Another effect of the pandemic — pools have nearly doubled in value. A recent survey found that before the pandemic, homes with a pool sold for around $16,000 more than comparable homes without pools. Now, a home with a pool is going for roughly $27,000 more on average. Why does this matter, and more importantly, does it mean you should have a pool put in?
A Nation-Wide Trend
In warm parts of the country, pools were already an attractive feature. But the survey is finding that in areas with all four seasons, pool value increases are actually at their high. In the Northeast, pool values have increased an impressive 113 percent, from about $15,000 to over $31,000. Considering that most of us were doing the staycation thing in our own homes for months on end, it’s not terribly surprising.
But here’s the thing. Trends change, and two years ago, having a pool was more often than not a liability. In fact, the pool made a home harder to sell. National average costs to put in an in-ground pool are somewhere between $40,000 and $50,000 (and that can go up or down depending on the pool material), which means even by today’s inflated pricing, you’ll only recoup some of your investment. A good rule, as always in real estate, is location, location, location. If your neighbors all have pools, adding one of your own will definitely increase your home’s marketability in the future.
Remember, in a declining economy, smaller homes and condos sell fastest and at the highest premium, but when the economy is on the incline, larger homes become the belle of the ball.
As for the pool, if it’s something you’ll use and enjoy, go for it. Just don’t assume it’s always going to be the selling feature it is today and remember that the maintenance costs can add up quick!
Looking for advice as to what upgrades will and won’t pay out for your home? You know where to find me!