Building a pool in your backyard is an expensive option that you expect will pay dividends in terms of you being able to use it once it’s built. A longer term question is whether or not it adds value to your home or detracts from the resale ability if and when that time comes.
Does a pool add value to your home? It depends. An inground pool may cost $20,000 and may add $10,000 to the value of your home or it may add $40,000 or more. A home is only worth what someone is willing to pay. The best way to find out if and how much a pool will add to the value of your home is to contact several home appraisers in your area and get them to provide you with appraisals with a pool and without a pool and their reasoning behind each valuation. You could also contact several real estate agents to get their thoughts on the popularity of pools in your area.
Depending on the area you live in, the amount of time you can use a pool each year, and how prevalent pools are in your area, your valuation will differ. If you have a pool, you will generally only attract buyers who want one so you will reduce the potential buyers your home might have. On the other hand, a ready-built pool may be in short supply in your area.
The longer you’re planning on staying in your home and using your pool, the less you may focus on the valuation. At the end of the day, a swimming pool offers a lifestyle choice that provides positive experiences that you would not otherwise have and there are benefits throughout the summer that you receive as a result.
Pool Costs
Home Advisor provides some interesting statistics and detailed breakdowns on what it costs to build a pool. While the nationwide average to build an inground pool is $28,175, they suggest the following:
Building a pool costs between $14,651 and $41,819 on average. Inground models range from $36,750 to $66,500. Above-ground styles range $700 to $3,600. And custom pools can cost upward of $100,000.
Home Advisor
Depending on specifics, yearly maintenance costs for a pool on an ongoing basis vary but could be in the $1,500 range although I’ve read some estimates that go as high as $4,000 which could be the case if you need to replace parts such as a pump, heater, chlorinator or have other repairs or big ticket purchases. A salt water pool may only require $100 of salt, $300 for each pool opening and closing if you pay someone to do it and perhaps $100 in chemicals.
Home Advisor goes on to mention that an above ground pool may cost $1,500 – $15,000 but spends little time talking about them otherwise and suggested that in general, people may find them to be “aesthetically unappealing.” In other words if you’re planing on an above ground pool, you might not get any financial benefit when selling your home.
Pool Ownership Pros
For many people who grew up with a pool, there is a chance to relive their childhood in some respects and they may be eager to find a home with a pool as they already recognize the benefits. For others, the thought of owning a home with a pool is a goal of sorts, a vision of what could be summers of pool parties and entertaining family and friends.
And these days given what is going on in the world, many people are simply uninterested to go to a packed beach or public pool that involves being in close proximity to many other people. Many people simply don’t like being in crowds anyways and prefer a quieter environment where they can go swimming privately and not worry about getting in a car, finding a parking spot and laying down a beach towel in a crowd.
And if you happen to live in an area where pools are the norm and many or most houses have them, you might find yourself at a disadvantage of sorts when it comes time to sell your house if you don’t have one.
Pool Ownership Cons
Some people simply don’t want a pool. Many people can’t swim. Some people think of the ongoing maintenance costs and work involved in owning a pool, not to mention the fact that a pool can take up a significant part of your backyard that you may otherwise use for other purposes especially if a potential homeowner has kids or a dog.
Speaking of kids, a pool creates a potentially large safety hazard if the children are small and need to be constantly supervised. And if your children are older, the last thing you want them doing is inviting their friends over while you’re not home for a pool party given the potential legal ramifications if someone gets hurt, or worse.
Lastly there is the practicality of a pool particularly if you live in an area where you only have 3-4 months of nice weather at best to actually use the pool. If you live in a state like Hawaii, California, Florida, South Carolina or Arizona where hot weather lasts longer, a pool might be a given and you might be at an advantage over houses that don’t have one.
Conclusion
Installing an inground pool is an expensive up front cost that pays dividends the more you use it. While selling a home with an inground pool that is well-maintained should provide a price benefit over the same house without a pool, a home is worth what someone is willing to pay. Your local conditions – weather, popularity of pools, etc – will help to determine how much this price bump will afford.
The best thing to do is familiarize yourself with local pool ownership levels either by contacting local home appraisers and real estate agents or by doing free searches on local real estate portals to see how popular pools are in your area.