As the temperatures creep up so does your desire to install a swimming pool in your backyard. Although a pool would be nice, you may want to consider whether a pool would add value to your home.
Will a pool add value?
Yes, no, and maybe. If you’re looking to add value to your home because you’re hoping to sell soon or in the future, a pool is not the best way to do so; you’re better off making physical improvements such as remodeling the kitchen.
There are a few minor cases where adding a pool could add a little value. These cases include:
- If you live in a high-end neighborhood and most of your neighbors have pools.
- If you live in a warm climate.
- If your yard is big enough for a pool and you’re still able to have yard left over for your kids to play – or for other uses.
How much will a pool cost?
The initial average cost of installing, equipping, and filling a pool can range from $20,000-$30,000, but can be lower or higher depending on building materials, labor, and size.
Then you have ongoing costs such as the pump and heater which will drive up your utility costs. If you hire a professional to open and close your swimming pool every year it’ll cost you a few hundred per visit, and lastly you’ll spend hundreds of dollars during the swimming season on chemicals.
If you live in a climate which allows you keep your pool open year-round, you’ll have a higher average cost than those who can only keep their pool open for a few months.
What is the return on investment?
Even if you’re part of the few minor cases where it might add value to install a pool, there’s no guarantee it actually will.
At most, your home’s value might increase 7% when it comes time to sell. That value might change based on how old the pool is when you sell, the type of pool, and whether it fits in with the rest of the neighborhood.
Only you can determine the value
Installing a swimming pool in your backyard may not offer the monetary return on investment you were anticipating, but you can be sure it’ll offer a summer full of fun. Only you can put a price tag on how a pool will improve your overall quality of life.
Are you adding a pool this summer?
