It’s a fine line between helping and hurting your home’s value.
As summer begins, many homeowners dream of the possibility of walking out the back door and dipping right into the cool, refreshing waters of their own swimming pool. Sounds like paradise.
If you’re a homeowner with a swimming pool, you know that summer daydream isn’t all that glitters. You probably imagine your pool and see dollar signs because of how much it cost you initially and how much it continues to cost you to keep it clean, shiny, and new. If this is you and you’re thinking about selling your home, have you ever thought about your home’s resale value now that it includes a pool?
The “does a swimming pool add to home value” debate is as old as time. If you’re a homeowner looking to sell your home with a swimming pool, or if you’re a homeowner considering installing a swimming pool, consider these real factors.
Good or bad for resale?
That is the age-old question. Many buyers consider a pool more of a liability than a luxury. When drowning ranks fifth among the leading causes of unintentional death in the U.S., you bet some people consider it a liability! If your home has a swimming pool, it may be a feature that deters a family with young children or toddlers.
Something to consider is the true cost of a swimming pool—for you as the homeowner installing it and for the potential buyer maintaining it. As the homeowner, it could cost you roughly $30,000 to install, equip, and fill a 600-square-foot concrete pool. As the buyer maintaining it, the pump and heater (optional) could raise your utility bills by up to $100 a month, the chemicals could cost you hundreds during swimming season, and you may want to increase your liability coverage on your homeowner’s insurance. If you live in a warmer climate where your pool will be open all year long, you should budget at least $80 a month for miscellaneous maintenance and needs. If not, some would even suggest that you hire a professional to open and close your pool for the season, running you a bill of about $500 per visit.
When it’s a good idea
There’s no guarantee a swimming pool will boost your home’s value, but it might be beneficial if:
- You live in a warm climate, like Florida or Arizona.
- The style of your pool fits the neighborhood.
- Most of your neighbors have pools (you live in a wealthier neighborhood).
- The condition of your pool is good and well-maintained.
- Your pool is relatively new (a new buyer wouldn’t need to make many updates).
- Your lot is big enough for a pool plus some extra yard space for activities or gardening.
- You attract the right buyer. Parents with kids in middle school and high school or older empty-nesters would be more likely to enjoy a pool than parents with young children or an elderly couple.
Get a good agent
The truth is, whether a swimming pool adds home value is determined by a number of factors—there really is no clear answer. But if you have a pool and you’re selling your home, we can set you up with a real estate agent in your area who can help you make the most of this expensive home feature and attract buyers who would love their own swimming pool.