It’s officially summer, and that got me to thinking about one of the most common
questions I get… Does a swimming pool add value to a home?
In other words, If you sell your home, will the selling price cover most or all of the pool’s costs, or will you take a hit on your investment? Numerous components impact the worth that a pool has on your property. For instance…
• In the event that you live in an area where a significant number of your neighbors have pools, your investment is probably solid. In fact, in those circumstances not having a pool might decrease your home’s marketability.
• (Insert an example given the climate you live in) Example: In warm climates, such as Arizona or Florida, a pool can be an attractive feature for potential buyers. If you live in a cold area, it may detract a buyer in some cases. But let’s talk numbers …
Most real estate experts estimate that an average 14×28-foot in-ground concrete pool potentially adds 5 to 8 percent to the real estate value of your home.
So if your property is worth $400,000, you have the potential to increase your home’s value by $20,000 to $32,000. (insert an example from the primary price range you work) In most areas, the average cost of installing a 14×28-foot in-ground concrete pool is about $50,000, which means you’ll only recoup a portion of your original pool Investment.
Of course, if you and your family will get a lot of use and enjoyment from your pool, there is the intangible value that goes with that, and recouping your investment may be a moot point.
Because can you really put a price on summertime fun and smiles? If you are thinking of adding a pool and would like some expert advice based on your specific home, give me a shout. I’m here to serve.