Pools are dream additions for so many people, and you may often wonder if a pool can increase your home’s value. You ask yourself, “Is it worth adding a pool?” The short answer is: It depends. To help you see if it is worth it, here are a few questions to ask yourself before deciding.
Do Pools Add Value?
Sometimes, the answer is yes, and other times, the answer is a resounding no. Inground pools can add value to your home, but above-ground pools are known for reducing property value. If you have ever asked your HOA if you could install an above-ground pool because they are more affordable, you will likely be denied.
The concern they have has to do with the possibility of the pool leaking or breaking under pressure. Should that happen, it can flood your neighbor’s yard, so HOAs do not typically accept above-ground pool options. Given the risk associated with an above-ground pool, you are looking at a negative impact on your property value.
How Much Value Is Added With a Pool?
There is a limit to the value added by a pool. You might get a 5-10% increase in your home value. If you intend to sell it soon after, it is not worth getting a pool due to the installation costs. The increase to your home’s value is about half of most installation fees. For a good return, you need to think long-term.
Some people also think that a more ornate pool adds more value, but the reality is that the value is relative to the home. If it works with the home, it will add value. Alternatively, if an elaborate pool does not mesh well with your home, you can expect a lower return.
How Much Do Pools Cost to Maintain?
Depending on the pool you install, you could look at a couple of thousand dollars in maintenance every year. You might consider the amount of money it would take to install the pool and instead renovate various rooms inside your home. Maintenance is significantly less, and renovating can add more value to your home than installing a pool.
You might also think about doing some major landscaping to increase curb appeal, therefore, creating a positive return. When a home looks nice on the outside, people are more excited about going inside. Small bathroom remodels also tend to have a better return compared to a pool if you sell your home after installing it.
How Does Where You Live Affect the Value of a Pool?
Someone in a hot, humid, southern state like Florida will get a better return on investing in a pool than someone in a state like Montana. In a state where you’ll have more time to swim, you will get more for your pool. On the other hand, in a state where it is cold half the year, the pool is not typically a financially sound decision.
A warmer place and a pool might improve how fast your house sells once it is on the market. If having a pool in your area is odd, it might not move as quickly. When you are considering installing a pool, think a few years into the future to help you decide.
Is It Worth Adding a Pool for Value or Family Enjoyment?
You will probably never recoup the money you spend on a pool. That is why you need to think about long-term value in terms of quality time with your family. Installing a pool is a big decision, so you need to be sure it is worth it for your family.
If your decision is based solely on the value a pool adds because you want to sell your home, you would be better off not adding a pool. Remember, you will also need additional insurance on your homeowners insurance policy when you have a pool. Consider the cost. Weigh the fees against your goals and plans before making a final decision.
The Bottom Line on Pools
To decide if adding a pool is worth it to you, start by asking some questions. You will need to determine if a pool will add the kind of value you need. As pools only increase home value by a small percentage, you need to come to terms with what you will get back. Consider where you live as you think about adding a pool. Remember to look at family enjoyment as a key factor.