Swimming Pool
There are many conflicting points of view when it comes to swimming pools and resale value.
Some say that swimming pools are an out of date amenity that potential buyers shy away from, while others argue that they are a necessity, especially when it comes to homes in upscale areas.
Pool installation can be costly so it's really important to evaluate the how your home will fare on the market once a pool is added and whether or not you will make back all of the money you put into the installation.
Before adding a pool to improve resale value it's important to do some research to see which type of pool will be best for your property and how this addition will affect your home's resale value.
Things to Consider Before Adding a Pool:
- How will your home stack up to others in the area once you have added a pool?
- What type of pool is best suited for your property?
- Will the current housing market allow you to make back all of the money you have invested when it comes time to sell?
- Are you adding a pool for the benefit of your family or for the financial benefit of added resale value?
Anyone who is considering adding a swimming pool to add resale value has to keep in mind the other houses in the neighborhood first and foremost. Before any project is started it's important to do some research on the real estate in your neighborhood to see the amenities that houses in the area offer and make sure you are not going overboard. If no one in your neighborhood has a pool, chances are that you won't recoup the cost of adding one when you sell. This is because the average price of a home in your area will likely not include the cost of an added pool, which can require a significant investment. Adding a pool can cost thousands of dollars, but these extra thousands when added to the cost of the home could instantly repel potential buyers. On the other hand, when you add a pool to a large property in a wealthy neighborhood chances are that the investment will pay off. Homebuyers in upscale neighborhoods often expect every amenity imaginable to be included so if your house doesn't have a pool and every other place in the neighborhood does you might be in trouble when it comes time to sell.
If you decide that adding a swimming pool is necessary to improve resale value it is important to evaluate which type of pool is best suited for your particular property whether it be above ground, in ground or even indoor. Consider which size and shape of pool best suits the area you have set aside for it and which materials you would like used.
Above ground pools can be a good alternative for people who don't have an excessive amount to spend on pool installation. Above ground pools are typically less expensive than in ground pools and require less of a commitment so if the new homeowner decides they can do without this amenity it can be easily removed. Above ground pools come several different sizes and shapes with a variety of decking options and they are easy to install. They can be made with resin, aluminum or steel siding and they can fit into smaller lots that can't accommodate in ground structures.
Though most people have their pools installed by professionals, above ground structures are made from prefabricated swimming pool kits so you do have the option of cutting out the cost of professional installation and doing this job yourself.
Keep in mind that because above ground pools are less expensive to install they will also often result in less of a return in terms of resale value.
In ground pools, on the other hand, are more expensive but they often pay when it comes time to sell a home. These pools come in four basic varieties: vinyl-lined, fiberglass, concrete and gunite.
Vinyl-lined pools are structurally similar to above ground pools. When this type of pool is installed a hole is dug in the ground and a frame is assembled around the perimeter of the hole. Sand is then laid in the bottom of the hole and a vinyl liner is attached to the structure's wall.
Vinyl-lined pools can be attractive to people who live in colder climates because the winterization process is quite easy. The pool is simply drained and covered at the end of the summer and reopened in the spring. This type of in ground pool tends to be the least expensive to install but this also means that it can be less durable. Maintenance costs can stack up so keep this in mind before you install a vinyl-lined in ground pool to improve resale value.
Fiberglass pools can be quite attractive to potential buyers. These pools are built in a factory in one piece out of fiberglass-reinforced plastic that is molded into a basin-shape that resembles a giant bathtub. Fiberglass pools can be pricey to purchase, but the maintenance cost is generally lower than it is with other in ground pools. Unlike the vinyl-lined variety, this type of pool doesn't have a liner that needs to be replaced. In addition, fiberglass pools usually require fewer chemicals than are necessary in the maintenance of a concrete pool. These factors might entice potential buyers because maintenance costs are always a concern when it comes to large investments.
Concrete pools can be finished in paint, plaster or pebbles and custom-built to suit the space they will be occupying so they can be quite an attractive addition to any backyard. Because this type of pool can be customized, potential buyers are often attracted to their uniqueness.
Gunite pools are similar to concrete pools and can be finished with tile, plaster, paint, aggregate or fiberglass.
These pools are often well suited to areas that are prone to extremely high temperature and areas where the soil is known to expand. Pools made from concrete or gunite are generally strong and durable so potential buyers often take comfort in the fact that these structures usually don't require much in terms of maintenance and repair.
Before Building A Pool
No matter which pool you choose to install, the improvements may not pay if the current housing market is slow so it's important to take this into consideration before you start digging. It is essential to look into current market and property values before adding a pool because the slower the housing market is, the less money you will recoup from the addition, mostly because people will be paying less for houses.
Perhaps the most important thing to remember when remodeling is the purpose of doing so. Keep reminding yourself that the pool you are adding is not for personal enjoyment, but to improve resale value. When you add a pool to improve resale value you have to put your individuality aside and instead concentrate on what is saleable. This is where most people go wrong. When a homeowner's family's best interest drowns out the logic of investing there may be trouble. This is a regular occurrence when it comes to swimming pools. Homeowners fork over thousands and thousands of dollars thinking more about taking a dip on a hot day than how their house will fare on the market when it comes time to sell.
Most homebuyers can't deny appeal purchasing a home with a swimming pool, but for some buyers it is just not feasible.
Doing necessary research before taking the plunge and adding a pool to your home, or investing in a home with a pool will prevent your swimming hole from becoming a money pit.
