Installing a pool or a hot tub at home is much easier now, with the many professional pool construction contractors out there. Before you get to that step though, you have to look into whether you want one in the first place. It is a significant investment—Fixr.com puts its price tag at a national average of about $22,000 to install a pool, ranging from around $6,200 for a 19-foot diameter pool. These costs can also go up or down depending on your location. In Atlanta, where the cost of labor is 24 percent higher than the national average, your pool may cost significantly more than if you got a custom spa in Salt Lake City (where the labor costs run about 6 percent lower than the national average).
In addition, a pool also comes with maintenance costs. Its upkeep involves paying for cleaning services, chemicals, the cost to keep the filter pumps running, accessories, and insurance.
Does it pay off though? While it is hard to put a price tag on your enjoyment of it, we can look for answers in other ways. Here are a few factors that you can consider.
How Much Value It Can Add?
Any addition to your home is going to add value to it. Constructing a pool or spa can potentially add value to your house. According to Realtor site HouseLogic, a pool can boost the price of your home by 7 percent, but under specific conditions: that you live in an upscale neighborhood where everyone else has a pool (potential buyers will pass on your property in favor of others), if you live in a warm climate like Hawaii or Florida, and your lot is large enough to accommodate the pool, with enough yard space left over.
How Much Faster Will It Sell?
Real estate blog 904Living made a comparison of properties in the same areas in Florida with and without pools and how long they stayed on the market. Their results show that homes with pools sell several weeks sooner, and with generally higher sale prices compared to their listing price.
So while it is debatable whether or not a pool adds monetary value to your home, it does improve your chances to sell it, and sell it faster and for a better price.
Who Will be Buying your House?
It also pays to consider your target market. Houses for families with young children may avoid pools as they can be potentially a safety hazard, but families with older kids may see it as an appealing feature. Look at the kinds of families that tend to take up residence in our area — if they fit the profile, your pool can help your house to sell.
In the end, whether a pool is a good financial investment or not may depend on different factors, as outlined above. But, as stated earlier, the other measure of ROI is harder to quantify: do you and your family enjoy having a pool? The fun you, your friends and family can have splashing around on hot summer days over the years may be worth more than your pool’s price tag.