Is a swimming pool a good investment?
Is putting in a swimming pool worth the money?
When you own a swimming pool you have the opportunity to keep cool during summer, keep your children and guests entertained, as well as add a stylish feature to your home.
Having a swimming pool lets you have a resort-like experience at your home all summer long. But is putting in a swimming pool worth the money? Here are some questions to think about:
Do you need a swimming pool?
Your family's lifestyle will dictate if you really need a swimming pool at home. If you have younger kids this can help reduce their screen time and encourage them to spend more time outside. However, pools are a major drowning hazard for young children and this worries many pool owners with young children. On average, 10 children under the age of 5 drown in Queensland each year alone, and this pattern is repeated in other states.
Where is your home located?
If your house is located in a region with a warm climate an outdoor pool can be a good idea. Additionally, you also want to think about how much space you have in your backyard, the proximity to the house, the design, if it’s away from falling leaves, and how much sunlight you’re going to get.
Can you maintain the swimming pool?
On average, swimming pool maintenance costs $160 a month. Of course, this sum depends on the location and the size of your pool. If you’re using the pool a lot, a swimming pool can be a worthwhile investment.
Can you afford a swimming pool?
The cost of putting a swimming pool in ranges from $30,000 to $80,000. This price will vary depending on many factors such as whether you’re installing an inground pool or an above-ground pool.
You will also need to factor in the cost of landscaping. Additionally, you will need to invest in pool fencing to comply with Australian safety standards.
Are you selling your house or renting it?
If you’re selling your property, adding a swimming pool will probably add value to your home, however the real question to ask is 'will it add net value to your property'. i.e. will it add value which is over and above the cost you will have to bear to put the pool in. The other thing to consider is how many potential homebuyers will find a pool appealing? The easiest way to at least get a feel for this is to talk to a good local real estate agent who will be able to give you some informal advice on how many prospective buyers actually ask for a pool when they are house hunting in your local area.
The location of your home and whether having a pool is popular in the neighbourhood can be a big factor. Typically, if the location of your home is popular with families, a pool will make the home a bit more attractive to buyers with young families.
If you’re renting your house, a pool may increase your rental income. But this can also mean additional maintenance and repairs to take care of as a landlord. You should be ready to handle the responsibility. Alternatively, some potential renters may simply not want to rent a home with a pool. Again, a good way to gauge the market here is to talk to a good local real estate agent who takes enquiries from the renting public.
Installing a swimming pool can add value to your home if done right. It can brighten up your backyard and provide an area where you can entertain and have barbecues with family and friends. But whether it represents a good investment for you will come down to your own individual set of circumstances.
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