On a scorching day, nothing beats lounging by your own pool with a cold drink or a good book while the kids splash around or float on pool toys. Pools are often seen as a luxury, but some see them as essential, while others consider them a hassle. If you're a homeowner thinking about adding an in-ground pool and wondering if it's a smart investment that adds value to your property, read on for the details.
According to the National Association of REALTORS® Remodeling Impact Report: Outdoor Features for 2023, adding an in-ground pool can bring about a 56% return on investment. HouseLogic suggests your home’s value might increase by up to 7% when you sell, depending on various factors:
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Neighborhood: If you live in a high-end area where pools are common, not having one might make your home harder to sell.
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Climate: Pools are more valued in warm climates. In colder areas, they’re less essential and may not add as much value.
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Pool Condition and Design: A well-maintained, nicely designed pool with surrounding amenities can boost your home’s value. Neglected pools can be a detriment.
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Property Size: A pool in a small yard might not add much value.
Building an in-ground pool costs around $90,000, though prices vary based on size and materials. Custom features and safety measures like fences can add $5,000 to $15,000. Maintenance is essential, costing $80 to $150 a month, plus heating and electricity expenses.
A basic homeowners insurance policy typically covers a pool, but it may increase your rates and liability coverage. Adding a pool might also raise your property taxes without necessarily boosting your home’s selling price.
Ultimately, the true value of a pool is personal. It can enhance your quality of life, providing a place for relaxation and special moments. The NAR report gives pools a “joy score” of 10 out of 10, with over 90% of homeowners feeling happier at home after installing a pool.
In the end, it’s your call. If you’ve weighed the pros and cons and have the budget, dive in and enjoy the swim!