Summer is right around the corner! Are you dreaming of investing in a pool? A wonderful backyard oasis to entertain friends and spend time with your family is certainly alluring as we gear up for warmer weather.
Before you get too excited and call up the builder, take a moment to consider if investing in a pool is a good idea for you or not. If you are thinking of investing in a pool here are some important elements to consider.
- Increased home value: Depending on where you live and the type of pool you plan to install you can increase the value of your home from anywhere to 8 to 15 percent. Investing in an in-ground pool will have better returns than an above ground one.
- Family time: Once you have a pool spending time with your family will be as easy as changing into your swimsuit and walking into the backyard. You no longer have to plan around the public pool schedule or drive across town just to cool off.
- Fitness: If you install a long enough pool you can easily swim laps without having to pack a bag and head to the gym.
- Make your home the summer destination: When you install a pool your home will become the go to house for barbecues, birthday parties, and summer soirees. If you love to host gatherings a pool will certainly give you the venue you have always wanted!
- Expense of installation: An above ground pool starts off at around $6,000 while an in-ground pool costs on average $22,000. You can apply for a home equity line of credit in order to build the home, but be sure to factor into to the total cost how much you will pay in interest.
- Upkeep costs: Maintaining a pool is not cheap. Well, it can be cheap if you do it yourself but know it will take a lot of your time. If you choose to hire a professional company to do it something as simple as opening your pool in the spring alone can cost several hundred dollars.
- Increases in homeowners insurance: Because pools are considered an attractive nuisance, most homeowners insurance will charge you a premium when you install a pool. Be prepared to have your rates adjusted accordingly.
- Local laws: Many cities and counties now have law regarding how you have to fence in or secure your pool from children and even intruders. These laws will dictate how big of a pool you can have and what kind of fencing you need to place around it. Many times the fence alone is enough to deter homeowners from installing a pool, because it can interfere with the aesthetics of the project.
- Not useful in all seasons: If you live in Florida, California, or Arizona installing a pool may make perfect sense since you can use it most months out of the year. If you live in a state with a more varied climate factor in how much of the year you won’t be using your pool into your decision making process. If you only have three or four really warm months it might not be worth the added expense, hassle, and time commitment.
In the long run investing in a pool for your home is a personal decision based on your finances, free time, and how much you think you will be using it. Families in warm climates with homes in markets that tend to feature pools will definitely benefit from investing in a pool and should do it as soon as possible! However, if you live in a cooler climate or just want one for the increased property value there are better places to invest your money.
Want to know where those places are? Check out my other blogs at www.thepowerisnow.com/blog. The power is now!
Eric Lawrence Frazier, MBA
President and CEO