If you build a pool in your backyard, will the value of your home increase? Let’s take a deep dive into this very common question.
In most cases, the answer is “no” – a pool has no effect on the value of your home. That might sound crazy, because it obviously costs money to build and maintain the pool.
However, the market is pretty evenly split between people who want a pool and people who don’t. It’s almost fifty-fifty. For that reason, we can’t count it as a value-added feature.
A lot of people will walk or run in the other direction if a house comes with a pool. In those cases, it’s the exact opposite of a value-added item: it’s a detractor.
Now, if we get into certain luxury markets, it might be seen as a plus. Generally speaking, though, a pool has no impact at all on the value of a home for all the reasons we explained above.
So, if you want to go out and build a pool, it’s very important that you do so because YOU want it, not because you’re expecting to make a return in the long run.
Having a pool in your condo building
What’s the value of having a pool facility as a condo owner?
Sure, it’s great to have a space where you can lounge, socialize, and even enjoy some light exercise, but this amenity comes at a cost.
It means your condo fees will be higher, since pools require a lot of maintenance. Someone has to come in and clean the pool, change the lining, service the mechanical parts … pools also tend to break down once in a while.
Because our climate is so extreme, outdoor pools are especially susceptible to damage. It’s very tough to maintain them for the entire winter, then by the time summer hits, there’s been a lot of expansion and contraction. These are the costs you’re going to feel in your condo fees.
To wrap things up, a pool should be something you do for yourself – not because you think it’ll be a good investment.
Have more questions about adding value to your home? Our team has the answers!