In most areas, it’s already hotter than blazes. How refreshing would it be to have your very own pool, steps away from your backdoor? You could get in some swimming laps for morning exercise. You could cool off in the steamy, humid afternoons. You could even LED-light your pool and soak away the day’s worries after the sun goes down. You just might become the favorite house in the neighborhood where all of the kids want to play and the adults want to hang out with a cold beverage in hand.
Sounds pretty dreamy, right?
While this reverie of cooling off in your own pool may be akin to Chevy Chase’s dreams of building his own pool in the iconic movie, Christmas Vacation, having your own pool doesn’t have to be just a dream. There are many considerations and benefits for adding your own pool to your property.
Climate and Cost
According to Investopedia, “A pool is a great addition to any home but makes more sense if you live in a warmer climate and a posh neighborhood. The average cost of installing a pool is about $28,000, while maintenance can run as high as $4,000.” Do take into account the geographical place you live and what the annual climate patterns are. Warm southern states might be a better place for a pool than the perpetually rainy Pacific Northwest or the Northeastern United States with its long, cold winters.
In addition, be mindful of the cost of installing and maintaining a pool. Will you pay a lump sum of cash for this addition or will you finance it on a home equity line of credit? Either way, be sure to consider how long you might live in the house to see if the cost is worth it. It’s also wise to get multiple quotes from multiple pool contractors. There can be a big difference in estimates. Annual costs to maintain a swimming pool should also be accounted for.
Increased Home Values
While a swimming pool can be a costly investment on the front end of the purchase, keep in mind that adding a swimming pool (in most cases) is considered a property improvement. Bankrate suggests a home value increase of 7 percent, at most, under ideal conditions. Who wouldn’t want to see an increase in the value of their home? Some caveats include that pools that add the most value are inground pools that also have considerable pool deck or concrete areas and privacy fencing, making them safe and accessible.
Many states require certain pool access safety features. Be sure to look into those specifications and consider using those as selling or advertising points for the potential buyers who may see a pool as a liability more than a luxury.
It’s also important to bear in mind that as goes the increased property value of a home, so goes the taxable amount for property taxes. This may not be a significant number increase, but one that potential pool owners should be aware of.
Beyond the numbers, having a swimming pool can add incredible personal and happiness value to your home. Swimming pools can not only provide significant relief from the unrelenting summer heat but also swimming pools are places where memories are made. Seeing your friends and family splash, swim, and cannonball their way around your pool can be incredibly rewarding for many homeowners.
Add some lounge furniture, your favorite oversized pool floats, plush beach towels, plenty of sunscreen, and some refreshing popsicles and you are in for a summer dream that is truly made of.