Is your heart set on a backyard pool where friends and family can drift around in floating chairs while soaking up the sun? Before you dive in, consider the costs versus the long-term value of such a major investment.
Depending on size, design, and location, the average price of an in-ground pool can range from $35,000-$65,000. Most insurance companies require a specific type of fence, so be sure to include this cost in your budget.
In addition to the initial investment, pool owners may spend upwards of $4,000 per year on water, heating, chemicals, and maintenance. In addition, consider these variables as you weigh the pros and cons of building a pool:
VALUE: The addition of an in-ground pool may or may not increase the property value of a home. According to the National Association of Realtors, the average homeowner may see about a 56% return on this investment at resale, less for an above-ground one.
REGION: Return on Investment is far better in climates where you can use a pool year-round. If you live in a community where a pool is an expected amenity, you may recover more of the initial expense. It’s equally important to remember that some buyers consider a pool a liability.
SETTING: Pools that don’t monopolize an entire back yard are more desirable to potential buyers, so try not to sacrifice too much of your green space. Be sure to pay close attention to local codes and restrictions, as these may influence a pool’s size and location.
As always, seek competent counsel from an experienced real estate professional. If this is the lifestyle you desire, then jump in and enjoy.