You can picture it now: You, in a swimsuit, laying on a pool raft with a drink in your hand. Summers in your backyard will be better than ever if you can add a swimming pool. But will adding a pool to your home really pay off? Sure, it might pay dividends in tan lines and epic pool parties, but if we’re talking about resale value — the answer is murky.
Adding a pool to your home is no small undertaking. The entire process could cost around $30,000 — and that’s before you get into additions like more landscaping or waterfalls, etc. That’s a lot of zeros to think about. Here are some things to consider when you’re talking about adding a pool to your home
1. What are your neighbors doing?
If you live in a neighborhood where pools are the norm, then not having one could absolutely hurt your chances of selling at your desired price point. Especially if one of your neighbors lists their property at the same time. In that case, putting in a pool will probably make you competitive and pay off in the long run.
If that’s not the case… well, you shouldn’t count on a huge financial return. According to Investopedia, a pool may only boost your resale value by a maximum of 7%. If you plan on getting a lot of use and a lifetime of memories out of your new pool, go for it. But don’t expect your price tag to soar just because you put in a swimming pool and/or hot tub. You should also style your swimming pool based on what is current and trendy in the area to increase your chances of seeing some ROI.
2. How big is your back yard?
You don’t want your swimming pool to take over your entire yard. Buyers may be annoyed that there is no remaining space to enjoy a barbecue, run around, or create a home garden. If your back yard is not big enough to fit a pool with plenty of space left over to play — you probably don’t have room for one. In fact, filling your entire yard with an expensive-to-maintain pool may decrease the value, depending on the types of buyers looking in your area.
3. What is the climate like where you live?
Do you live in Florida or Michigan? It may not be worth it to put in a pool that you can only use for four months out of the year. And your future buyers will probably see it the same way. Again, if your neighbors all have pools, that may override other concerns. However, generally speaking: Installing a pool makes more sense and adds more value in Florida or California than North Dakota.
4. How well can you maintain the pool?
Resurfacing the pool, fixing broken tiles, keeping the proper chemicals in the water, and other regular maintenance means swimming pools remain an expensive amenity. If you’re not prepared to keep up the pool — don’t get one.
A pool that’s not in tip top shape soon becomes a liability, and it certainly won’t do you any favors when you put your home on the market down the line. No one wants to move in and immediately have to replace the pool liner or do other major fixes.
Putting a pool in your home may be worth it in convenience and your personal use, but don’t install one as a financial investment. Money aside, the benefits of home exercise, relaxation, and cooling off may well make your pool a smart addition to your home. Just make sure you maintain it well and don’t plan on over pricing your property just because you have a pool in the yard.
Would you rather move to a home that already has a pool? If you’ve been struggling to sell your current property, contact California Family Homebuyers to see if we can make an offer. We buy homes — with pools and without — throughout the Sacramento area. We can close as soon as one week, and you even get to choose the closing date. Give us a call today!