Have you always dreamed of having a swimming pool at your house?
A pool is a great way to cool off during scorching summer temperatures. No long commute to the beach or town pool needed if you want to take a dip. You can roll out of bed, see the sun shining, and decide it’s a perfectly good day to waste away by the pool.
And don’t forget: everyone loves the friend or family member with a swimming pool!
But before you set those daydreams into motion, there’s an important question to answer first: Can you afford a pool in the first place? Here’s a rundown of the average costs of a swimming pool to help you answer that, from installation to annual maintenance, plus other financial thoughts to keep in mind.
The cost of installing a swimming pool is based on a number of factors, the most obvious being the type of pool you want. Here’s a rundown of the approximate costs of each type of pool:
Source: HomeAdvisor
Still, there’s more to paying for a pool than just the pool itself. Those additional up-front expenses could include:
Note: The additional costs you incur depend on the type of pool you choose. Natural swimming pools and kiddie pools will have fewer or none of these costs.
Regardless of the type, pools truly are an investment for you and your family. Think of all those memories you can make over the years!
OK, let’s keep the money talk going…
Just like you need to pay for gas, oil changes, and new tires for your car, swimming pools also carry maintenance expenses, notably in-ground and above-ground pools. Those annual expenses include:
Source: HomeAdvisor
Natural swimming ponds tend to require maintenance service every three months, amounting to roughly $2,000 per year.
Generally speaking, yes — pools can raise the value of your home. However, the answer to that question really depends on the condition of the pool, how old it is, the style, and buyer preferences.
According to Houselogic, a swimming pool could, at most, increase your home’s value by 7%. The flip side of that, however, is not having a pool could make it harder to sell if most of the properties in your neighborhood have one. Those circumstances could result in lowering the asking price for your home if you have difficulty selling.
Swimming pools are tremendous for social occasions and toughing out the dog days of summer. Still, they come at a price. Here are the approximate all-in costs you can expect for each type of swimming pool:
Source: HomeAdvisor
Some people tap into their savings to foot the bill, which has the benefit of no interest or monthly payments. Then there are borrowing options like a home equity line of credit (HELOC) which allows you to pay off the expense over time.
So, can you afford a swimming pool after all? If so, get yourself a new bathing suit and sunglasses, and plenty of sunscreen. You’re gonna need it!
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Disclaimer: The information contained herein is for informational purposes only as a service to the public, and is not legal advice or a substitute for legal counsel, nor does it constitute advertising or a solicitation. You should do your own research and/or contact your own legal or tax advisor for assistance with questions you may have on the information contained herein.