Smart Ways To Take The Leap of Adding A Backyard Pool
With the temperatures rising and summer months just around the corner, the cool convenience of a backyard swimming pool starts to look very tempting. Of course, pools can come with a hefty price tag, so it’s best to consider your options carefully before diving into a big project.
Enjoy A Deep Discount
Before you start calling your local pool builders for estimates, remember that there is more than one way to end up with a private pool. The conventional wisdom is that a pool will not increase your home’s value nearly as much as it will cost to construct. While this may be cause for hesitation before breaking ground, it also means buying a home with an existing pool can be an efficient path to your summer oasis.
If you aren’t sure how much longer your current home will be the right fit for you and your family, it could be time to explore other options. In many neighborhoods, homes with or without pools will sell for a comparable price, which means a buyer could score a backyard pool at a fraction of the original cost.
If buying a new home is not in the cards, it doesn’t mean a pool is out of reach, but it should inspire a deliberate approach. The cost of pool construction can vary widely depending on the options you choose. Size, finishes and water features will all impact the bottom line dramatically.
If your home is one of the few in the neighborhood without a pool, the addition might actually benefit you when it comes time to sell. In this case, buyers might be disappointed if a pool is missing, and choose another house as a result. In this situation, a higher-end pool may stand out and help you sell even more quickly.
Conversely, if pools are uncommon for the homes surrounding yours, you’ll probably want to stick to the basics and avoid overdoing an investment with minimal monetary return. Be sure your decision-making also factors in the ongoing maintenance and added utility costs that come with owning a pool.
The First Priority
Without a financial incentive to add a pool, you’ll have to decide what a pool is worth for your lifestyle. If you plan to be in the home for many years to come and are confident it will get lots of use, then the chances are good that the enjoyment and memories will outweigh the costs.
Whether you’re ready to start shopping for that home with a pool, or want to discuss the refinancing and Home Equity Line of Credit options that could help with construction costs, the experts at Open Mortgage are ready to answer your questions.