Another summer is nipping at our heels, what better way to keep the family cool by installing a swimming pool in the backyard. But is this investment a wise one? While the lifestyle benefits are undeniable – exercise, entertainment, and even relaxation – the question remains, does a pool really add value to your property?
Adding value or overcapitalising?
While some people swear that adding a pool will add value to your property, there are those who suggest that a pool isn’t a guarantee to a property valuation windfall. In fact, there are a few negatives to having a pool on your property when it comes to sell.
Ongoing maintenance costs
When you set your budget for the initial outlay of installing a swimming pool, remember you have the costs associated with the pool fence, outdoor furniture etc. You’ll also need to take into account the daily maintenance costs your pool will require. Ensuring the chemicals balance and the filter is clean and working, all cost money – and during summer, when the pool is used more, can add extra costs.
Then there is regular landscaping, and keeping vegetation out of the pool – more time and money. Although, you could always pay someone to do it all for you, but that would only add to your ongoing costs.
Time spent on upkeep
Sure you can save money by checking your PH levels and filter, but that means you’ll be doing it yourself. Expect to allocate an hour or two every week to keeping you pool in working order.
A big con when it comes to a swimming pool is safety concerns people with children often report.
Even in situations where kids can swim, accidents can happen. Children need close supervision around water, not to mention you need to ensure that pool gates close and lock properly.
There’s also a lot of red tape when it comes to pool ownership. Making sure your pool meets all regulations can also be a costly exercise. If you don’t, you could face heavy fines.
No guarantees that a pool will add real value
If the above negatives aren’t enough to turn off some potential buyers, as a homeowner it’s important to keep in mind that just because your pool costs you $50,000 there’s no guarantee your pool will add an extra $50,000 to your asking price when it comes time to sell. The true value added may in fact be much lower than you anticipate – and really depends on the market demand in your area.
But there are lots of positives that come with pool ownership, which can make a swimming pool an appealing addition to your home
Pools are an attractive feature to families with kids. Pools can provide hours of entertainment and keep kids cool in summer. And the fun doesn’t have to stop when the sun goes down, if you have a well-lit pool the fun can continue well into the night.
Luxury and lifestyle factor
A beautiful pool can add a real wow factor to your home. A well-designed pool adds a whole new level of outdoor entertaining options for your home, and really creates a holiday atmosphere.
People who love entertaining are often willing to pay a premium for a home that has a luxury pool area. So if you’re thinking of adding a pool to your home, make sure you place it in the right location, choose stylish tiles and go the extra mile with some lush, professional landscape gardening.
Picnics in the park and BBQs by the beach might sound like fun, but by the time you circle around in your car looking for a parking you’ll probably be wishing you stayed at home. And if you have a swimming pool at home, chances are you probably will stay at home.
Having a swimming pool at home means you have a place where adults and children can entertain themselves.
Not as fun as cocktails and canapés, exercise is a necessary evil for many people. Having your own pool means you have a fun way to get and stay fit – without needing to join a gym! Swimming laps is a great workout, without adding too much stress to your joints. And if you splurge on solar heating you’ll get a few more extra months of swimming in too.
Your kids will love you
In fact, if you have older kids, the chances of you being the most popular family on the block are pretty high. Imagine school holidays where your kids and their friends all want to hang out at your place – you’ll get to know their friends, and it’s comforting to know where they are during the day.
Maximise your chances for a positive pool installation
If you want to be a homeowner who reaps the positives of pool installation, there are some things to keep in mind when contemplating a plunge into pool ownership, they include:
- Choose an in-ground over aboveground pool: if you want to add value to your home an in-ground is more likely to give you a positive return for your money.
- Make sure your area warrants a pool installation: If you live in an area with a cold climate, like Tasmania, chances are a pool isn’t going to be high on a buyer’s list of ‘must haves’.
- Consider your future buyers: Are they families with kids, or is your home likely to appeal to an elderly, retired couple?
When selling your home, remember that home additions only really reflect the current market demands in your area, at the time of sale. If in doubt about whether or not a swimming pool will add value to your home, consider speaking to a licenced real estate agent. We will be able to advise you about your area, potential buyers and what is most likely to appeal to them.
Over to you
Would you be more, or less, interested in a home that had a swimming pool? If you have a pool at your house, was potential resale value a consideration when installing it?
Disclaimer: The information here is provided on a general basis. You’re encouraged to consult with an expert who can consider your individual situation.