Imagine opening your back door and right in front of you, there is a beautiful pool that you can enjoy whenever you like. In theory, it sure sounds like a dream come true. However, is this the case in reality? Many homeowners are wondering can building a pool increase your property value. Here are a few predicaments that you should be aware of if contemplating adding a pool to your property.
Will adding a pool to your property increase your property value?
There are many home improvements that will clearly increase the value and selling price of your property. But, when it comes to adding a pool to your property the lines can be blurred and not as clear as we would like.
The costs easily stack up
The price of adding a concrete pool to your property starts at 30 thousand dollars. We are talking about a poll that has 600 square feet. This is just your startup cost. To this generous amount add lightning and landscaping. Wait for it! We aren’t done yet. You will also need a pump and heating. Which will increase your utility costs every month when the pool is used. In the end, you can top that with maintenance costs. Little by little, the costs can add up to a significant amount of money.
So, is this a selling obstacle or a selling incentive for property buyers?
Unfortunately, for sellers of the property, there is no solid answer to this question. You should be aware that there are two sides to the coin.
Some buyers might run away from this home feature
For certain buyers having a pool on your property can be a potential turn off. Since they know that upkeeping of a pool costs more than pocket change, they might be hesitant to buy your home. In this type of situation, a pool will not increase your property value.
Under some circumstance having a pool can be a considered a huge plus
Like we said, not everything is black and white. There are circumstances where having a pool can increase your property value up to 7%:
- In high-end neighborhoods, buyers expect more luxurious amenities, such as a pool.
- In warmer climates pools are more attractive to buyers. For instance, if you are selling your Florida property a buyer will likely appreciate a pool in their new home.
- A pool can be a great addition if it doesn’t interfere with other significant parts of the yard.
- Upkeeping of the pool can improve the attractiveness of the pool itself and therefore the property.
Predicting the buyer’s preference is very challenging
Knowing what the buyer will want out of their future home is tough. So, it is very hard to predict will adding a pool increase your property value. By firing a professional real estate agent, you can somewhat neutralize this problem. A real estate agent will know exactly how to market and present your home to potential buyers, so it seems more appealing and inviting for purchase. The bottom line is that adding a pool to your home should be done for your enjoyment. Not so much as a property value enhancement.