We’re no lifeguard, but we will save the day with some wise advice.
There are no hard and fast rules when it comes to evaluating how much monetary value a swimming pool will add to your home. In some markets a pool may almost be an expectation, while in others it may be seen as less desirable and can even make your home harder to sell.
If you are looking to install a pool with a view to add value to your home, it is important to do your homework first. Here are the top five things to consider before you ‘take the plunge’:
1. Lifestyle benefits
There are endless lifestyle benefits a swimming pool will provide – relaxation, family entertainment, exercise, the list goes on. It will depend on potential buyers if these benefits translate to adding value to your home. If your target market is empty nesters, property investors or even families with younger children, the benefits of having a pool might be outweighed by the burden of having one, in which case a pool might detract buyers. On the other hand, the benefits associated with having a pool might be an absolute priority for some buyers.
Swimming pools are often seen in seaside suburbs where living in the water is a way of life. In these suburbs, a pool is almost an expectation and as such the idea of putting in a pool to add selling value certainly has merit. In cooler climates, it may be more difficult to recoup your investment in a pool when it comes to selling. Even with heating, buyers just won’t see the value in something that can only be used for a few months of the year.
With any home improvement or renovation, it is important to do your research before you commit. As yourself: do most houses in the area have pools? If not, why is that? Your local real estate agent can be a great resource here. They can keep you up to date with what other comparable properties are offering and can assist you in determining the market benefit of installing a pool in your area.
Installing a pool can unearth a number of hidden costs and constraints relating to accessibility. When you first get your quote, make sure you look beyond the actual cost of the pool to potential costs and site constraints. This is particularly pertinent if your house sits on an uneven block or on rocky terrain. Try to anticipate these costs before committing to the project so you can be confident the costs don’t start to outweigh the benefits.
Outdoor living has become increasingly important to homeowners and as such you really need to ensure that a new pool won’t completely dominate the outdoor space. Presentation and maintenance of your pool will be paramount if you are ever looking to list so don’t forget the landscaping costs!Speak to your local Reliance Agent today for further information on outdoor living in your market.