Does a Swimming Pool Add Value to a Home in Northern Utah?
- May 21st, 2020
- Matt Frentheway
- No comments
It’s Memorial Day weekend. With the majority of counties in Utah being moved to the Yellow (Low Risk) or Orange (Moderate Risk) phase of the COVID-19 Health Guidance System, there will most likely be a number of family gatherings, barbeques, and pool parties taking place over the next few days. Socially distanced of course! You just might find yourself at a pool party and after taking a dip you just might think, “I need one of these in my backyard!”. Having your own pool can be amazing. You wouldn’t need that invite from a friend or family member to use their pool, a few laps in the middle of the day would be just a few feet outside your back door, and if you added a hot tub or a jacuzzi then you’re set on those frosty evenings. The thought might even come to your mind, “A pool would be a great investment because it will raise the value of my home should we ever decide to sell.” If you’ve been thinking about refinancing your home to invest in a pool or even if you have the cash saved up, here are some things to consider before you start digging.
We here at Aspen Appraisal Group are asked quite often how much adding a pool raises the value of a home. When it comes to pools, there is a valid debate over the return on investment of a swimming pool. Pools cost in the neighborhood of $25,000-$40,000 depending on the type of pool you’re choosing. When you install a pool, the value of your home and its desirability really depends on the buyer. Some people are looking for a home with a pool. So when they see your home and the beautiful pool you’ve added they could potentially see great value in the home. However there are many home buyers that will instantly scratch your home off the list because they have eliminated any homes with pools. So it’s important to keep in mind when adding a pool, if you’re thinking you’ll most likely be selling this property in the future, you could be wiping out a large percentage of the house hunting pool. (No pun intended!)
Of course, it does matter where you live. In states with a warm climate such as California or Arizona, pools can bring huge value to a home. But focusing primarily in Northern Utah, yes, we have beautiful hot summers here in Utah. But we also have half of the year where the pool would not be in use. Because of this having a pool could detract many potential buyers from your home. The added expense could also be a deterrent.
There is no exact answer to this enduring question. In our experience, we’ve appraised homes and given added value to the home with a pool. We have also had to deduct value. We always look at comps. We look at properties with pools, and some without. If it is clear that the homes with pools have sold for higher we make a credit. From what we’ve seen though, not much if any value is given to a home with a pool.
The point we’re trying to make is this, if you want a pool in your backyard because you believe it will increase your quality of life, we say go for it. If you’re putting in a pool because you believe it will increase the value of your home as a remodel or construction, we suggest you think it over. We would hate for you to spend your hard-earned money installing a pool hoping your home will sell for more down the road. But if you simply can’t imagine another summer not swimming in your own backyard, by all means, start digging!
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