Whether you’re sourcing ways to lift the sale price of your home in the future or just want to make the most of Summer, do swimming pools boost property value?
Since we’re spending more time at home than ever, it makes sense that a great deal of us are looking for ways to improve our key living spaces. Whether you are looking at selling in the near (or distant) future, swimming pools are one of the more hotly contested additions when it comes to lifting the overall value of your home or property – so what are the pros and cons?
The Case For Investing In Swimming Pools
There are undeniable lifestyle benefits of adding a swimming pool to your home – a social hub, an exercise “room”, an entertainment precinct, and of course, rest and relaxation – but will it ultimately add value to your home?
Needless to say, us Aussies seem to love our swimming pools. In fact, Australia is home to 1.2 million residential swimming pools, which is the highest per capita rate of pool ownership in the world. Oddly enough, they’re most commonly present in seaside suburbs, where our lifestyle is often based around all things water.
However, swimming pools require regular upkeep and maintenance, such as pumps, heating, water consumption, maintenance and hefty power bills – and this is after the upfront installation costs. For some, it’s worth it, while for others, it’s one of the major turn offs. Thus, if you’re weighing up adding a swimming pool to your property, there are a number of factors to consider, especially if you’re hoping to add value to your home.
What’s Your Climate – Living in a warm area works to your advantage, as pool ownership is usually highest in hotter climates. In Perth, 18% of households have a swimming pool, whereas it drops to just 4% in Tasmania’s chilly capital, Hobart.
When Are You Selling – If you’re hoping to sell your property, warmer months are a better time to showcase inclusions like a swimming pool and air conditioning. In comparison, listings in the cooler months aren’t likely to gain any traction with the inclusion of a pool.
Your Stage Of Life – If you have young children, adding a pool can be worthwhile as your kids will get years of enjoyment out of it. However, by the time they’re teens, they’ll want to head out into the world with their friends – and you’ll be left to do all of the cleaning.
How Much To Outlay – While an above-ground pool is the cheapest option starting at around $3,000, it’s unlikely to add any value to your property. While more expensive, an in-ground concrete pool is more likely to add value if it’s well-integrated into the design of the property.
Consult A Specialist – When in doubt, consult a local real estate agent or property specialist to get a scope on what buyers are chasing in your area, and whether investing in a swimming pool to boost your property value is a good idea or not.
More often than not, adding a swimming pool to your property is best when it’s for personal reasons as opposed to an investment, or a method to lift it’s overall value. This way, you won’t be affected, out of pocket or potentially disappointed if prospective buyers don’t hold it in the same regard as you do.
Take The Stress Out Of Selling Property
A completely free service, Emergency Services Property Advisors provide property advisor services to Police, Fire, Ambulance and S.E.S personnel and their families right across Victoria.
Luke and the team at ESPA are passionate about providing support to some of Australia’s most valued public servants. Along with key industry insights, ESPA also works with a broad range of service providers linked to the real estate industry such as conveyancers, trades, legal practitioners and mortgage brokers.
If you are an emergency services worker looking to potentially buy or sell property in the future, please get in touch with Emergency Services Property Advisors today to discuss how we can turn your real estate dreams into reality, or call Luke directly on 0414 757 705.
