Having a swimming pool in your own backyard sounds like a lot of fun. But you need to ask yourself: is it really a good investment?
The answer is both yes and no. Speaking from a general perspective, pools are not a good way to increase the value of your home. Swimming pools are very costly and they represent a huge portion of your maintenance budget since you need to keep them in great shape if you want to enjoy them for a long time.
7% increase in value
If you reside in the Tropics or other places where the sun shines warmer, then a swimming pool may compound to the value of your property. Another situation where having a swimming pool may be a good idea is if you live in a premium neighbourhood where most of your neighbours have pools in their homes.
That being said, a swimming pool may only boost the value of your home by a mere 7% if you satisfy the criteria mentioned above plus other factors, such as style, condition, age, and safety.
Does your pool fit the location? What materials are used? What are the features? Is your pool well-maintained and updated? How old is your pool? These are some of the questions home buyers will raise if and when you decide to sell your home, so better be prepared for the answers.
And supposing you attract a buyer, there is no guarantee that you will get a return on your investment, which is already huge right from the start.
Huge costs in construction and maintenance
In Sydney, the average cost of building a concrete swimming pool is around $45,000 to $50,000. And we are just talking about the construction stage. You also have to spend on details like safety fences, landscaping, special features like waterfalls, which could easily breach the $100,000-mark.
Now, while concrete remains to be the standard, other superior materials are now becoming more popular like gunite, a mixture of sand and cement. Pools made of fibreglass shells and vinyl liners are considered low-cost options, but you need to replace them once every 10 years, which could add up to your costs in the long run.
Other expenses include filtration and heating, maintenance services, and cleaning among others which can really take so much out from your finances. In some areas, having a swimming pool means a raise in property taxes, as well as compulsory insurance coverage.
With all that being said, swimming pools can be a worthwhile investment in terms of emotional and sentimental value. Family get-togethers, outdoor barbecue, or a simple swim with loved ones and friends can generate treasured memories that no money can buy.