A swimming pool is generally considered an upscale amenity, and a personal pool certainly has personal value on a hot day as a luxury feature. As far as property value goes, however, the impact of a swimming pool is less clear.
Given pools are some of the most commonly added home features, every homeowner considering an installation must ask themselves, “is a swimming pool a property value game changer?”
Here’s some guidance to help you answer that question:
While there’s always the beach, a personal swimming pool can provide much-needed refreshment on the hottest of days. Cooling off with a quick dip or sunbathing beside the pool with a fridge full of your favourites is an easy way to relax, while you don’t have to worry about forgetting a personal essential at home.
A swimming pool can also be useful in entertaining neighbours, and the kids will also likely be thankful for having a pool to use with friends or other family. A pool is also attractive for functional reasons, like as a convenient place to exercise in quiet or late/early hours.
When it comes down to the financial impact of a swimming pool on property value, the upside isn’t as straightforward. Judging the worth of a pool is a matter of comparing the costs and the potential return you can recoup if you sell the home. In the end, the total costs of building and maintaining a pool need to be justified by the benefits and there are a lot of costs to consider, including:
The opinion of a home appraiser will be central in determining whether the potential increase in value will justify these costs. If, for instance, a new, in-ground swimming pool comes with a total price tag of $75,000 but only increases your property value by $40,000, it may be a hard decision to make.
Oftentimes, value is in the eye of the beholder in the case of the swimming pool. Some buyers will specifically look for homes with pools and increase their bids to win over sellers if they like the pool enough. Other buyers may see it more as an overall plus, but not worth an increased bid; some may even actively avoid houses if it has a pool. Families with young children can be in that segment.
The local market will also influence whether the pool can increase property values. Generally, a premium is most often to be paid in locations with the warmest climates, but how much of a premium is entirely up to the local market conditions.
Want to talk more about property values or buying and selling a home? Contact Ray White Surfers Paradise today.