Considering a Backyard Pool? The Real Impact of Owning a Pool

July 24th, 2014  |  Home Insurance

So you are thinking about putting a pool in the backyard. 

Improving your home and adding to its amenities is something that homeowners across the country do all the time, and a pool is definitely one of those improvements that people fantasize about. 

However, most families tend to have a romanticized view of what having a pool is like. They think about the pool parties and lounging around the pool on a hot summer day and tend to overlook the maintenance costs, real estate impact, and the time investment required to own a pool. There is a lot more to a pool than testing out the water temperature before you take a dip. 

4 Commonly Overlooked Factors About Owning a Pool

Installing a backyard pool is a big investment from a financial perspective. It is also an investment from a real estate, liability and responsibility standpoint as well. This is something that homeowners need to understand when considering a pool. 

Here are 4 commonly overlooked factors about owning a pool:

1. Upfront cost: On average, an in ground pool (or below ground pool) can easily cost $30,000 or more to install. Therefore, this is not a decision that you should take lightly. 
2. Yearly maintenance fees:People often overlook the costs associated with operating a pool on a yearly basis. On average, it is estimated that it costs about $3,000 per year to maintain a swimming pool. From pool chemicals, water and energy costs, repairs, and upkeep of the pool area, costs can add up quickly.
3. Added liability and insurance costs: A swimming pool is a liability. This means that you should expect your home insurance rates to go up as well, adding to the overall cost of owning a pool. 
4. Your return on Investment if selling: From an investment perspective, a pool is not a sound investment if you are planning on selling your home. It offers little return and could even make your home more difficult to sell. If you are planning to stay in your home for the long term and want a pool for leisure, then this is not as important of a factor to consider.  

Other Considerations

There are also a number of other things that you need to consider when thinking about installing a pool:

• Your location: Does it make sense to own a pool in your current location? Do you have good enough weather? Will you get enough use out of it to make it worthwhile?
• Above ground options: Above ground pools are becoming a more popular option. They are more cost effective, easier to install, and easier to maintain. 
• Appeal of buyers:A pool can have limited appeal to buyers and could narrow down the list of interested parties in your home. Many see a pool as too much work and an accident waiting to happen, especially for families that have small children. If you are planning on selling in the near future, use your investment money on other areas of your home that will add to the appeal of your home. 

Have you thought about investing in a pool for your backyard? Do you own a pool? What advice can you offer to homeowners thinking about investing in a pool?