Pools… Are They Friend or Foe?

Its summer time and there is no better way to cool off than a dip in a pool. There are a number of pools available to do the job, from kiddie pools bought in a grocery store, to above ground pools, and in-ground pools made of fiberglass, vinyl, or concrete. There are also many options available for the systems used such as salt, ionizers, chlorine, and varied chemical compounds that require maintenance of PH levels. A pool can add to the aesthetics of a home, especially if it offers water features and lush landscaping, it can even create an atmosphere for entertaining. Just imagine… a covered patio with an outdoor kitchen, flat screen TV, beach entry pool with waterfalls and hot tub surrounded by lush flowers, shrubs, and manicured landscaping; simply an entertainers delight!

Now back to reality… it is true that one can have the previously mentioned set up, but don’t assume that the aesthetic characteristics and cost of a pool create equal market value for resale. Be cautious about the amount spent on a newly installed pool, whether it is in-ground, or above ground. To date, I have never seen the addition of a pool add tremendous value to a home, especially if the neighborhood “standards” do not call for a pool. One can’t expect to spend $70,000 on a pool and “add” this cost to the market value of a home when a homeowner decides to sell. If your neighborhood offers multiple amenities such a park, playground, clubhouse, sports courts, and yes, a pool; a buyer may not find value in having a pool in the back yard. Of course there are people that don’t care about the amenities in a neighborhood, and they may prefer having a private pool, but they are few in comparison to overall buyer preferences. However, cost is the main issue over buyer preference. One can correlate the cost of a pool to refinancing a home. If one refinances their home, it would be to their benefit to stay in the home an additional 3-5 years to offset the cost of refinancing. If one decides to put in a new pool, the same idea applies. Bottom line, a pool won’t pay you back what you paid to have it installed.

Keep in mind there are additional costs and responsibilities involved with ownership of a pool. Some of these costs include maintenance and cleaning, potential repairs with pumps, utility bills for pool heaters – if installed, an increase in insurance premiums, and a potential increase on property taxes.

Pools are great fun for everyone, but if one is not prepared for the responsibilities and financial costs, perhaps a dip at the neighborhood pool may help them cool off.

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