There are several aspects to consider when it comes to pools and home values. You may be thinking of adding a pool to your existing home or you may be in the market for a home, and wondering if you should consider purchasing one with a pool. With either of these scenarios, you’re probably getting a wide range of opinions from your friends, co-workers and maybe even a Realtor.
There’s a perpetuating myth in the real estate world that pools do not add value to a home. Here’s a fact:
According to the National Association of Realtors statistics, pools can add 5-11% in value to a home! The variations come regionally (areas that have longer periods where a pool can be used, tend to see a higher return) and by the type of pool you put in (water features, like a water fall, will add more value).
So why do you frequently hear, “don’t buy a home with a pool” or it’s a waste of money to add a pool to your home?” I believe that it started many years ago when pools required a lot more maintenance than they do today and the construction was such that you had to make frequent and often expensive repairs. With todays advanced design, pool ownership is much more pleasant, requiring less time and upkeep, and therefore has gained in popularity.
We’ve found that there is a larger pool of Buyers looking for a home with a pool in today’s market versus many years ago. Demand goes up, prices will follow. While it’s true that having a pool eliminates many Buyers who don’t want a pool, those Buyers who are in the market, have a limited supply and (typically) will be willing to pay more for a home that already has the pool they want. So we’ve found that we can usually sell a home with a pool faster and recoup some (usually not all) of the owners investment for a well-designed pool.
I don’t recommend you add a pool if you’re only considering resale value. While it’s possible, it’s unlikely that you will gain back more than what you put in. But think of the enjoyment that you and your family will have and the time you’ll spend gathered around the pool. We’ve found that especially with teenagers, a pool can be the attraction families are looking for to keep the kids gathered at your home instead of somewhere else where you can’t see what they’re up to. You’ll likely have more time to provide influence with your children and their friends. What price is that worth to you?