Are pools a good investment for your property?

Pools have long been a popular addition to many people’s backyards. Growing up, many of us wanted to visit the neighbourhood friend with the pool and spend the whole day swimming and basking in the sun. As an adult, you may be wondering if you should install a pool on your own property. There are several factors that make pools a good investment, but there are also some signs it’s not the right purchase for you. Here’s what you need to consider before deciding to install a pool.

When pools are worth consideration

You live in a warm climate

Pools certainly get the most use when people are looking for a nice escape from the heat. If you’ve ever been to Florida, for example, you’ve likely noticed that every other home has a pool in their backyard, almost like it’s a staple of southern living. If you live in a warm area, or at least an area that experiences scorching heat in the summers, a pool could be a worthwhile investment. We’re not saying you need to move down south for a pool to be worth it! Summers in Nova Scotia can certainly be warm. There are many days that are hot enough to make pools a good investment for your home.

You have lots of space

If your backyard has tons of green space and you want to fill it in, a pool could be a good solution. Spacious yards are the ones best suited for pools, because they provide lots of room for this addition without things looking cramped. The average rectangular pool is at least 10×20 feet, but can be much bigger depending on preference and pool shape. This, plus having concrete or another patio-like material around it so you’re not jumping right from grass to water, means the pool will take up lots of room. If you have the space for it, this might make a pool a good investment for you.

You want one!

Simply put, the best reason to install a pool is because you want to enjoy one. If you think you will make good use of your pool, you shouldn’t be too concerned about weather conditions or space. Many families love having pools in their yard to provide kids with an easy way to keep cool and entertained, or for adults to enjoy themselves. If you’ve always envisioned yourself hosting pool parties, or relaxing on a floatie in your own private oasis, that should be a good enough reason to install one. Of course, you also need to take in cost considerations, which we will review below.

When to avoid getting a pool

The costs are too hefty

Pools are EXPENSIVE. The costs of installing a pool can vary hugely, depending on size, material, location, shape, and whether it’s above ground or inground. Online estimates vary from $20,000 to $90,000 and above to install. Plus, seasonal maintenance of the water, lining, opening and closing, heater, and cleaning will add on an extra few thousand dollars every year. Pools will always get more expensive over time. If you don’t think you can afford these expenses, or don’t think it will be worth it for the amount of use your pool will get, it’s best to avoid this investment.

Your yard is too small

As we mentioned above, pools require a good amount of space. If your backyard is on the small side, a pool might not be the best idea. That’s not to say you can’t install a pool if you want one. You can certainly invest in a small or above ground pool. However, pools need more than just the space for the water itself. You have to consider space for the surrounding area you will need to use for some material to separate the pool from grass. You also need a space for the pump and heater, most likely a shed. You risk your yard having a very cramped appearance if you install a pool in a small area. Plus, if you want to keep small children or pets away from the water, it’s best to give it some space from the rest of the yard.

You don’t want to maintain it

Pools are a huge commitment, both money and time-wise. Once installed, there’s really no going back, which means you will be paying for this pool until you move. You will also be responsible for cleaning and maintaining it, which is important because improper pool care can lead to awful water conditions and even attract swarms of pests. Basically, lack of maintenance will result in a swamp in your backyard. If you’re not ready for this type of commitment, this won’t make pools a good investment for you.

Will a pool increase your home’s value?

This is a tricky question. While many people think putting in a pool will vastly increase their home’s value, the truth is it may not. Pools don’t tend to have the highest return on investment (ROI), meaning you won’t earn back a ton of what you invested in it if you ever choose to sell. Many people buying homes don’t want to deal with pool maintenance, or if they have small children, they don’t want to worry about the potential risks that come with it. Plus, pools aren’t easy to get rid of. This means most buyers would have to actively want a pool, which might narrow your selection of buyers. On the other hand, in the right area and neighbourhood, pools may be a popular investment.

The decision to install a pool is one for you to make depending on your own, very unique, circumstances. There might be several factors that make pools a good investment for you, or you may find it’s not the right time. Whatever the case, making the choice that’s best for you will ensure you maintain the love for your home.

If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.