As the weather has now cooled down and we’ve broken out our coats and scarves, you may be thinking longingly back to days spent relaxing by the pool. You might even be considering putting a pool in your backyard before next summer. Now is the time to make that decision so you can get out ahead of the pool installation frenzy that happens every spring.
Before you decide if swimming pool installation is a good idea, you might want to consider what adding a pool will do to your home value. Read on to learn more about the factors that go into this valuation and whether it’s worth it for you to put in a pool.
The first thing you need to consider when deciding if you should put in a pool is your location. In New York, a swimming pool is likely only to be useful a few months a year unless you get it heated.
You’ll also need to consider how much demand there is for a pool in your area. Higher-end neighborhoods tend to value pools more than low-income neighborhoods. Homeowners in these areas can manage the maintenance costs for a pool and will be excited about the extra luxury the pool will add to their home.
Your Yard Size
It’s also a good idea to take a hard look at the amount of space in your yard before you decide if you should install a pool. Yes, people love pools, but they also want space to do other things in their yard. You need to make sure you leave space for kids to have a swing set, Dad to have a grill, and Mom to have a garden.
In general, people expect a pool to be at least 200 square feet, and some larger pools may be up to 800 square feet. Figure out how large your backyard is and how much space your pool will take up. Don’t forget to account for the space you’ll need around the pool for a deck and potentially a fenced-in area.
Number of School Kids
In addition to the weather in your area, you should also look into how many kids are in your area before deciding to install a pool. In general, families with kids will be more excited about the prospect of a pool. Parents will daydream about their kids having friends over to play and diving into the crystal-clear water on a hot day.
Take a look at the demographics and school ratings in your area before you call a pool installer. Areas with great schools and lots of family-friendly activities may be good spots to invest in a pool. However, retirement communities might not be worth the installation and maintenance costs.
While getting a swimming pool can be a great investment, you only get out of it what you put into it. No one wants a swimming pool that’s full of gunk and algae in their backyard. In fact, a poorly maintained pool can even drag your house value down, rather than improve it.
If you want your swimming pool to improve your home value, you have to plan to maintain it well. This means keeping all equipment in functioning order, as well as treating the pool with appropriate chemicals and cleaning it routinely. Potential buyers will want to see the gorgeous backyard oasis that a well-maintained swimming pool can offer.
Pool Installation Costs
Before you make the final decision about whether to put in a pool, you’ll need to crunch some numbers to see if you’ll earn your money back. In the right area, you can expect a pool to raise your home’s value by as much as 7 percent. This means if you have a $675,000 home (roughly the average home value in Nassau County) and you add a pool, you could get as much as $45,500 in additional home value.
However, swimming pools are extraordinarily expensive to install, especially depending on the size of your pool. In general, you can expect to pay between $38,000 and $69,000 for your pool, with the national average coming in at $51,833. You can expect those costs to go up if you add any special features, such as a waterfall, a heating element, or a hot tub.
Pool Maintenance Costs
Once you’ve paid for the installation, you’ll also have ongoing maintenance costs. If you don’t want to handle cleaning yourself, you’ll need to hire a service to take care of that. You’ll also have to pay for chemicals, electric costs to run the pump, water to refill the pool, repairs to equipment, and opening and closing the pool each year.
In general, you can expect to pay between $50 and $150 per month to maintain your pool. Opening and closing costs will add another few hundred dollars twice a year. And you’ll likely have to pay for a few repairs throughout the year on a regular basis, raising your costs to a few thousand dollars each year.
Is Swimming Pool Installation Right for You?
A swimming pool can be a great addition to your backyard, and there’s no denying that it can raise your home value in some circumstances. Take a look at your home location and yard size before you make the decision about whether to install a pool. Keep in mind that you’ll also have to pay for monthly maintenance costs, on top of the cost of installation.
If you’d like to learn more about if swimming pool installation is the right choice for you, check out the rest of our site at Dean Miller Real Estate. We make Long Island real estate easy, no matter whether you’re buying or selling. Contact us today and let us help you achieve your homeownership goals, whatever they may be.