Pools can be a fantastic addition to any home and are enjoyed by children, adults and even beloved family doggos. As of 2018, it was reported that approximately 2.7 million Australians had a pool in their home, with this number being the highest in regional Queensland. Whilst this is interesting to know, what we’re really here to discuss is whether a pool is a good investment. Stay with us as we dive right into this, discussing cost vs enjoyment vs other contributing factors.
Whether a pool is a good investment for you will first depend upon the why. Are you building the home to make money off of it or to enjoy it? Considering this can help provide some perspective as to whether a pool is a good investment for the situation at hand. For example, if you are building a rental property a pool may not be a wise addition because you’re not likely to recover the additional spend with the rent price, whereas if you are building a home for your family and have 3 young children, then that’s a different story. Overall, you’ll need to decide whether the pool will get a good amount of use to justify the cost. Our advice? If you do decide to install a pool and are hoping to recover those costs when you sell, ensure you research ways to make it as appealing as possible to future buyers. Later on, we will list some of the top ways to do this.
Location, location, location. Of course, there are no restrictions as to who can own a pool and where, however research has shown that location does have an effect on the value a pool can add. You may be shocked to know that homes in areas closer to the beach tend to have a higher number of pools. It may sound strange, but logistically people who live near the beach are more likely to love being in the water and therefore more likely to value having a pool. The demography of an area will also affect the value of a pool. For example pools in family friendly areas would be more highly regarded, compared to areas where fewer children live. Socio-economics also plays a significant role. You will find that areas where the median house price is higher, home buyers tend to value pools more and play into the idea of luxury. Whereas for homes and home buyers in lower socio-economic areas this is not at the forefront of their minds. This means that pools in homes in this area are unlikely to receive high returns on investment.
If you do decide to install a pool, you will need to consider the actual placement in your yard. Where in your backyard will it be installed? Will it be an indoor pool? Are there trees and falling leaves nearby? How much sunlight will the pool receive? Not only do these factors play into aesthetic appeal and maintenance, but they play into environmental factors and energy usage too.
When considering installing a pool, some people will be interested in the environment and energy usage involved. The placement and orientation of a pool can directly impact this. Ensuring your pool is north-facing will ensure it is struck by afternoon sun which will assist in heating the water by as much as 4° celsius. Whilst the sun can help to some extent, pools also require additional heating which can become expensive, especially in this climate with energy costs continuously on the rise. Solar heating is a great option when it comes to combating this.
Note – the depth of a pool will also significantly affect the energy usage involved as a deeper pool = more water to heat, filter, etc.
Like in anything, aesthetics play a part in pools too. There are an array of shapes and designs to choose from, and just like any trend, pool trends chop and change ALL the time. Our tip is to choose a timeless shape and style that will still have appeal even in years to come when you may decide to sell your home.
SOME THINGS TO KEEP IN MIND
There tend to be only two types of home buyers. Those that see a swimming pool and instantly see the house as a better option. The second group is the opposite. This group sees a pool and instantly thinks of the cost and maintenance involved with owning a pool. Whilst you can’t control this, it takes us back to our first point of considering whether a pool is suitable for your individual situation and the rest will come afterwards. You can’t please everybody. Another important thing to keep in mind is whether installing a pool is financially viable for you. Pools are fantastic, however they do require regular maintenance which can become a problem for those on a budget. The last thing you want is to install a pool and then not be able to afford to maintain it.
The bottom line is that whether a pool is a good investment is dependent upon the individual at hand. Of course there are things you can do when installing a pool to help maximise home value such as considering location, shape and energy savings. However, you’ll just need to weigh up the fun side and entertainment vs the investment and return aspect. To some, the cost is worth it for the enjoyment. Apply this to your personal situation and go from there.