POOLS & PROPERTY VALUE
DOES OWNING A SWIMMING POOL INCREASE PROPERTY VALUE?
When considering the value of your swimming pool, it’s important to think about both financial value as well as personal value. If you are deciding whether it’s worth installing a pool in your Gold Coast home, you will first be thinking about the financial investment. So it’s crucial to factor in the climate and neighbourhood you live in.
Properties with pools are most desirable in warmer climates, and in areas where pools are a common expectation. If most of the homes in your neighbourhood have pools, it would be beneficial to have a pool in your home as well. In these circumstances, not having a pool might make your home harder to sell. It’s also important to consider the time and money required to maintain the pool. Will you be hiring a pool cleaner? Or perhaps you can split the maintenance between members of your family. However you decide to manage it, the financial investment and cost of maintaining the pool will help you to determine how financially valuable your pool will be in the long run.
More importantly, if you purchased your property as a home and not just an investment, you must consider how much personal value you will gain from your swimming pool.
Here are a few ways to maximise the value your family get from your pool:
- Arrange swimming lessons for children so that they can safely enjoy the pool after school and on weekends
- Celebrate birthdays outdoors with a pool party and barbecue
- Entertain your guests poolside. Even if you choose not to swim, having a few drinks while enjoying a poolside view can almost feel like a holiday
- Keep fit, lose weight and save on gym memberships by swimming laps of the pool as part of your daily exercise. Swimming is a great, low-impact, muscle building, cardio workout for the whole body
- Rehabilitate from injuries by using your pool for water therapy to recover from sprains, strains and tears
If boosting the financial value of your home is a priority for you, here are a few ways of gaining the most monetary value to your home:
- Keep the pool in proportion with the rest of the yard, so as not to overwhelm the garden
- Position the pool in viewing sight of the living area to allow easier supervision of children
- Always install an in-ground pool. Above-ground pools can actually detract value and deter buyers
- Ensure the style of the pool fits the neighbourhood by considering water features, lighting, views, shapes, sizes and surrounding outdoor areas
- Keep the condition of the pool maintained and updated – letting a pool ‘go’ can end in costly repairs and excessive time and effort to bring it back to its former glory
- Attract the right buyer (families with young children, individuals interested in health and fitness, sociable entertainers)
- Follow safety regulations to ensure you have the right building permits, safety barriers and water recirculation systems
If you are considering building a pool to increase your property value, it’s worth assessing the climate, neighbourhood, land suitability and calculating the installation and maintenance costs you will incur prior to selling. Keep in mind that value can also depend on the buyer market. If your desire to have a swimming pool in your home is for personal enjoyment, the value is priceless.