Does a pool add value to my property? Before diving in…read this first!
When it comes to determining if a swimming pool adds value to your home, the reviews run from hot to cold.
On the nay side, home experts say as much as you treasure that gorgeously expensive water feature in your backyard, when it comes time to sell, others may hate it, especially those who have young children because they see it as a big safety hazard. Families with middle-aged parents and teenagers are more likely to be smitten by thoughts of splashing around in the hot sun.
Then there are the ongoing maintenance and security costs of owning a pool. Not only will your energy costs shoot through the roof, so will your maintenance expenses. Pools cost approximately $1,000 to $2,000 per year to operate. Having a pool also raises your homeowner’s insurance rates.
But…if you do love the water and plan on using a pool frequently, and have no immediate plans to move, then that kidney-shaped dream may be a good decision for you.
Also, if you live in a neighbourhood of pricey homes, not having a pool may be a deterrent. This has more to do with keeping up with the Joneses – those neighbours in your upscale locale whom already have pools. But you’re not likely to get significantly more money for your house because of its pool; you’re just as likely to be viewed favourably.
Aesthetically speaking, pools, especially inground ones, are the crème de la crème in pool options. And with our fascination of bringing our living space outdoors, the sparkle of blue water and the sound of splashing and laughter that emanates from this luxury item, can’t be beat as a focal point.
If you love to entertain, there’s nothing better than hosting parties that centre around the pool. Pools are also great for cooling down on a hot summer’s day and for doing exercises such as water aerobics.
Expect to pay between $10,000 and $50,000 for an inground pool. Your costs could also run higher given associated expenditures for landscaping.
According to the Appraisal Institute of Canada, the average recovery rate of a pool investment is low and stands between zero and 25 per cent.
Bottom line: don’t expect to recover the full cost of putting in a pool, especially with our Canadian weather when our summers seems to be getting shorter and shorter. A pool adds value to your own family’s lifestyle if you truly love diving in and soaking up all the good things a pool has to offer. If you’re truly only doing it for investment purposes, then do your research and make your decisions based on the facts.