Does A Swimming Pool Increase The Value Of A Home?By Lisa Fletcher | 06-01-20
There are many lifestyle benefits of having your own swimming pool, whether it be for relaxation, exercise or entertainment for the family, but will adding a pool add monetary value to your home?
You need to do your research and assess the local market. Do many other houses in your area have swimming pools? Are current buyers searching in your area looking for swimming pools? Generally, buyers who are looking for homes with pools have a larger budget than buyers looking for a first home or retirees looking to downsize. Swimming pools may be popular in some areas but may be less popular in an area just a short distance away. What is the age demographic and climate in your area?
Some buyers may shy away from purchasing their dream home if the property includes a pool and it’s not on their shopping list and contrary to this, there are many buyers that would pay extra to secure one. Some buyers may wish to buy a property which offers an opportunity to build their own pool. If you have a large backyard it may be a good investment as you aren’t sacrificing space for a pool.
If you are considering adding a pool for your own benefit also, will it be worthwhile? Do you have growing children or a family that will have years of enjoyment out of a pool or do you love swimming? Or if you have teenagers, will they move out in the coming years and you will be stuck maintaining a pool that is hardly ever used?
The best advice would be to speak to your local Peake Real Estate agent for advice on what buyers are looking for in your area before you outlay the cost of building a pool.
One big question you need to ask is will the investment pay for itself once you decide to sell. The addition of a swimming pool can be a huge expense. Hipages.com.au reports that swimming pools cost anywhere from $5,000 to over $100,000, depending on what kind of pool you want. Inground pool prices start from $35,000, above ground pool prices start at around $7,000, while plunge pool prices start around $8,000.
There is also a large amount of planning that comes with putting in a swimming pool. Here a few aspects you need to consider:
- The shape and size of your pool.
- The position of the pool. Your soil type, surrounding trees and how rocky your area is, can all influence where it can be installed, as well as cost.
- Council requirements.
- Safety. Your pool fencing needs to be up to regulation, otherwise your pool installation could be illegal and dangerous.
- Maintenance of pool and surrounds. Pool cleaning, chemicals, filters etc. You may also wish to add decking and landscaping to surrounds of the pool.
Lastly, if you are considering adding a swimming pool purely for investment purposes, is there other, less expensive renovations you could undertake to add value to your home? Hipages.com.au reports that generally, you shouldn't invest more than 10 percent of the current value of your property in pre-sale renovations. A swimming pool could put you over that limit and you may neglect more popular renovations. It may be the case that cosmetic upgrades or renovations to your bathroom or kitchen would not only increase the value of your home but be less demanding on your bank account.
If you are considering the addition of a swimming pool, renovating or updating your home and would like advice on whether it will add value to your home, whether it be in the near or distant future, you can contact one of our friendly team members at Peake Real Estate today on 97075300 or 5942 1207