Exactly How Much Value Does A Pool Bring To A Property?
When considering how to add value to your home – whether it be an investment property, reselling on the market, renting to AirBNB or simply buying your first home – your first thought will most likely turn to installing a pool. A decent pool is the clarion call of investment gurus and amateur house-flippers alike. Unfortunately, many of these talks can sometimes skip over the exact figure that a pool can add onto a property, leaving you to simply take a pool at face value – not ideal. So, we’ve dived deep into the figures and research of both sides (because of course there are for’s and against’s) to give you an accurate representation of how much value a pool can add to your property – or take away.
The Return On Investment
So, what is the return on investment for a pool on your property? It’s the golden question on everybody’s lips and…unfortunately hard to evaluate.
According to a Swimart survey, 90 percent of current pool owners believed that a pool increased the value of their home by $30,000 on average. This estimate fluctuated somewhat, with some pool owners estimating their higher-end pool added up to $100,000 to their property, while more conservative estimates valued the pool at $10,000.
A further study by HouseLogic indicates that a pool could boost the value of a property by 7 percent, under optimal conditions. Another report by reputable brokerage firm Redfin suggests that a pool can add (depending on its design and aesthetic) anywhere between $11,591 and $95,393 to the property it occupies. These figures further corroborate Swimart’s first survey; who knew pool owners would be so accurate with their evaluations?
The not-so-good news is that the value a pool adds to your property can be quite fluctuating and disparate. However, the good news is that this means a pool could add tremendous value to your property if done correctly. Judging by the reports we mentioned earlier, a professionally chosen pool could bring two or even three times its cost in value appraisement to your property!
Factors That Influence The Amount Of Value Added:
Of course, with a field as subjective as this, it’s important to take note of exactly what can affect the value that a pool brings to your property. These factors are incredibly varied, so although it may come across as overwhelming at first, you can find confidence in the fact that if you tick all the boxes, your pool will bring immense value.
#1 Different Pool, Different Value
When thinking of installing a pool on your property, you should strongly consider exactly what type of pool you are going to add. Typically, there are three types of pools most homeowners will consider. These are:
- Concrete Pools
- Fibreglass Pools
- Vinyl Pools
Each of these types of pools has different advantages that are suited for a particular value threshold, and design aesthetic.
A concrete pool is by far the most expensive investment, although they are typically larger and have the advantage of allowing you to choose your own design. However, pools of this type can take up to three to six months to install.
A vinyl pool will be the cheapest option available, although pools of this type will need their vinyl replaced occasionally over the years, potentially putting off prospective home-buyers. Vinyl pools are also smaller in design.
Fibreglass pools have proven over time to be the most flexible and accommodating option. They can be installed in as little as seven days and the durable nature of fibreglass means that the pool will last for an impressive length of time, with no major maintenance requirements on behalf of the homeowner. A fibreglass pool is perfect for savvy homeowners, because it brings the same amount of value as a concrete pool, but is infinitely easier and cheaper to maintain! Another advantage that this type of pool enjoys is the wide range of designs on the market.
If you’re undecided on which pool would best suit your property in terms of design, then you can find plenty of inspiration from this list featuring some of the most beautiful pools in the world.
#2 Placement Of The Pool
Another important criterion for maximising the value a pool can bring is its placement on the prospective property. Placing the pool too close to any trees on the property will signal lengthier clean-ups and more taxing maintenance to home buyers.
#3 Size Of The Pool
The size of the pool is one of the most important factors in determining exactly how much value you can expect from it. But this can also be subjective towards your targeted buyer base.
A family that is looking to buy a property will most likely be drawn to a larger sized pool, on account of wanting a bigger swimming space for their children. In contrast, a couple may instead be happier with a smaller sized pool, such as a plunge or lap pool. Choosing the right pool size to match your target buyer is critical to extracting value from a pool.
#4 Type Of Neighbourhood
Ensure that you consider the surrounding neighbourhood of any property before you opt to install a pool. Certain neighbourhoods will have a higher population of families with young children – these vastly raise the value of any property with a pool. Additionally, the value that a pool provides increases significantly the further away the property is from the coast. Lastly, properties in suburban areas will value the addition of a pool noticeably higher than properties closer to the city centre. This is because properties closer to the city will place a higher emphasis on space, whereas suburban homes are perfect for families looking to settle down and create a sustainable future.
One more thing you will want to consider: the average rent of the surrounding neighbourhood. Installing a pool may raise the rent of your property and if this new price does not match the rent of the neighbourhood, you could be putting off potential renters.
So, Should You Invest In A Pool For Your Property?
There’s no two ways around it: a pool can be a powerful investment for your property. Provided you install that pool under suitable conditions you can expect an increased value estimate on your property. Even though a pool can bring you a significant increase in your property value, the best part is: you get to swim in it year-round! Here at The Fibreglass Pool Company, our award-winning pools are an investment in your own happiness; see our amazing range today!