How much value pool add

Home Selling

Does a Swimming Pool Increase or Decrease Your Homes Value?

How much value pool add

Ramsey Solutions

How much value pool add
How much value pool add

Ramsey Solutions

If youre over the age of 3, we know youve been there. Its one of those lazy, hot summer days when you long for the cool, crystal-clear waters of your very own swimming pool just outside your back door. No need to pack up towels, sunscreen, floats and swim goggles so you can load up in a sweltering car and drive to the community pool. You just open the door and paradise awaits.

Of course if youre a homeowner, that vision of paradise tarnishes a bit when you think about how much it will cost you to install and maintain a pool. And what about resale value? Will adding a pool increase the value of your home when you decide to sell it?

Thats a great question, and the best answer is maybeif youre lucky.

Thats probably not the answer you were hoping for on this sizzling summer day. But there are plenty of reasons to be cautious about adding a swimming pool.

Add Up the Costs

Lets start with the obvioushow much will it cost to install a swimming pool in your yard? According to Houselogic.com, the National Association of Realtors' online magazine for homeowners, the average cost to install, equip, and fill a 600-square-foot concrete pool starts at $30,000.

How much value pool add

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Youll also need to enclose your pool with a fencea requirement in most states. And dont forget lighting and landscaping. How many family vacations could you pay for with that kind of cha-ching?

Then there are the ongoing costs:

The pump and heater, if you have one, could drive up your utility costs by $100 a month or so.

Houselogic suggests you hire a professional to open and close your pool for the season. Thatll cost $500 per visit.

Youll spend about $600 during the swimming season on chemicals if you maintain your pool yourself. If you live in a climate where youll use the pool year-round, budget $1525 a week for DIY maintenance.

Your homeowners insurance probably already includes coverage for a swimming pool, but its worth checking first. Consider increasing your liability coverage as well just to be safe. Itll cost you less than a couple of bucks a month to bump your coverage from $100,000 to $500,000.

A Home-Selling Obstacle or Feature?

Add all that up and youve got a large price tag to try to recoup when youre ready to sell your home. It wont be easy since a swimming pool can actually make your home harder to sell. Many buyers consider it a liability rather than a luxury.

Under the right circumstances, however, a pool could boost your homes value by as much as 7%, Houselogic estimates. Here are the conditions:

1. You live in a higher-end neighborhood where most of your neighbors have pools.

2. You live in a warmer climate like Florida, Arizona or Hawaii where you can enjoy a pool year-round.

3. The pool doesnt take up your entire yardtheres still room for a swing set and a garden.

4. The style of the pool fits with your home and neighborhood, and its well maintained.

5. You can attract a buyer who wants a pool in their new home.

In the end, if your heart is set on adding a pool, dont look at it as an investment in your home, but in your lifestyle. A pool can add to your familys enjoyment of your home, and you cant put a price on that. Just be prepared for the ongoing costs and responsibility to maintain it as well as the obstacles that might crop up once you put your home on the market.

Find the Right Buyer With Advice From a Professional

Got a home with a pool youre ready to sell now? Work with an experienced real estate agent who will help you make the most of this expensive feature and attract buyers who, just like you, want to live out that daydream of cooling off in their own beautiful backyard swimming pool on a sunny summer afternoon. We can put you in touch with an agent Dave recommends in your area today.

How much value pool add

About the author

Ramsey Solutions

Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books (including 12 national bestsellers) published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.

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