When summer is sweltering, there is nothing more luxurious than a swimming pool in your own backyard. But is it actually a smart investment?
Installing a swimming pool is certainly not cheap, nor is it a quick and easy project. Once it’s there, it’s hard to undo, and you will need to commit to the necessary maintenance and upkeep costs. On the flip side, how nice would it be to splash around with your kids on any given day or swim laps each morning? Couldn’t it even attract potential buyers if you decide to sell someday? Here are the pros and cons to evaluate before diving in.
How much does a swimming pool cost overall?
The cost of a pool varies hugely depending on the type you install. “On average, expect to pay $2,146 to install an above-ground pool and $49,638 for an in-ground pool,” said Citizens Bank.
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Even if you feel fine about that number, keep in mind that the costs do not stop there. You will also have to cover the expense of maintaining the pool and the higher electric bills that pool pumps, filters and heaters can generate. You will most likely also deal with a higher home insurance bill for the added coverage. And if anything goes wrong, you will need to pay for that as well. For instance, a “tear in a swimming pool’s lining is a common issue encountered by pool owners,” and “repairing it can cost anywhere between $1,000 and $6,000 depending on how big the tear is,” said Kiplinger, based on data from HomeServe, a home repair administrator.
Can a swimming pool increase your home’s value?
It depends. A major influence is your home’s location and the climate there. “In some markets, especially those with warm climates, in-ground pools may add more value to the property than in colder climates where a pool would get only a few months use each year,” said Zillow.
The popularity of pools in your neighborhood also has a bearing. “If you live in a neighborhood where many of your neighbors have swimming pools, your investment is probably solid,” and “in those circumstances, not having a pool might decrease your home’s marketability,” said HGTV.
A lot comes down to your specific pool and its condition and features, too. “Older pools, especially those requiring significant repairs or updates, can drag down the overall value of the property,” said Zillow. By contrast, “homes with saltwater pools sell for 1.5% more than comparable homes without one — and they sell two days faster.”
What else should you consider to decide if a pool is worth it?
Before getting a pool, it is absolutely worth running the numbers, both to assess the total overall cost and to determine how much of your investment you may get back in resale. But money is not the only factor to ponder.
Particularly if you have young kids, pool safety is a major consideration. You will want to include at least a locked fence around the pool. This can add to the cost of the project, not to mention the stress of ownership.
It is also important to weigh your options for paying for the pool and the benefits or disadvantages of each of them. If you have significant equity in your home, you may be able to get a lower interest rate on a home equity loan or home equity line of credit (HELOC). A personal loan or credit card can also be an option, though you should be aware of the added cost of interest on those.
