Does Building a Pool Help or Hurt Your Property Value?

After building their dream house, homeowners always look for different ways to spice up their backyard area. One of the most common ways of upgrading your backyard is building a pool. Although costly, swimming pools are fantastic add-ons to your property. They offer a wide range of aesthetic and functional benefits. Not to mention, a swimming pool helps you cool down under the summer heat. At no time in the history of inground pools have swimming pools been more popular than they have become in the last two years.

Nevertheless, swimming pools are very costly. They incorporate high initial and lifetime costs. And this can discourage you from installing this spectacular feature. Before building a pool in your backyard space, it is important to analyze your requirements. From there, weigh the pros and cons of constructing a swimming pool. Doing this helps you know whether building the pool is a good idea.

In case you didn’t know, swimming pools help you increase your home’s value. On average, a swimming pool can increase your home’s value by 7%. Needless to say, this percentage is not enough to help you recover all initial pool construction costs. But you are at a higher chance of obtaining higher profits when you sell your home.

First, calculate the total construction costs & payments

The first thing you need to do is calculate the initial pool construction costs. Doing this helps you know whether your pool helps or hurts your property value. Pool experts often report that building a pool costs approximately $30,000 to $90,000. Of course, this cost varies depending on various factors. In this context, let’s deal with a 600 square foot concrete pool that costs approximately $30,000. It’s also important to factor in the cost of financing if you will be getting a loan to pay for construction you should know what your pool loan payments will be ahead of time.

The maintenance costs of building a pool in your yard

Aside from the initial construction costs of building a pool, a majority of states will require you to put up safety features like covers and fences. Also, you have to install other pool equipment and water features. Keep in mind that all these pool features need maintenance and increase your electricity bills. For instance, your pool pump and heater can raise your monthly electricity bills by approximately $100. There are many other costs involved during pool maintenance that you need to put into consideration.

During the swimming pool peak season, you are likely to spend approximately $800 to keep the pool in good condition. Set aside $25 to $50 for weekly pool maintenance if you use your pool throughout the year. Unfortunately, neglecting your pool is detrimental. If you don’t take good care of your pool, you will experience common pool problems like algae and stains. Ultimately, maintaining a pool is very expensive. So, ensure you evaluate all the lifetime costs of the pool before construction. This way, you’ll be able to know whether building a pool makes sense.

A Home-Selling Obstacle or Feature?

Your pool construction costs determine the selling price of your home. Homes with swimming pools are more costly. However, they may not attract a lot of buyers. Some potential buyers may consider a swimming pool as a liability. On the other hand, some may consider pools a luxury. It all depends on the location of your home.

Although not in every instance, in this particular climate a pool improves your property’s value by 7%. However, below are some of the conditions for this to happen.

1. If you stay in an area where most properties have pools, this is basically a first-class neighborhood.
2. Swimming pools in warmer regions like Florida are more likely to increase your property’s value. Very few people are likely to buy pools in colder areas.
3. A pool increases your home’s value by up to 7% if it does not consume a lot of space in your yard. If there is still space for homeowners to add other features, you attract more prospective buyers.
4. If the pool design complements the nature of your yard, your pool is likely to increase your property’s value by up to 7%. Also, the pool has to be in good shape for it to raise your home’s value.

At the end of the day, if you’re considering building a pool, don’t look at it as an investment. Instead, focus on all the amazing benefits offered by the pool. Remember, swimming pools are excellent sources of fun, enjoyment, and relaxation. Nevertheless, you have to be ready for all the maintenance costs that come with this spectacular feature.