Who wouldn’t want a pool in the backyard of their home? However, with an investment this big, you need to consider more than the “want” factor, but also how it benefits you and your family now and long-term.
Let’s dive into more facts and figures to think about before you get a contractor to break ground.
The Costs
A pool can be a great investment if it’s the right size, you live in a warmer climate (like we do in Myrtle Beach), you live in a nicer neighborhood, which means other homes are more likely to also have pools to offer better comps when you sell, and you’re willing to put in the time to regularly maintain it.
Costs to keep in mind include:
- The average pool installation costs about $30,500 (national average for in- and above-ground pools).
- Pool maintenance can run as high as $7,000 each year for heating and filtration.
- Just running an in-ground pool can cost up to $4,000 each year.
- Pool extras add up, too, such as a pool cover (up to $2,200), diving board (up to $5,000), and any enclosures (upwards of $14,000)
A smaller pool, like a cocktail, lap, or plunge pool, will dramatically cut costs. Using fiberglass over concrete materials will also lower the price tag, as well as opting for an above-ground instead of in-ground.
The Value
The addition of a pool will only increase the value of your home by a maximum of 7%, depending on the circumstances, including:
- Leave some backyard for other activities. A pool that takes up the entire backyard can be a turnoff for most shoppers.
- An old pool in poor condition, of course, will detract buyers.
Pools are not for every buyer, so families with younger children may be leery of the safety hazard, and your buying pool may be limited to families with teenagers.
The Pros
Some of the advantages of investing in a pool are:
- You’ll probably be the center of your social circle, entertaining friends and family with your new amenity.
- You’ll save on community pool memberships or trips to the YMCA – plus, you won’t have to share pool water with strangers.
- You’ll be adding an alternative way to cool down in the summer, which could cut down on air conditioning costs.
The Cons
In addition to the heavy costs to install and maintain the pool, a few other cons to owning a pool could include:
- The liability for accidents or injuries related to the pool when you have visitors over.
- The time and effort it takes to clean and upkeep the pool (or the cost to pay someone to do it for you).
- If you sell your home, it may sit on the market longer than homes without a pool.
Overall, you just need to ask yourself where you sit when you run through this checklist of pros and cons, and what’s best for you and your family, your time, and your budget.
Realtor Paige Bird has been an expert agent in Myrtle Beach for homebuyers and sellers since 2004. She has been named the #1 RE/MAX Agent in South Carolina for 9 consecutive years. In 2022, she closed on 75 properties for a total $26,472,347 in sales volume and an average list-to-sales price of 99.10%.
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