At most, your home’s value might increase by 7% when it comes time to sell, according to HouseLogic. Still, that all depends on a variety of factors. Here are some of those circumstances:
If the pool is well-maintained and nicely designed – The condition and style of the pool are also crucial when it comes to fetching more value. A pool that’s been well-maintained, and has adjacent amenities, such as patios, shade structures, and outdoor furniture that make the surrounding area attractive, can boost your home’s value. If you’re selling, ensuring that the landscaping around the pool complements the pool in both style and design can be a huge advantage. On the contrary, a pool that’s been neglected and in need of repair can be an eyesore.
If your property is large enough to accommodate a pool – It also won’t add much value if the pool has been shoehorned into a small yard without having enough space for a garden and play area.
As per HomeGuide, an inground pool costs $80 to $250 per square foot with installation or $25,000 to $100,000 total, depending on the size and material. Not to mention, custom upgrades or additions, such as lights, a slide or diving board, a heater, and landscaping, will cost extra.
Most states also require the installation of safety features, such as fences, enclosures, and covers, to help keep pets and children safe around the water and prevent accidents. Pool fencing alone, for instance, can cost from $5,000 – $15,000.
In some areas, adding a swimming pool may also increase your annual property taxes but might not necessarily add to your home’s selling price.
The NAR Remodeling Impact Report showed that adding a pool gave homeowners a “joy score” of 10 on a scale of 1 to 10, indicating that it had a significant impact on a homeowner’s sense of enjoyment and accomplishment after the project was completed. Further, at least 90% of respondents reported having an increased sense of enjoyment when they are at home after the in-ground pool addition. It may be hard to put a price tag on that.
At the end of the day, this is your home. If you plan to put down some roots, you have the money to spend, and you’ve taken into consideration the pros and cons of installing a pool, then go ahead, plunge into it, and enjoy the swim.
