A pool is the best way to cool down in the summer. As fun as it is to visit a splash pad, local pool, or water park, how much more fun would it be if the pool was in your backyard? Having a pool would be great, but is it a good investment? Will you get any return on your investment?
When does a pool make financial sense?
One of the most significant determining factors of your pool being a good investment is where you live. If you live in a state where the weather is consistently warm, like California, Texas, or Florida, you might be the only one in the neighborhood that doesn’t have a pool. If you are, getting a pool might be a necessary addition when selling your home. Otherwise, you might not have a comparable home. Another instance where pools make a lot of sense is in high-end neighborhoods. When buyers are looking at a more expensive property, they want all the amenities included. If they are paying for luxury, a pool is almost surely a necessity in buying a home.
How much does a pool cost?
There are a lot of variables when it comes to the cost of a pool. There is the actual building of the pool, fences and then extra items you choose to add, in addition to other expenses that are added just by having the pool, such as your water bill, cleaning and heating the pool. While the average cost of a 600 square foot pool is about $30,000, additional landscaping, waterfalls, and other extras can balloon that amount to $100,000 or more.
How does a pool affect insurance costs?
Homeowner’s insurance will usually cover a basic pool structure, but for the safety of you and guests who visit, you may want to raise your coverage for accidents and injuries that can happen more easily when a pool around. Most insurance companies will require that you fence the pool to protect children from entering the pool area unsupervised. They may also raise your property taxes, but not necessarily increase the value of your home.
Overall, swimming pools can be the right thing for your family. As far as an investment, you might be able to increase the value of your home by building one, but they may not exceed the amount you put into the house. If you have weighed all the options and it still works for your home, congratulations on getting a new pool!