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Whether you’re a swimming pool owner or considering an installation of one for your home, you may have wondered: does an in-ground pool add to a home’s value? Any major adjustments made to a home have the potential to change your property value. And, depending on what those changes are, they may have a fairly significant positive impact on what your home is worth.
Does a Pool Add Value to Your Home?
As far as updates to a home go, a pool is a more significant one in terms of size and cost. But, beyond simply enjoying it on a hot summer day, what most want to know is the value it can potentially add to their home.
When looking at real estate listings, potential buyers interested in a pool are often willing to pay slightly more on the value of a home when it includes a pool. According to HGTV, real estate experts estimate that an average 14×28-foot in-ground concrete pool potentially adds 5 to 8 percent to the real estate value of your home.
If your home’s total valuation leans higher, even a small percentage increase in what it’s worth can make a huge difference. When you install an in-ground pool, it’s important to know that a house with a pool has potential for better sales as long as you find the right buyer.
How Does it Affect Homeowners Insurance?
So, you’ve committed to a pool, but aren’t sure about how it affects homeowners insurance. Thankfully, for most plans, your ongoing costs aren’t going to change. Swimming pools are typically covered as part of your dwelling coverage, meaning you’ll be covered still if you already had standard coverage.
As an example, if your insurance was through Allstate, they would cover both peril damages as well as assistance with expenses resulting from someone being injured at your pool. So, not only do you not have to worry about potential increases to insurance costs, but also gain peace of mind for any potential accidents.
Consider the Installation and Maintenance Costs
One of the major things to consider with your home’s value and a potential pool are pool installation costs and pool maintenance. These obviously come with their own price tag, which, depending on how much they are, could be the deciding factor on what size and type of pool you decide on.
But, as a home improvement project, as long as the pool stays well maintained, it will help to balance any accrued cost when it adds value to your house and overall property when it comes time to sell.
How Much Value Do You Really Gain?
So, after considering the initial cost, backyard space you have available, any landscaping needed, how much your sell price comes to, and more, this will help you determine the financial benefit a pool might provide to your home.
But, at the end of the day, it really comes down to whether or not you simply want a pool. If the enjoyment and time you’ll spend in the pool more than balances out the cost, then it’s only a benefit once it comes time to sell your home thanks to the increase in value the pool provides.
When swimming season comes around and you want to learn more about how a pool can add value to your home for buyers, want to ask about installing a pool, want to know more about maintenance of your pool, or have any other questions, Locey Swim & Spa is here to help. Reach out today!