How Installing a Pool Can Boost Your Property’s Worth
Does a pool add value to your home? In most cases, yes – and we’ll explain why.
A swimming pool offers more than a refreshing escape from Flordia’s hot summer days. It’s an investment in your property – one that can significantly contribute to its overall appeal and market value.
Outdoor spaces significantly impact resale prices, and features like pools, landscaping, and decking carry the heaviest weight. Of course, there are many things to consider when adding any of these features, especially an in-ground pool.
If you’re thinking about installing a pool on your residential Tampa Bay property, here’s what you need to know about its value, upfront costs, and ongoing requirements.
The Impact of Outdoor Spaces on Resale
In Florida’s current real estate market, outdoor living spaces have become a strong focal point for many homebuyers and a key factor in property resale values. People have spent lots of time in their homes over the last few years, and as a result, they’re seeking amenities that blend indoor and outdoor living.
Specifically, pools play a pivotal role in enhancing a property’s appeal and market value. Real estate experts estimate that an average 14×28-foot inground concrete pool can add up to 8% to the real estate value of a home.
In other words, if your property is worth $500,000, you could boost the value of your property by as much as $40,000. This number can be even higher in a state like Florida, with a high demand for residential in-ground pools.
Understanding the Pool Investment and Costs
Before you can learn how much a pool will boost your home’s value, you need to understand the total costs of investing in a pool. Here are some of the leading factors that will impact your costs, both upfront and long-term.
➢ Pool Design and Type
The initial cost of a pool is heavily influenced by its design and type, with various factors contributing to the overall price tag. The more complex and spacious the design, the more you’ll pay upfront.
A simple, standard-shaped pool with basic finishes will generally have a lower upfront price compared to a more elaborate design with custom features. Factors such as the size, shape, and depth of the pool also play a crucial role in determining construction costs.
The choice of materials (whether it’s standard concrete, fiberglass, or vinyl) can significantly increase or decrease the installation cost. Concrete pools tend to be the most expensive, starting at around $50,000 to install.
Concrete pools are renowned for their flexibility in design, but they also require a labor-intensive construction process and oversight from skilled professionals. Therefore, if you’re considering a concrete pool, you’ll need to factor in the long-term benefits of its durability while accounting for the high initial investment.
Conversely, fiberglass pools offer a different cost dynamic. These pools are pre-manufactured and installed as a single unit, streamlining the construction process and reducing labor costs. However, fiberglass pools also offer less design flexibility, reducing the potential for valuable customizations.
➢ Excavation and Site Preparation
The initial cost of a pool is significantly influenced by its excavation and site preparation requirements. These aspects lay the foundation for the entire construction process and can make the project more or less expensive.
In cases where the chosen location for the pool involves challenging terrain, excavation costs can escalate. Extensive earthmoving and excavation efforts contribute to higher labor and equipment expenses. Additionally, difficult-to-reach locations may require specialized tools or more labor hours, further impacting the initial expenditure.
➢ Permits and Approvals
In Florida, every property owner must obtain the required permits and approvals to install a pool. The state’s regulatory framework mandates stringent guidelines to ensure the safety and compliance of all pool construction projects, even on residential properties.
The application process often involves submitting detailed plans, providing engineering documentation, and complying with specific building codes. The fees associated with these permits can vary depending on the scope and specifications of the pool project.
Additionally, Florida’s climate and environmental considerations are unique. Permits may be required to assess factors such as water conservation, drainage, and adherence to hurricane-resistant construction standards – and these initial property assessments cost money.
Tampa Bay homeowners should also account for their homeowners’ associations (HOAs). These often have their own set of pool architectural guidelines and standards that must be met.
While these approvals may not come with direct fees, meeting the HOA’s requirements may force homeowners to make adjustments to the pool design or landscaping, potentially affecting the overall project cost.
➢ Labor Costs
As we touched on earlier, the labor costs associated with your pool’s installation constitute a significant portion of the overall construction price.
Highly skilled professionals, including excavators, pool builders, and electricians, are essential for ensuring a successful and structurally sound pool installation. Understandably, labor costs can vary based on the complexity of the design, the type of pool being installed, and the geographic location.
For instance, intricate features like waterfalls, custom lighting, or unique shapes may require more labor hours and specific experience. This translates directly to a higher installation price tag.
➢ Water and Plumbing
Water and plumbing requirements play a crucial role in determining a pool’s initial cost. Your price will vary depending on the complexity of the plumbing system, including the number of jets, filtration components, and water features.
