Is a pool a good investment for your property?

Are you thinking about installing a pool? Pools are popular investments for home owners looking to improve their property. However, how can you decide if this is the right choice for you? What makes a pool a good investment, and when should you pass? Here’s what you should consider.

What benefits can a pool provide?

Most home owners choose to put in a pool for a simple reason, and that is because they want to enjoy the water! Pools are a great way to cool down in the hot summer months. Summers in Canada are getting warmer, and sometimes we need some relief while enjoying the outdoors. This is especially true for those who don’t have air conditioning, and are eager to have a convenient way to stay cool and comfortable. This is part of what makes a pool a good investment for many people. Of course, they are also fun, and can provide good exercise if you use them regularly. Pools are also often great for home owners with children, as it provides them with a way to get out of the house and stay active.

Pools can also be a good return on your investment if you decide to sell your home in the future. For some buyers, a property with a pool can be very attractive. Many people enjoy pools and making use of them, but are reluctant to install one themselves due to the cost and work involved. However, buying a home with a pool takes that workload away. If your pool is well-maintained, and the right buyer comes your way, this can be a great way to secure the perfect sale on your home when you decide to sell.

What are the drawbacks?

As much as pools can be a good investment, there are also some drawbacks to this decision. The biggest one is the cost of installing the pool. The installation alone can cost tens of thousands of dollars, and that is before we consider the maintenance and manual labour that goes into caring for your pool. Pool covers and liners can be costly since they are custom-made to adhere to the shape of your pool. Plus, annual costs like heating, cleaning supplies, and opening and closing the pool add to your expenses. The longer you have your pool, the more it will cost you over time. Another potential disadvantage is the maintenance work required on your end. Pools are a time commitment, because they must be kept very clean in order to keep the water safe and avoid pests. This means you will spend lots of time clearing the surface of debris and bugs, cleaning the pool bottom, and emptying the filter basket. Unfortunately, a pool is not a self-sufficient investment!

The other potential risk of owning a pool is the possibility that it will not attract future buyers, but deter them. We mentioned earlier that pools can be a big draw for some people. That is true, but it can also have the opposite effect. Some buyers will not want to purchase a property with a pool. This could be because they have no interest in one, they have safety concerns if they have small children, or they don’t want to maintain it. Buying a home is a big enough undertaking without adopting an asset with such huge needs. If you are planning to sell your home in the near future, this is something to consider!

What’s the right move for you?

So, is a pool a good investment for you? You need to weigh the pros and cons of each factor to decide whether this is a worthwhile project. For some home owners, a pool is a great idea, while for others it might not make sense. The most important point to consider is how much you really want a pool, and how often you would use it. If you don’t see yourself regularly jumping in, it is likely not worth your time or money. Similarly, if you plan to sell your house in the immediate future, it’s probably not the best idea to put in a pool in the hope of attracting buyers. As we discussed, pools can sway potential buyers both ways. On the flip side, if you are dedicated to maintaining a pool, can take on the costs, and see yourself enjoying it often, it could be a great investment!

Like any housing decision, the choice to put in a pool is a personal one that depends on your circumstances. If you have any current housing or mortgage needs, getting in touch with a mortgage broker is your best first step. We can ensure you meet your goals and that you have the best mortgage product to represent you in today’s market.

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.