Does a Pool Add Value to a Home?
Tags: pool, installing a pool, above ground pool, inground pool, real estate advice, real estate agent, add value to your home,
Are your kids constantly complaining about how bored they are? Are you trying to think of ways to spend time with your family outdoors while still adhering to social distancing restrictions? Right now, pool sales are through the roof – and understandably so. But as much as this could be a win for you and your family now, you may be wondering if a pool will add value to your home in the future. This depends on several factors.
Hire an appraiser to first determine if it will add value to your property. Have your home appraised as is and then a second time as if it had a pool to determine the increase. For example, if your home is valued at $600,000 without a pool and $635,000 with a pool, but the cost of putting in the pool is $65,000, then you know that the installation did not add value to the home.
Type of Pool
Both Inground and Above Ground pools can offer enjoyment. Above-ground pools are significantly cheaper, but that does not necessarily mean that you should opt for one. Not only can they often impact the aesthetic of the house, but they can also lower the value of a home. When you choose to sell, the new home buyers will likely ask you to remove it and fix the damages it has caused to the lawn. If an above ground pool is what can fit your budget right now just know before you go to sell you will need to make these arrangements
Where your home is located is also important. Warmer climates tend to value outdoor swimming pools more than cooler climates. The pool will be used more, therefore considered more valuable to the buyer. In colder climates, like Canada, pools require types of housing and antifreeze maintenance every year. This type of work can be discouraging to buyers.
Cost and Time
Depending on pool type, shape, and size, an Inground pool can cost on average between $35,000 and $50,000. An above-ground pool runs in much cheaper with the median price being just over $2500. Maintaining your pool also comes with a price. If you do not have the money or the time to maintain it, do not get one. A neglected pool will lower the value of your house.
A pool will definitely add value to your life, but if you are more concerned about the financial aspect, do some research to find out if a pool – and what type of pool – is your best option.
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JOSHUA CAMPBELL (@knowledgebrkr)
Real Estate Broker
Coldwell Banker The Real Estate Centre, Brokerage
249 Avenue Road • Newmarket, ON L3Y 1N8