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Homebuyers: Everyone Into the Pool?
Pools are a great way to keep kids entertained during the summer, and hot weather has already made an initial appearance in the area. You may be tempted to either have a pool installed, or to purchase a home with a pool. While our REALTORS® know a pool can provide hours of fun for the whole family, it's not a decision you want to dive into without considering all the costs, responsibilities, and liabilities that a pool creates.
- The first consideration is cost.
If you plan to install a pool, you can expect to spend an average of $35,000 for a decent pool. That's a lot of tickets to the local pool, and if you plan on paying with cash, it means less money for other things. If you plan on financing the cost through a HELOC or other loan product, your overall cost could be as high as twice the installation cost. - You will also want to consider maintenance.
Maintaining a swimming pool at home can cost $500 or more per month. That's just cleaning, vacuuming, maintaining pH, and changing the filter. That doesn't include the cost of damaged lights, tiles, and other fittings that will wear out as time goes by. A single tear in the pool liner can cost $200 or more to repair. Further, your utility bills will go up anywhere from $100 per month in the summer to $600 or more in the winter. - What's your return on investment.
Contrary to what you may believe, swimming pools offer a poor return on your investment. Typically, you can expect a 48% return on your investment when you sell your home. When compared with the 80% that you can expect to recuperate from a new deck, the math just doesn't work in your favor. - Consider safety issues.
Finally, pools are considered one of the most dangerous home amenities. When you install a swimming pool, it is regarded as an attractive nuisance. That means everyone in the neighborhood is going to want to jump in. You'll need to install sturdy fencing, signage, and other protective barriers to deny access to trespassers. But, the liability doesn't end there. You are still liable for the actions of your guests and any injuries they may suffer. All of this adds up to higher homeowners insurance premiums. On average, you can expect to pay roughly $600 more per year just for homeowners insurance, and you will want to add an umbrella policy for added protection. This can add another $150 or more per year.
For many homeowners, buying a home with a swimming pool, or installing one in their existing home leaves them all wet. It can sink your budget and sap the fun out of the purchase. Moreover, as time goes on, the novelty will wear away, and if you are like most pool owners, you will find that you spend more time cleaning and maintaining it than you do relaxing beside it with friends and family.
Contact Wright-Patt Realty for more information about the Beavercreek homes for sale this month. It's our pleasure to help you find the perfect place for you and your family.