A pool with an elaborate water circulation system, spa features, or automated water treatment will require more intricate plumbing. This contributes to higher installation costs across the board.
Additionally, factors such as the availability and accessibility of water sources can influence the expenses associated with filling the pool during the initial installation phase.
➢ Pool Filtration and Circulation System
High-quality pool filtration systems are crucial for maintaining water clarity and cleanliness, contributing to a safe, enjoyable swimming environment.
Advanced filtration systems, such as variable-speed pumps, energy-efficient filters, and automated cleaning mechanisms, often come with a higher initial cost – but they also offer long-term benefits such as reduced energy consumption and lower operational expenses.
If you decide to bite the bullet and invest in these more expensive features upfront, you could reap significant cost savings throughout the pool’s lifespan. In addition, future property buyers will appreciate the advanced technology.
➢ Pool Equipment
What tools and gadgets will you purchase for your pool upfront? Although this might seem like a small investment, your equipment certainly contributes to the upfront cost of constructing a new swimming pool.
Key equipment includes pumps, filters, heaters, and sanitation systems. Energy-efficient and technologically advanced tools will come with a higher price tag, but they can also help you spend less money on energy and maintenance down the road.
To determine what equipment you’ll need, carefully consider the specific needs of your pool based on its size, use patterns, climate, and various features.
➢ Landscaping and Hardscaping
You don’t want to build a pool in your backyard without adding landscaping features. Otherwise, it will look unprofessional and unkempt – and that won’t boost your property’s value.
Landscaping and hardscaping features contribute to the overall aesthetic appeal of your outdoor space, but they also make it more functional.
Landscaping expenses may include the selection and planting of vegetation, installation of irrigation systems, and the addition of features like garden beds or decorative elements. Hardscaping involves building structures such as decks, patios, pathways, and retaining walls, adding another layer of complexity to the overall cost.
These upfront costs can vary significantly from project to project, depending on the homeowner’s designs and preferences, as well as the materials used. However, skimping on landscaping and hardscaping elements can significantly reduce the positive impact of your pool on your home’s value, so plan accordingly.
➢ Safety Features
Lastly, you want your pool and the surrounding outdoor space to offer a safe, secure place for both adults and children. If you decide to add any extra features, such as a safety fence or cover, you’ll need to account for them in your upfront costs.
Advanced safety features, such as motion-activated alarms, will come with a higher price tag, but they also offer added layers of protection and convenience – and that can certainly impress future homebuyers interested in the property.
Maintenance and Upkeep Considerations
Remember: the expenses associated with swimming pools don’t halt after the initial installation. Owning a pool comes with ongoing maintenance costs, including…
- Necessary water treatments
- Sanitizing chemicals
- Energy for pumps and heaters
- Routine cleanings
Although these expenses are a critical part of sustaining a pristine, safe swimming environment, they’ll take a small bite out of your budget. The average American homeowner spends between $80 and $150 on pool maintenance every month, and that adds up.
As you consider if adding a pool to your home will boost its value, consider its ongoing expenses. You’ll want to balance these continuous maintenance costs with the long-term lifestyle and financial advantages the pool offers.
Increase Your Home’s Marketability
It’s not just that a pool increases your home’s dollar value – it can also serve as a powerful marketing asset when it comes time to sell the property.
In Florida, particularly in the Tampa Bay area, the subtropical climate makes pools a highly sought-after feature. If you have one, you’ll likely appeal to a broad audience and stand out in listings – and you might even sell your home faster.
Families, retirees, and individuals seeking resort-like experiences are drawn to homes with pools. You can use it as a top selling point in your marketing strategy and increase your home’s attractiveness during competitive real estate seasons.
Interested in Adding a Pool to Your Property? Let’s Talk.
So, does a pool add value to your home?
The answer is likely yes – but you need to account for the various installation and maintenance costs that it’ll bring, too.
At Great Escapes Custom Pools, we help Florida homeowners construct pools that are durable, versatile, and luxurious. We also assist with acquiring permits, decking, landscaping, and pretty much anything else that goes into creating a beautiful pool area.
If you’re thinking about boosting your property value with a pool, let’s talk. We’ll provide you with a free estimate and help you understand the level of investment you’re considering.
Looking for pool financing options? We’re partnered with Viking Capital and Lyon Financial to help homeowners like you find easy, hassle-free loans.