Depending on where you live, an in ground pool can be a wonderful addition to your home. There is nothing more relaxing than diving into cool water on a hot day. If you add a pool to your home for the sheer enjoyment, then there is certainly value in that. If you hope the pool will increase your property value, there are many things to consider.
Do Pools Increase Your Home’s Resale Value?
In most cases, a pool will cost more to install and maintain than it will increase the value of your home. There are a number of reasons they are not recommended for increasing property value. A potential buyer may actually be turned off by the in ground pool because of the constant maintenance it requires. Pools are inherent safety hazards. They increase energy costs, and they often require landscaping
upkeep.
If you live in a warm climate, the pool may help your home sell faster. Oftentimes, new home owners want an in ground pool because they provide a refreshing way to cool off on hot days. Families that like to socialise may like the pool feature, too. The property value won’t increase much in warm climates, but the time to sell your home will decrease.
Money Concerns
If you already find it hard to stay within your household budget, an in ground pool is not recommended. Your homeowners insurance will increase significantly. Pool maintenance is necessary. If the pool is not surrounded by a privacy fence, you’ll have to build one to lower liability.
You also have to think about the worst case scenarios. People slip and break bones around pools. Even worse. People drown. Even in ground pools can have major problems that cost thousands of dollars to repair. If you want landscaping, that will require maintenance, too. You’ll have to budget your time differently, too. A lazy Sunday afternoon will be replaced with pool maintenance activities.
You’re Going to Get a Pool Anyway
Your heart is set on having an in ground pool, so what can you do to reduce the cost of owning one? Start with your insurance premium. There are ways to bring that down.
Build a privacy fence that no one can see over.
Get a pool cover for off season.
Do not get a slide or diving board.
Make sure the pool is not visible from the street.
Do your own landscaping.
If you are buying a new home, and you plan to install an in ground pool, the insurance cost will decrease if there are other pools in your neighborhood. If you are the only family with a pool, then you are the disaster magnet.
Pools are fun, and the right kind of property owner can get years of joy out of one. Just don’t let the fun hijack your budget. Do an honest assessment of your financial situation, and be certain that an in ground pool is a smart financial move.