If you've been doing some home improvements and minor kitchen remodels, you've probably thought about the return on investment for these types of renovations, considering the resale value of your home is important when adding any sort of feature to your home.
Adding a swimming pool to your home can be both a source of entertainment for you and your family during swimming season, but also a way to increase the property value of your home. Depending on the type of inground pool you decide to build and how you style it, adding a pool to your backyard can be a big level up in value.
In order to fully understand how building a pool can add value and how much value swimming pools can add, there are a few things you need to know.
If you ask any realtor about the benefit of adding an inground pool to your backyard, most of them will tell you that this addition will likely increase your home's value when you go to sell it. Especially if your home is located in a nice subdivision or is surrounded by properties that also have pools, a backyard pool can be a huge selling point.
Like any home improvement, you want your pool to add value to your home when it's time to sell. Here are some factors that can help contribute to the pool's additional value:
An inground pool can be even better for your home's value when it's well maintained. While this has additional maintenance costs and utility costs associated with it, the added value to your property can make up for these incurred costs.
When you have a pool, the best way to ensure that it adds value to your home is to maintain proper pH levels by adding chemicals, cleaning it consistently, and taking extra steps to prevent algae growth, like using leaf skimmers.
You may also consider hiring a pool service to regularly help with maintaining your pool. Professional pool cleaners have access to other tools like telescoping poles that can help keep your pool clean. While your maintenance costs will go up, this service can mean that your pool stays nicer for longer.
You might be asking yourself which type of pool is the better investment for adding value to a home: in-ground or above-ground? Well, the short answer would be inground pools. While well-maintained inground pools can add to the resale value of your home, above-ground pools often do not.
These two types of pools have quite a big difference between them. Even though an inground pool's cost is higher and they often require more attention, they give you the most bang for your buck. While other factors are involved, it's been said that above-ground pools often deter buyers rather than bring in potential homebuyers.
This is where you might consider spending the money on something else or do some home renovations that could liven up your house and add some value rather than take away from the value of your home.
Another thing to consider when thinking about adding a pool to your home is the surrounding location. What's the weather or climate like where you live? Are your summers very hot and worthy of putting in a pool? Do other homes in your area have their own pools? Are you situated in a warmer climate?
Potential buyers, especially those with school-age children, will likely pay extra for homes with inground pools. These factors can be quite influential when it comes to determining the value of your property and whether it's worth putting in a pool.
Inground pools should match the style and look of your home. When you spend money on putting in a pool, you should be sure that the pool fits with the landscaping. Think about the type of materials or style of pool that you are going to build. Quality materials will not only look great but also add to the value of your home.
Finally, you also want to ensure that your pool area is set up so that it creates a safe swimming environment. If you have a diving board, make sure that your pool is the right depth to handle jumps. For smaller kids, have a fence put around the area in order to avoid kids falling in. These sorts of steps can make quite the difference to your home's value and when you find the right buyer.
Even if you don't plan on selling your home anytime soon, understanding home value is very important when adding additions or features to your home.
When you do put your home up for sale, you will want to determine the home's resale value in order to accurately price it. If you want to know how much value your home is worth after adding a pool, there are a few things you can do:
One of the first things you can do when pricing your home is to look at other similar homes that are, or have been, on the market in your area. You'll want to look at houses that have similar features, square footage, and are in a similar location. For example, you won't necessarily compare a home in the country with one in a higher-end neighbourhood.
Doing this preliminary research can be extremely helpful as you begin the process of selling your home to potential buyers.
When you start talking with a real estate agent about selling your home, many will advise you to talk to an appraiser or offer a free home estimate. Many realtors offer their clients free estimates as an initial first step towards selling your house.
Having a professional's opinion on the price of your home can make a big difference when you go to put it on the market.
All-in-all, your inground pool will add value to your home come time to sell but you should consult with a real estate professional about just exactly how much it will add.
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