You’ve been thinking about adding a pool in your backyard, but can’t quite decide if the investment is a smart one.
You’re probably picturing those hot days, when you could be lounging in your pool or watching your kids, family, and friends enjoying it. Those are the emotional return on investment.
But what about the more practical one?
A pool might increase the value on your home—emphasis on “might”. From a resale value perspective, it could boost your home value if you live in a neighborhood or region where pools are common. Conversely, in these areas, your home’s value would actually decrease if your yard is one of the few without one.
You also have to have a yard that is large enough to accommodate the addition of a pool. If you’re squeezing it in, you dwarf the back yard space, which reduces the appeal to a possible buyer.
According to HouseLogic.com, your home value could increase about 7% by adding a pool. That number will also be influenced by the style, condition, and age of your pool. An attractive pool that has been well maintained is more appealing than one that has been unattended.
When weighing your decision, also consider factors like the cost of a safety fence, heating, and maintenance. Also, how will the addition of a pool affect your property taxes and home insurance?
Ultimately, the choice is whether the emotional return on investment of having the convenience of a pool in your yard will balance or outweigh the financial ones. As with any modification on your home, think about the long-term consideration.