The truth is that us Aussies love our swimming pools. And with the amazing weather that we have, why wouldn’t we? In this blog we are going to explore the question of whether having a pool is just more than cooling down on a hot day and in fact, adds value to your home.
In fact, Australia is home to over 1.2 million household swimming pools – the world’s highest per capita rate of pool ownership.
There is no argument that a swimming pool is a perfect spot to kick back with a cold one on a hot summer’s day. Is there anything better than taking a dip after a family barbecue? But let’s explore whether it is a good investment too.
If you are considering selling your home with a swimming pool, return on investment is likely to be a key consideration. After all, the upkeep and maintenance of a pool aren’t cheap. You will want to be sure that you are going to be getting some of those costs back when you sell.
So, is it worth it? Let’s take a look.
When does a pool add value to a home?
Of course, there are no guarantees that having a pool will boost the value of your property. But it makes sense that there are things that can make a difference:
The age and design of the pool
The type of pool you choose will definitely impact its value on your home. An above-ground pool is the most cost-effective option. You can secure yourself one for around $3000. However, it is worth remembering that it is highly unlikely to add any value to your property. An in-ground concrete pool will be the more expensive option. But that investment in your property is more likely to add value. And this is particularly true if it fits with the overall design of of your home property.
Your proximity to the beach
Ironically, one of the best reasons to have a pool from a financial perspective is if you live near the beach. Waterside living is a big drawcard for many buyers. It follows that those who are attracted to the beachside lifestyle are likely to be willing to pay more for a home with a pool as well.
The area in which you live
It is worth remembering that if you live in an area with buyers who typically are more likely to want a pool, a swimming pool is an added incentive that could boost your property’s appeal and value. This would include areas that attract families with younger children for example.
Your local climate
If your property is located in a warmer area this works to your advantage. The statistics show us that pool ownership is highest in hotter climates. In Perth, for example, 18% of homes have a swimming pool. In the much cooler area of Hobart, just 4% of properties have a swimming pool. As you would expect, there’s more demand for a home to have a swimming pool in an area where pool ownership is highest.
When does a pool decrease the value of your home?
In some cases, having a pool can actually reduce the value of your home. Situations in which a pool could have the reverse of the desired effect include:
- Living in an area where the typical buyer isn’t looking for a pool. That might include residential areas which typically attract an older purchaser.
- Having a pool that takes up most of your valuable outdoor space will also have a negative effect on the value of our house.
- Living in a cold climate for obvious reasons
- Having an old pool that needs repairs will have the purchaser imagining money flying out of the door to get the pool repaired.
How much does it cost to have a pool?
How much does it really cost to own and use a swimming pool and how much effort is involved? Concrete pools cost between $35,000 and $100,000. That will cover the installation too. There will be some additional costs such as fencing, paving and decking in the pool area. These costs will vary depending on the set-up.
Then there are the running costs. Typically a backyard pool can cost around 30% of your annual power bills. For some households, a pool can become the largest consumer of energy in a house, so not cheap. The annual cost for an average eight-metre by four-metre backyard pool is around $1400 every year.
This is an area all of it’s own. If the idea of having a pool appeals but the upkeep and cleaning doesn’t you can of course hire a contractor like PoolSmartz to take care of that for you. You can find out more about our servicing and maintenance arrangements by visiting our website here.
We can also help with a range of chemicals and equipment that any homeowner with a pool will find invaluable. Give us a call on (07) 4942 3106 (Mt P) or (07) 4952 2962 (City Gates) to chat to one of our advisors about your needs.
So, should you install a swimming pool?
The answer to this question depends on you and your family. Having a swimming pool should be for you and your family’s enjoyment. Owning a swimming pool that you don’t use is just money down the drain. Also bear in mind that you are unlikely to get back all of your investment when you sell.
It is also worth considering that having a pool may or not may not increase the value of your property. That will depend on the factors mentioned above.