Keep reading this article to learn more about pool costs, maintenance, and how much it can increase home value.
Let's Consider the Costs of Installing a Pool
First of all, it's important to determine how much it costs to install a pool in your yard. The installation costs depend on various factors such as the type of pool you choose, how big is it, how deep is it, what pool accessories you add, etc.
As a general rule of thumb, most homeowners should expect to pay around $30,000-$60,000 for a standard pool. Keep in mind that you also have to surround the pool with a fence for protection purposes. This fence is mandated by law in most states to help prevent pets or small kids from accidentally falling in the pool.
Depending on your location, you should expect to pay several thousand dollars more if you live in a popular metropolitan area. If your house is located in a small city then the overall price will be smaller.
Consider the Pool Maintenance Costs
Regardless of its size, a pool also needs to be maintained if you want to enjoy it every year. For example, some homeowners must decide to close and cover their pools at the end of the summer.
These pools will eventually be reopened during the spring of next year. Ideally, you would want to hire a pool specialist to prepare and close/open your pool. This could cost several hundred dollars for each operation.
You also have to take into account the monthly pool maintenance costs. For example, the cleaning products you use and the chemical agents that are put into the pool water to kill bacteria will eventually add up to several hundred dollars each year. Your energy bill will also be increased since you use a pump to fill your pool when in use.
Finally, homeowners need to know that installing a pool can create liability when it comes to your home insurance policy. Therefore, it would be wise to increase the coverage of your home insurance from $100,000 to $500,000.
This increase doesn't add too much to your current premium. Most homeowners pay up to $50 more every year to increase their home insurance coverage after installing a swimming pool.
Any Pool Additions and Accessories Should Be Considered
Once you have your pool installed, chances are that you also want to invest in some sort of lighting options. These lights will allow you to use the pool during the evening or at night.
You can go for exterior lighting options or add LED lights on the pool floor. Depending on your preferences and types of lights used, this investment can reach up to $1,000 or more.
Apart from lighting options, homeowners also add outdoor furniture close to their pools. For example, a few pool chairs, an outdoor coffee table, and maybe a mini-fridge nearby can definitely improve your pool experience.
It's possible to also get a few waterproof speakers nearby, maybe a TV set, and an umbrella. All these accessories can easily add around $1,500 on average, but they're not mandatory.
You Will Get More Money If Certain Conditions Are Met
According to recent statistics, homeowners should expect to get approximately 7-10% more money when they sell a property with a pool. For a $500,000 house, you might be able to pocket up to $50,000 on average if you have a pool installed in your yard. However, certain conditions have to be met to maximize your profits. Here are just a few of them.
1. You Live in a Place With a Warm Climate
You cannot sell a house with a pool for a lot of money if there's little to no demand for it. Homeowners who live in states with warm climates such as Florida or Hawaii are lucky in this case because properties with a pool are in high demand here.
In some cities, a homeowner can enjoy his pool year-round because the average temperatures are almost always higher than normal. Therefore, if your house is located in a warmer climate, you can confidently ask for more money when you sell your property.
2. You Still Have Sufficient Space in Your Yard
Having a large pool in your yard can definitely attract a lot of buyers. However, it's important to still have some space available around your house after you have installed a pool. This space provides the perfect playground for kids and pets.
Potential home buyers might be attracted by your pool, but they could be discouraged by a lack of additional space in the yard. So, plan accordingly when adding a pool.
3. Your Pool Is Properly Maintained
Just like the lawn in front of your house, a pool can make a good first impression or a bad first impression. If you don't maintain your pool, it will discourage potential buyers. That's because they will think of you as a negligent homeowner. If the pool has unclear water or smells bad, what other signs of negligence does your house hide?
On the other hand, regularly maintaining your pool protects its value and makes a good first impression. You can maintain your pool on your own or hire a pool specialist. Do this before you open your gates for home showings to potential buyers and chances are that you'll make more money.
4. Where You Live Can Significantly Influence the Pool Value
You probably already know that the cost of products and services in a large urban area is higher than in a rural city. This is true when it comes to swimming pools as well.
If you live in a large city such as Los Angeles, you should expect to make more money out of your pool. In some cases, homeowners can pocket tens of thousands of dollars more from an average-sized swimming pool.
However, other towns in the United States provide attractive opportunities too. It's probably best to consult with a professional real estate agent to find out the price range of a swimming pool in your area. Factors such as pool size, type, location, and maintenance can influence the total selling cost.
Talk to an Appraiser Before Deciding Whether You Should Add a Pool or Not
Some homeowners want to add a pool in their yard, they think about the return on investment, and wonder if it's financially feasible to do so. In other words, should you bother adding a pool and have it forever or just go to a public one during the summer times? The answer to this question can influence your decision on installing a pool or not.
One of the best ways to find an answer to this question is by talking with a professional appraiser. These professionals know the market value of a pool in your area. They can also take into account installation and maintenance costs as well as depreciation value.
At the end of the day, an appraiser can tell you that your pool will cost "x" amount of money and you'll probably get back "y" amount of money.
If the "y" value is higher than the "x" value, then you're lucky. Your pool will eventually bring more money when selling the house. If the "y" value is smaller, then your investment in a pool is not protected in the long run.
Consider Your Personal Preferences as Well
Making calculations on pool cost and maintenance is the right thing to do. However, you should also consider your personal lifestyle and preferences when it comes to whether you should install a pool or not.
Do you like water and want to spend hours in the pool every week? Do you have kids who might enjoy the pool every day or only now and then?
If you've always fantasized about sitting by the pool and reading the newspaper in the morning then maybe you should add a pool, even if it doesn't raise property value too much. This addition will make you feel happy and content for years to come.
It's normal to consider improving the quality of your life and installing a pool is one of the best ways to do it.
Now You Know How Much Value Does a Pool Add
Hopefully, this article provided useful insights when it comes to how much value does a pool adds to a particular property. The next step would be to ask yourself what you really want to do now. Would you feel happy visiting a public pool in your town during the summer or would you only consider a swimming pool in your own yard?
If you want your own swimming pool then make sure that you contact us today! We help people from all over the United States find their dream homes and we will definitely find one with a pool for you as well.