Does Adding a Swimming Pool Increase the Value of My Home?
Posted by Garman Group on
It's summertime, and the weather is warming up nicely. What could be better than dipping into the pool on a hot summer day? If going for a dip is one of your favourite summertime hobbies, you may be thinking about installing your own swimming pool on your property. Not only is it an excellent form of exercise, but it’s also a luxury to have your own to use at your leisure.
But there are some essential things to think about before adding a swimming pool.
What Do I Need to Know About Adding a Swimming Pool to My Property?
Don’t start digging, or even arranging to have one installed before you consider these things first.
Municipal Rules. Different municipalities have their own rules that dictate where and if you can install a swimming pool. So be sure to check them before you break ground.
And it’s a law in most municipalities that any pool must have a full fence around it with a locking gate. So, if you’re not prepared to alter your yard, you may have to think twice about that pool.
Insurance Rates. You’ll want to double check if your home insurance covers swimming pools, and you may need to increase your policy. Speak to your provider first.
It’s Hard to Maintain. Swimming pools require pumps, filters, heaters, and special cleaning chemicals. All of these things require ongoing maintenance. Will you be able to keep up?
It Costs a Lot. With all that maintenance comes a significant expense. The initial costs are considerable, but it takes a lot of money to keep it going.
So, Will It Actually Increase the Value of My Home?
There are a few cases when a pool will add value.
Your Neighbours All Have Them. If your home is the only one on the block that doesn’t have a pool, then it might be expected for you to have one, too. This is one case where your property value may actually go down if you don’t. Your MLS REALTOR® will advise you if this is the case.
Your Yard Is Large. If your swimming pool takes up your entire yard that can be a turn-off to potential buyers, even if they want a home with a pool. Having enough green space left over after putting in your pool is very important.
You Live in a Warm Climate. A pool that can be used all year long will add more value to a home than one which can only be used a few months of the year.
We realize living in Victoria allows us to partake in most outdoor activities year-round. But a swimming pool is a different story unless you’re going to have an indoor pool perhaps.
You’re Incredibly Active. OK, so this won’t add any actual value to your home. However, if your family is active and spends money to exercise, it could very well be worth it to put a swimming pool on your property.
We hope you realize that there are only a few circumstances where putting in a swimming pool would add value to your property. That shouldn’t be the only reason you install one in, though. They can be awesome to have if your family uses it enough to make it worth the cost of installing and maintaining it.
If you’d love to have a home with a pool but don’t want the hassle of designing and building one, we can help you find a home which has one already. Contact the Garman Group for more information on what’s happening in Victoria real estate or to start your home search.