If you are considering adding a pool to your home, there are a lot of things to consider. One of the most important things to consider is whether a pool will add value to the home or not.
In some markets, adding a pool can be a smart idea. It increases leisure options and is sure to increase the value of your property. In other markets, having a pool doesn’t change value much. Other things to consider are cost to install, cost to maintain, and the cost to insure the pool.
The Cost of Installing a Pool
The cost to build an in-ground pool, with all of the materials and labor, ranges between $20,000 to $60,000 for a fiberglass pool and $35,000 to $100,000 for a concrete or gunite pool. If you want to go with an above-ground pool, they can run from $1500 to $15,000. While the in-ground pool does cost more, it lasts a lot longer and is generally seen as higher quality.
The Cost to Maintain
In addition to the cost of installing the pool, there is a cost to maintain the pool. If you do not maintain the pool, you will find that it drags the value of your home down substantially. The average cost for maintenance and utilities for a pool is $5500 each year.
It is important to ensure the pool as well and homeowners insurance premiums are higher when you have a pool. Most policies will cover up to 10% of the cost to replace an external structure but protections vary for personal-injury coverage related to the pool.
How Much Value Does the Pool Add to My Home?
With the high cost of adding a pool to a home, you may wonder whether it is an improvement you should consider. One study suggests that under the ideal conditions, you can increase the value of a home by seven percent. Other studies revealed pools are worth more in warmer climates than they are in cooler climates, where they are used less. According to a Redfin analysis of 19 warm-weather markets, a pool added anywhere from $11,591 to $95,393 to the value of the home. The size and quality of the pool, as well as the market in any specific area, can all affect this number. However, it nearly always increases the value of the property.
Wendy Gimpel Real Estate is here to make selling your home as smooth as possible. Whether you are ready to sell now or need some ideas on upgrades to raise your home’s value, we can make things easier. Contact us today to get started!