Will a Swimming Pool Add Value to Your Home?
Having a backyard with your very own swimming pool is a common dream that goes all the way back to many people’s childhoods. For many Australians, hanging out at the pool with your friends was the best way to spend summer.
But pools, despite offering many benefits in terms of lifestyle, are hard work. They have to be maintained, cleaned and managed. They have to be fenced off and safe. They have to suit the yard they’re in.
So, considering how much maintenance is implicit in pool ownership, do they actually add value to a home or not?
It’s estimated that the cost of maintaining a pool is roughly $2,000 per year. If the pool is heated, the cost can increase by thousands of dollars.
Obviously, maintenance costs eat away at property value increases.
But despite the maintenance costs and implications of swimming pools, they are generally good for the value of a property.
First and foremost, people like pools. It’s that simple. If your property has one, it will likely garner more interest than other houses in the area. Fiercer competition and higher interest means higher bids, wider reaching marketing and – in the end – a better price for you as a seller.
The market determines the value, so perception alone causes pools to work in your favour as a homeowner. It’s worth noting, however, that pools tend to be more valuable in the suburbs. Space is one of the chief priorities in and around the CBD.
If you’re thinking of investing in property, you might want to avoid investing in a property with a pool.
While you may take pride in the swimming pool, there’s no guarantee that your tenant will. A mistreated pool is an expensive pool. If tenants and other variables are involved, the safest option would be to avoid them at all costs.
Obviously, this is something to consider if you’re selling a property with a pool as well.
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.
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