Every once in awhile, I'm asked about swimming pools. Are they a good investment? How do they affect resale? Should I get one?
It's a question with lots of facets and much to consider. Ultimately, the decision to put in a pool comes down to one thing: you and your family. If you are enthusiastic about spending many afternoons in the water and plan to be in your home for a number of years, it may be a good idea. But there are some things to think about.
First is cost. An average sized in-ground pool of reasonable quality will cost in excess of $25,000 including decking, equipment and amenities. You'll also spend money every month on water, chemicals, maintenance and occasional repairs. Your homeowner's insurance will likely go up because of increased liability. So it is a considerable up-front and ongoing expense.
Then there is the pool's impact on resale. Honestly, a swimming pool, while very attractive to some buyers is a big turn-off for others. If they are not enthusiastic about the water, they may see it as just an added expense. A pool can actually limit the number of buyers who might consider your house. But there are pool people, too, and for them, your pool could be the tie breaker that causes them to make an offer on your house.
Suppose your house and pool are on the market. There is a nearly identical house a couple of blocks away priced at $310,000 with no pool. A buyer sees that house and likes it, but because he is a swimmer, when he sees your pool, he chooses your house. But how much more than $310,000 would that buyer be willing to pay? And how much more would an appraiser allow? $25,000? I don't thnk so.
In that price range, a pool in good repair might bring an additional $2,000 - $5,000. If it is an extraordinary pool, it might bring $7,000. The notion that you weill recoup your invstment and then some when you sell is simply not true.
Putting in a pool is a little like buying a time-share. If you are so enthusiastic about the location of the time-share that you are sure your family will be excited about spending a week or two there every year, it might be a good buy. But as any savvy time-share owner knows, they are not the easiest things to resell and rarely bring more than their initial value.
Like the time-share decision, the swimming pool decision should be driven solely by your own anticipated use. Don't do it to boost your home's value or to make it more appealling. History demonstrates that's just not the case!
GreatNest and The Vincent Group is a full service real estate company charging a low set fee instead of a percentage commission. We serve buyers and sellers in Greensboro, High Point, Winston-Salem , Summerfield, Oak Ridge, Jamestown and surrounding areas. You can reach us at (336) 790-5210 or by emailing Steve Vincent. Visit our website: greatnest.com.