In the dog days of summer, there’s not much better than a refreshing dip in the pool! And if you’re dreaming of adding a pool to your backyard, you may be curious about how it will affect your home’s value. Here are three things to consider:
1. How much is your home currently worth? Luxury homes (think $500,000 or more) are more likely to benefit from having a pool for a number of reasons. First, buyers may be more likely to expect a swimming pool in an estate home – especially if your neighbors have them! Additionally, a swimming pool is less likely to cause a financial burden to a new buyer. After all, they can be expensive to maintain! In fact, if your home is valued under $250,000, a swimming pool may actually turn some prospective buyers away.
2. In-Ground or Above Ground? It’s probably no surprise that in-ground swimming pools will typically raise your home’s value more than an above ground pool — and they’ll cost a lot more to install, too! While it depends on the market and the specific neighborhood, most in-ground swimming pools recoup a bit less than their initial cost when it comes time to sell. Above ground pools tend to recoup even less, and some buyers perceive them as an eyesore.
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3. How big is your backyard? If you have a large property (maybe 0.75 acres or more), your pool is likely to add a bit more value. This is because new owners will still have room to garden, play with the kids, or walk the dog. For smaller lots where the pool is the central feature, they tend to add less value.