The thought of having an in-ground home pool might be fascinating for many. But there are fiscal matters to be taken into consideration before you actually think of getting one. One of the most important things to mull over is whether it will it add to the value of your property. Keep reading to learn more about swimming pool construction and its residual value.
A Buyer’s Needs Determine your Pool’s Desirability
When it comes to the resale value, there are many factors that should be taken into consideration. Experts in real estate deem that the worth of your property entirely depends on the needs of the buyer. Some might fancy a lavish pool in the backyard while some might find it unnecessary.
Others may deem it a threat to the safety of little kids or might find it a hassle to maintain. Some might also weigh it according to the frequency of its usage.
Location Impacts the Resale Value
Experts believe that a home pool retains 15 to 25 percent of the original investment. However, return on investment may vary depending upon the location and the upkeep. In areas with a temperate climate, swimming pools are more valued and desirable. In colder places, swimming pools are probably used for a couple of months during the summer.
Hence they’re not as sought after. Owning a pool in the South adds roughly 5% percent to the pool’s value.
Is your Pool Perfectly Maintained?
The condition that the pool is maintained in also adds to the value. Yet, one of the costs that should not be overlooked are yearly maintenance costs. The time and costs incurred maintaining it are often disregarded by homeowners. For starters, one will have to invest in chlorine and other similar chemicals to treat the water.
Also, water pump and pool filters should be maintained regularly which increases the expenses. It is important to hire a reputable pool cleaner who knows his job well. The pool must be kept in an impeccably clean condition, as it might augment the resale value.
Additional Expenses Incurred that you Must Consider
While calculating the return on investment, it is crucial to consider all costs. In addition to the average cost of the in-ground pool, there are certain hidden expenses too. For example, in most places, local regulations may require you to provide fencing around the pool. Moreover, since the construction of the swimming pool might rip up parts of the backyard. A landscaping job for the beautification of the garden could be necessary, which adds to the cost.
Recovering your Original Investment
The debate over the return on investment for a home pool has gone on for decades. The fact is that you are likely to recover just a small percentage of the original investment. But there are other factors such as quality of life and market desirability that might fetch you a higher value for your swimming pool.
Many deem pools as a great addition that enhances the aesthetic value of the house. Splash pools especially, offer you wonderful opportunities to unwind with your loved ones!
