Is a pool a smart home investment?

Is a pool a smart home investment for you? Many home owners think installing a pool is a surefire way to increase their property’s value. While this can certainly be true, it is not always a given. It’s important to understand the pros and cons of taking on this project before you decide to act! Here are the big points to know.

The pros

Potential for increased property value

In terms of a home investment standpoint, installing a pool has great potential. Depending on where you live, this can be seen as a huge plus. Warm climates, for example, make it more likely that home owners will make use of a pool in their yard. If you are selling your home in the future in a competitive market, a pool can also be an extra amenity that puts your property above others that are otherwise comparable. A well-maintained pool can look amazing and increase the overall value of your home. Since curb appeal plays a huge role for buyers and sellers, a nice pool is likely to increase your home’s outside appearance. Certain types of buyers, such as those with young children, may see this as an added bonus as well.

Long-term health advantages

You don’t need to join a gym if you have a pool in your yard! If you are health-conscious, this can be a great addition to your property. Swimming is a great workout for your whole body, and the convenience of a pool in your yard is unmatched. You can likely save money on gym memberships or public pool visits if you are committed to using your pool for exercise. You may feel more motivated to exercise if you have such a convenient way to do so right at home. Plus, regular exercise, however you get it, is great for your mental health and sleep.

Personal enjoyment benefits

Of course, the biggest advantage of installing a pool is the personal enjoyment you can get from it! You can create your own backyard oasis with your pool at the centre. Whether you want to swim, sunbathe, or read in a reclining chair by the water, you can design your own vacation vibes. Pools can also provide endless summer fun for children and guests, keeping visitors and young ones entertained for hours. Plus, having a pool may reduce your feelings of needing to take a beach vacation when you can enjoy a staycation right in your backyard.

The cons

Maintenance

The fact is that putting in a pool means committing to a huge amount of long-term maintenance. They require a lot of upkeep, and it can take some time to fully master how it works. You will have to perform regular cleanings of the pool itself, plus maintaining your filtration system and ensuring the chemicals are balanced. This is all important for making sure your pool is safe for use! Plus, opening and closing the pool are both big tasks if you take them on yourself. You can also hire companies to do this work for you, but this can be pricey! 

Installation costs

Speaking of pricey, it comes as no surprise that installing a pool can be quite expensive. First, you need to get your yard ready before you break ground. This can involve the removal of gardens or other obstacles, or having to rearrange underground pipes if necessary. Then comes the actual installation itself. The equipment, labour, and materials needed to perform this work can be very costly, often reaching tens of thousands of dollars. You will likely also need to get permits and approvals, which add onto the expenses. While a pool can be a good investment in the long run, there is no denying that it costs a good chunk of change upfront.

May take away from your home’s desirability

Finally, you need to consider the possibility that a pool may not enhance your home’s value, but potentially detract from it. If you do not maintain your pool, it will not increase your home’s curb appeal, for starters. It can be an eyesore that is hard for potential buyers to look past, knowing it will fall on them to make any repairs or fill it in. Even if it is immaculate, however, some buyers will still see it as a disadvantage. Many home owners do not want to take on pool maintenance, and would prefer not to add this onto their plate. Buyers with young children or pets may also be concerned about keeping the area safe, especially if their kids are too young to know how to swim. Everyone’s preferences are different, so you need to prepare for the possibility that a pool won’t attract all buyers.

While a pool can be a smart home investment, there are also risks associated with taking on a project of this scale. It’s important to be sure that if you do install a pool, you are doing it for the right reasons. You shouldn’t necessarily put it in for the sole purpose of increasing your home’s value. Make sure you are up for the challenge of maintaining it, and that you will gain personal enjoyment from it as well!

If you have any questions about your mortgage, give us a call at Centum Home Lenders! You can reach us at 506-854-6847, or get in touch with us here.