If your idea of the perfect backyard involves lazy days floating on a raft and sipping margaritas or your kids splashing around and having the time of their lives, it is likely that you have considered building a swimming pool.
Many homeowners believe a swimming pool can boost their home's value significantly, but it's not the case all the time. It is recommended that you explore the cost vs. long-term value of swimming pools first so you know what you are getting yourself into.
According to home improvement site Fixr, the average in-ground swimming pool costs around $21, 919. But that only covers the building of the pool. Remember that you might also need to spend money on swimming pool repair at one point or another.
In addition, it pays to also keep in mind that you will have to spend money on its annual maintenance. If anything, swimming pools can be a great investment if you live in the right place and it is the right size.
Considering a Swimming Pool? Key Factors to Keep In Mind
Cost
At first glance, a swimming pool can seem like a wonderful addition to any home. However, getting one would make more sense if you live in a warm climate or an area with temperate and fairly short winters.
Similarly, investing in one would be much more appropriate if you live in a high-end neighborhood. Since there is a huge chance other homes in the area also have a pool, you won't be left behind if the time to sell your property comes.
According to HomeAdvisor, the cost of building a swimming pool can range from $14,112 to $41,424. The average cost sits at $27,588. The figures account for both the above-ground and in-ground swimming pools.
Now, let's examine the cost of maintaining and running a pool. Depending on the type and size, the filtration and heating will cost you around $8,000. However, that's not all. There are also other extras you need to keep in mind. For instance:
Diving board: $300 to $5,000
Enclosures: $4,800 to $14,300
Pool covers: $300 to $2,000
If the cost deters you, but you still want to have one, consider getting a smaller one instead, perhaps a plunge, lap, or cocktail pool. The material you will use can also greatly affect your overall cost.
While concrete is considered more durable, it will cost more than a pool lined with tile or vinyl. Using fiberglass shells can cut your cost by as much as 50 percent. Moreover, going above ground instead of in-ground can help you save even more.
Resale Value
While it's safe to assume a pool can increase the value of your home, it is important to set expectations right—it might not be as lucrative as you think. There is even no guarantee you will get your investment back, according to HouseLogic.
On average, a swimming pool can only increase your home's value by as much as 7 percent. Of course, as mentioned earlier, there are several factors to consider, including your location.
Undoubtedly, if you live in a posh area with a warm climate, having a pool can surely help your property get noticed. However, it is also crucial that you have some space in your backyard left for other activities.
Other factors that can help determine if you will get a good return on your investment include the type of pool you have, the condition of your pool, and its age. Buyers might pass on your home if you have a pool that is old and in poor condition.
Also, while you love your pool, remember that not everyone will feel the same way. Case in point: couples with young children often consider swimming pools a safety hazard. This can limit your potential buyers to older couples or families with teenage kids.
Final Thoughts
Getting a swimming pool can be a costly commitment. That said, it is ideal that you think carefully before investing in one. The bottom line is that you need to ask yourself one ultimate question when it comes to swimming pools: do the costs outweigh the return? If such is the case, you are better off considering other home improvement projects with better ROI.
