Our team is frequently asked by our shore and Northern NJ clients alike what our thoughts are on purchasing a home that comes with a pool or about installing one after purchase.
Our party line? This is a highly personal decision, depending upon how often you would personally use a pool, as well as if you plan to rent your home and a pool would be perceived as an enhanced advantage in the rental marketplace.
Rest assured, we have all the right contacts in the pool installation, inspection and maintenance world, so please don't hesitate to ask us 🏊
That said, before you take the plunge, we have put together some information for you to consider regarding the costs of installing and maintaining an in-ground pool.
According to the National Association of REALTORS® Remodeling Impact Report for 2023, homeowners who add in-ground pools to their properties can expect to recoup about a 56% return on their investment.
At most, your home's value might increase by 7% when it comes time to sell. Still, that all depends on a variety of factors. Here are some of those circumstances:
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If you live in a higher-end neighborhood and most of the homes have pools
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If you live in a neighborhood where vacationers rent or spend time during the summer - at the Shore, pools are commonplace and can be an attractive feature for potential buyers.
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If the pool is well-maintained and nicely designed - The condition and style of the pool are also crucial when it comes to fetching more value. A pool that’s been well-maintained, and has adjacent amenities, such as patios, shade structures, and outdoor furniture that make the surrounding area attractive, can boost your home’s value. If you're selling, ensuring that the landscaping around the pool complements the pool in both style and design can be a huge advantage. On the contrary, a pool that’s been neglected and in need of repair can be an eyesore.
According to the report, landscape professionals estimated the cost of building an 18 ft x 36 ft in-ground gunite pool at $90,000. Not to mention, custom upgrades or additions, such as lights, liners, a slide or diving board, a heater, and landscaping, will cost extra.
Most states also require the installation of safety features, such as fences, enclosures, and covers, to help keep pets and children safe around the water and prevent accidents. Pool fencing alone, for instance, can cost from $5,000 – $15,000.
Regardless of the type and design of your swimming pool, it will require maintenance for to manage bacteria and keep the pH balance steady. Here is an estimate of some of the costs:
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Pool maintenance - Experts say this could cost anywhere from $80 to $150 a month on average, depending on the services. Some of the tasks include cleaning and vacuuming the surface, water testing, adjusting chemicals, opening or closing for the season, and any necessary repairs. If you're in a warm climate and use your pool throughout most of the year, expect to have more upkeep.
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Filtration - Better to get the most efficient filtration pump possible that uses less energy, although it may cost more upfront. You can further cut energy costs by setting the pump to run at non-peak times when rates for electricity are lower.
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Heating and electricity costs - If you’re planning to heat your pool, you may choose between gas heaters or electric heat pumps, which cost $2,000 to $5,000. Moreover, electricity costs for running a circulating pool pump costs about $300 per year. Heating a pool can also add $500 to $800 to your annual utility bills.
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Winterizing - In areas with cold climates, pools need to be winterized every year. This includes lowering water levels, cleaning, clearing the water lines, and installing a cover
A basic homeowners insurance policy typically covers a pool, without requiring a separate rider. But if you plan to install a pool on your property, consider checking with your insurance agent about how a pool may affect your rates and increase your liability coverage. In addition, if you don't install a pool fence, insurers may exclude your pool from coverage and deny your liability claim if there's an accident in your pool.
In some areas, adding a swimming pool may also increase your annual property taxes, so consult your local town taxing authority on this as well.
While there are numerous figures milling about, it seems that the average home value increases by 7-8% with the installation of a pool. That said, if you are only interested in installing a pool to increase the value of your home, you might be better suited holding off. If, however, your family will enjoy the perks of a pool during a few months of the year, or year-round if you're located in a warmer climate, you might have more of a case to make! We're always here to chat.