When it comes time to sell, many homeowners wonder how much value a pool adds to their home if they list it as a feature. Unfortunately, there’s no clear-cut answer to this question. A pool can be an attractive selling point if you live in a warm area. However, in colder climates, buyers may not want to deal with the costs of pool maintenance if they can only use it for part of the year. Once you learn about the different factors affecting the value of your pool, you can make an informed decision when selling.
How to Tell If Your Pool Will Add Value
Your pool has a much better chance of adding value to your home if it is an in-ground pool as above-ground pools are easily removed and rarely factor into the final price of a home. Other factors at play include your pool’s cost to install and maintain its current condition. In addition, your location and the needs of individual buyers will affect how much value your pool contributes to your home.
Where Do You Live?
In Sunbelt states such as Florida, Nevada, Arizona and California, many buyers consider a pool to be a standard feature. On the other hand, in areas like the Northeast or in the Midwest, a pool can actually deter buyers from making an offer. Pool cleaning and skimming can be more arduous in areas with a lot of trees and plant life.
On a micro level, you’ll want to make sure that your pool is broadly similar to the ones in your neighborhood in order to be more attractive to potential buyers.
Who’s Buying Your Home?
Individual buyers will play a major role in determining how much value your pool adds to your home. Some families with young children may see your pool as a source of endless summer fun, but others may see it as a potential safety hazard. Some buyers will have no interest in a pool and may want it filled in prior to the sale; these buyers could walk away from the deal if their conditions aren’t met.
What’s the Condition of Your Pool?
Generally speaking, the newer your pool is, the more you can ask for it when selling your home. Older pools will cost more to maintain and might have less efficient filters and pumps or cracked decking. A potential buyer may demand that a pool is resurfaced or that the liner is changed prior to any sale.
How Much Did it Cost to Add The Pool?
Realtor.com reports that the nationwide average cost of installing a 32’x16’ pool is around $22,000. However, this number can vary widely depending on your location and whether you decide to install a vinyl, fiberglass or concrete pool. Additional amenities such as paver patios, lights, heaters and more could easily push the price of your pool into the six-figure range, but might also allow you to ask more from potential buyers.
According to a landmark 2003 study by the National Association of Realtors, pools can contribute anywhere from four to six percent of the value of a home in the Northeast and Midwest. In the Southeast and Southwest, this turns into an eight to thirteen percent increase. Keep this as well as the other factors in mind when pricing your home for sale.