Before a home sale, upgrades are mandatory to make your home sell fast. Upgrades shouldn’t focus on the home itself but also on the landscape and backyard. One great upgrade that face-lifts your home and gives it an edge is a swimming pool. Installing a swimming pool may not entirely make your home a one-size-fits-all choice, but a well-designed swimming pool can attract more potential buyers. However, not every swimming pool installation adds value. In addition, not every swimming pool installation will make your home sell fast. Many factors affect the overall value a swimming pool adds to a home. So do swimming pools increase the value of your home? Are swimming pools considered during the home appraisal? Let’s find out.
How Much Will It Cost a Homeowner to Install a Swimming Pool?
To know the relationship between swimming pools and home value, figure out installation costs. Figuring out the installation costs and the home value lets you know if you’ll recover the pool installation cost after the sale.
An above-ground swimming pool is a cheaper alternative. It’s a simple and temporary structure comprising walls, frames, and lining. It’s often rectangular or round-shaped and costs between $883 and $5356. But, home appraisers rarely include the above-ground pool during their appraisals. Home appraisers may factor in the value of above-ground swimming pools connected physically to your home though.
The in-ground pool requires comprehensive digging and property excavation. It’s a permanent structure comprising vinyl, concrete, or fiberglass. You can get a custom-sized in-ground swimming pool ranging from 20 to 40 feet. Swimming pools can be of standard shapes or more customized shapes. The maintenance and installation costs depend on the material. Erecting an in-ground swimming pool can cost you amounts ranging from $18,010 and $46,704.
A well-conditioned in-ground pool’s appraised value rarely hits over $27,000. Spending over $80,000 to build a luxurious in-ground swimming pool is not worth it. So do swimming pools increase the value of your home? Not every swimming pool project will make your home more valuable. It just depends on how much you paid for it.
Swimming Pools and Home Value: Additional Costs
A swimming pool costs you not only installation, but also maintenance. Enclosing the swimming pool with a strong fencing system is mandatory. There is also a need for proper landscaping and lighting to make your yard attractive.
Maintaining a swimming pool heater costs approximately $100 per month. Professional pool maintenance will cost you approximately $500 per visit. In the swimming season, you’ll spend approximately $600 on maintenance chemicals. People living in areas requiring pool use all year round have to set a budget of $15 to $25 weekly for DIY maintenance.
Understand that it will cost you approximately between $700 and $1500 to buy and install a replacement pump. Buying and installing a pool heater will cost approximately $300 and $5175. You’ll need to pay approximately $350 and $5000 to buy and install a replacement pool liner. These are costs that your home buyer will factor in when buying the home. Customers on a low budget will shy away from homes with pools.
When Does Installing Swimming Pools Increase Home Value?
Swimming pools and home value go hand in hand in specific situations. These are situations when installing swimming pools leads to increased home value.
In High-End Neighborhoods
In high-end locations where luxurious amenities like swimming pools are a mandatory asset, you don’t expect your home to sell fast if it lacks a pool. Research the desirable features in your neighborhood. If every home within your location has a swimming pool, don’t attempt to sell it before installing a swimming pool. Research the standard and types of pools in your neighborhood. Installing a high-end swimming pool can make your home more desirable and of higher value.
Extremely Hot Climates
In locations where the climate is ever humid and hot, not having a swimming pool is not an option. Some countries and cities receive more hot months than cold ones. People are looking for fun ways to relieve themselves from the hot heat in such places. That’s why pools are in great demand in such places. Therefore, adding a swimming pool can make it much more desirable if your home sits in a hot and humid climate.
Demand for Swimming Pools
The demand for swimming pools is another critical point of interest. Not everyone needs a swimming pool. Some people don’t even fancy swimming pools. Before posting your home for sale, analyze the market. Find out what buyers are looking for and the amenities that tick as per their needs. If most buyers want homes with swimming pools, it’s time you installed or upgraded your swimming pool. That will make your property more desirable and likely to sell fast. It’s one way to determine the correlation between swimming pools and home value.
How Much Value Will A Swimming Pool Add to Your Home?
There are no accurate figures to describe the exact value your home increases after a pool installation. It’s not even guaranteed that installing a swimming pool will add any value to your property. It’s up to the homeowners to decide if they feel like a swimming pool addition can increase their property value. However, studies have linked swimming pools to an increase in the return on value. A recent study by HouseLogic has indicated that installing a swimming pool can increase property value by 7%.
The total value you get after installing a swimming pool will depend on various factors. One of the key factors in the pool style and condition. A high-end swimming pool meeting the current industry standards will catch more value. Similarly, a well-conditioned and properly maintained swimming pool will make your pool more desirable.
The target market and clients will also determine how much you will earn from adding a swimming pool. You can expect to get a higher value for your home after installing a swimming pool if the market conditions favor you. In other words, it will be much better to understand your target client base before you install a swimming pool.
Does The Cost of Installing a Swimming Pool Equal the Value You Get?
One factor when installing a swimming pool is the return on investment. You may not always get the value you wanted for the amount you paid to install a swimming pool. If you’re installing the swimming pool only to sell the home fast, it may not always be worth it. The return on investment will be lower than the earned value.
You might only get 39% of the value. If the pool installation costs $15,000, you may only get $5850 out of the investment. And don’t forget that there is the time factor and the maintenance cost. Additionally, your buyers may not be willing to pay an extra coin for the pool. Do your research to ensure that adding a swimming pool and your home value is higher or equal.
How to Earn Higher ROI on Your Swimming Pool
It’s not a guarantee a pool installation will boost the home value. However, it’s a guarantee a well-designed swimming pool in the right location will make your home more desirable. Understanding your situation and the need for a swimming pool is crucial. It will inform your pool installation decision and keep you from making unworthy pool installation. These are ways to boost your pool ROI when selling a home:
Install high-end safety systems around it:
Couples with kids want maximum security when buying a home. Swimming pools with no safety systems are a risk that they tend to avoid. So, install door alarms, water sensor alarms, safety fencing, and window alarms around the pool. Make sure you’ve kid-proofed the pool.
Install swimming pools in high demand:
Do not just install any swimming pool that fits the bill. Research the options in your neighborhood that are in high demand. Your clients will want to know about the swimming pools your neighbors have.
Stage your swimming pool:
Staging a pool is a wonderful way to add desirability to your home before a sale. Pool staging can be approached from a variety of angles and in a variety of ways. You can stage the pool by adding better lighting and pool furniture. You can landscape the pool area and add relaxation spaces around the pool. These upgrades can go a long way toward making your swimming pool more desirable.
Learn if a Swimming Pool Will Add Value to Your Home
So do swimming pools increase the value of your home? Yes and no. It’s never a bad idea to revamp or install a new swimming pool. But it’s never a good financial decision to install a swimming pool before analyzing the pros. Compare the swimming pools and home value you’re getting. Know if the swimming pool will be of value to you and your loved ones. If you’re doing some home upgrades before a sale, you must be extra careful when installing a swimming pool. The pain of spending $16000 only to get a return of $10000 is long-lasting. Understand the value the swimming pool will offer on your home sale. For home appraisals before installing a swimming pool, work with the experts. For more info, call us at 1-801-882-2292 or request a free quote today!