As temperatures begin to rise, the lure of sparkling sunlight reflected off rippling blue water draws many homeowners to invest in an in-ground pool. That a pool adds to one’s quality of life, there is no doubt. When it comes to adding value to your home, however, that question is more difficult to answer. Before you ‘dive’ in, consider these points.
Know your local buying pool
The general demographic of your neighborhood often determines if a pool is an attraction or a definite turnoff. When the trend is young families with small children moving in all around you, a pool would hinder many potential buyers from looking at your home since pools are a hazard to small children. Conversely, if most nearby homes (otherwise comparable to yours) have pools, adding a pool might draw additional buyers.
For homeowners without children, or for families with older children, the right pool can be a great attraction. Pools often become the gathering place for neighborhood youth, single adults or child-free couples, and extend a home’s entertainment space.
Know your long-term plans
When you know that you’ve bought a starter home, and that you will be selling and moving within five to seven years, a pool may not be the best investment for you even if it increases the market value of your home. In-ground pools are expenses, often running into the tens of thousands of dollars between ground preparation, installation, adding protective fences and alarms, and obtaining permits. Unless you keep the home long enough for the market price to surpass the cost of the pool, it could be a net loss.
On the other hand, if you intend to live in the home for a decade or more, the cost of the pool may be absorbed into the increase in value of your home. A caveat however: as the pool ages, the potential for mechanical or structural failure increases. Constant maintenance will keep the pool in the asset column but a poorly maintained pool can detract from your resale value.
Other aspects to consider:
Every location differs when determining the return on investment for a pool. If you are looking at selling within five years, give us a call and we will help you determine if a pool is right for your property. If it is not, and having a pool is a high priority for you, we will help you find a home with a pool or where a pool is a more beneficial investment for you. Contact us now. We are local. We can help.