Many property owners dream of being able to come home after a long, hard day to take a dip in their very own swimming pool. A backyard pool also provides plenty of opportunities for entertaining guests, and the act of installing a pool can instantly make you extremely popular with the people in your neighborhood — you’ll probably soon discover that you have many “friends” you never knew you had before! What’s more, adding a pool is sure to add value to your home, helping you to cash in even more at resale time — right?
The answer to this question is a very definite maybe. In certain circumstances, a pool could increase the value of your property by as much as 7-10 percent. However, if you live in colder climates like the northeastern U.S., that figure could be much lower. There are also a number of additional factors that can conspire to make a swimming pool an unattractive financial investment.
The Polarizing Nature of Backyard Swimming Pools
One of the biggest problems with swimming pools in the Northeast is that there are many prospective buyers who see them as a deterrent instead of an attractive amenity. They simply don’t want to pay thousands of dollars for a feature they can only take full advantage of about four to five months out of the year. Then there is the cost of maintenance and upkeep, which can reach as much as $1,500 per year.
A swimming pool is also viewed as a hazard by insurance companies — prospective buyers may not want to bear the financial burden of higher homeowner’s insurance premiums. In short, the presence of a swimming pool can actually decrease, instead of increase, the number of buyers who are interested in your property.
Do a Cost-Benefit Analysis Prior to Adding a Pool
The prudent course of action is to take a close look at the actual costs of installing the pool and related expenses such as maintenance, insurance premiums, pool cleaning chemicals, paying a professional service to open and close the pool each season, etc. Then, do some research so you can get a rough estimate of how much value pools are adding to the homes in the immediate area. You might discover that a swimming pool may not be as lucrative of an investment as you initially thought.
The Best Circumstances for Owning a Pool in the Northeast
In general, a pool is likely to add the most value to your home if you live in a high-end neighborhood where many of your neighbors also have pools. The pool should not encompass your entire yard, though — there should be enough space for features such a child’s play area or a garden. Finally, you should be willing to make the financial and time commitment required to properly maintain the pool.
If you live in or are thinking of relocating to the York, PA area, contact the local real estate professionals at CENTURY Core Partners to learn more about the pros and cons of pool ownership in the region.