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After a long and biting winter Aussies are eager for some summer sunshine. One thing I love about summer is that exercising and outdoor activities become a lot more fun. Longer days and lots of warmth really motivate you to get outside and get some fresh air, or, if you are lucky enough to have a backyard swimming pool, a cool dip, and a splash with your family or as part of a weekend BBQ gathering.
Private pools are a healthy way to get the kids active and have fun outside, especially over that long summer break from school.
How much value a pool adds to your property is a really interesting question because going back a few decades, pools were considered a downside when it came to selling your property. They were too much maintenance and not worth the effort. Now though any sized backyard pool seems to be a feature to the point where fix-and-flips are even going as far as including them. So what’s changed and how much is a pool on your property actually worth?
While circumstances do vary, HouseLogic estimates that a pool can increase property value by as much as 7%. Just like everything with property, there is no one size fits all answer. As usual, the answer comes down to the details with the biggest factor determining how valuable a pool is in the local climate.
To know how valuable a pool will be to your property you need to consider how valuable it will be to a buyer. Australian tropical locations do best with pools because they can be used year round and are necessary as beach swimming is out due to crocs, jellyfish, and sharks. Tropical locations have more sunlight year round and more swim-ready weather so pools are seen as valuable: Buyers know they’ll get a lot of use out of it. In southern states, you need to consider that a pool might only be used three months of the year, and will require maintenance year round to be ready for those summer swims. You might be able to get around this with a heated inground pool, which is especially beneficial if you have solar panels.
According to Roy Morgan‚’s pool count in 2018, nearly 2.7 million Aussies lived in a home with a swimming pool ‚Äì which is around 13% of the population.
Breaking it down by state, numbers show that regional Queensland is a pool winner with 20% of properties having a pool while Tassie is a no-go with less than 5% of properties equipped with pools. Regional WA is low on pools (7%) while Perth has one of the highest private pool counts in the country with 18% – second only to regional Queensland. See the table below for all the details:
Family sized properties are also more likely to see the value benefits of a private pool over smaller homes as well as properties that are large enough to have a pool and some extra space for entertaining or maybe some grass for the kids or space to park a boat or caravan seem to do well, over properties where the entire yard space is a pool.
It’s worth determining how much a pool will cost you – both now and in the future in terms of installation and maintenance as well as how much personal use you will get out of it as part of your calculations for a solid return on investment.
Before you start on plans, get an estimate on your property value before a pool installation and add on the expected costs to see if it’s a viable final sale price. You can ask local real estate agents for their advice too.
An in-ground can cost anywhere between $31,500 and $100,000 depending on the materials you select for your pool’s quality and style. After this, you’ll still need to add lighting, fencing, landscaping, paving, and accessories as well as factor in running cost of around $660 to $1,000 a year. If your property worth was $600,000 before a pool inclusion you can only expect to recoup $42,000 extra for a pool based on the 7% HouseLogic estimate, so you might end up out of pocket.
If you’re thinking of installing a pool there are a few rules to follow to help increase your property value and create an asset rather than an inconvenience. Here are the pool types that typically offer the best value and appeal to the widest range of home buyers.
Inground pools come with a bigger expense than above ground ones but they are significantly more attractive and appealing to buyers.
Aim for neutral and timeless pool styles that will appeal to a wider range of buyers and be less expensive to install.
Do take it one step further with mood lighting, garden landscaping, tiling, and surrounding beautification that add tranquility or that wow factor – but again, keep it natural and neutral to appeal to a wider audience.
Look for a spot that gets good sun and is visible from the property, such as windows and outdoor entertaining areas. This way the pool becomes a key home feature as well as being safer for families.
A lap pool, plunge pool or small pool will give your property more appeal if your backyard is on the small side. A smaller pool area means you still have enough lawn and a usable yard to be flexible and appealing to families.
All this is well and good for weighing up if building a pool is worthwhile, but what if you already have an inground pool on your property?
If you already have a pool there is one key thing that buyers will be looking at and that’s how well it’s maintained. If your pool is empty, the water is dirty, there are leaves floating, and the fence is dirty or in need of a paint, buyers are going to view your pool as underused and too much work. To make your pool appealing you need to have it sparkling clean and perfectly maintained with every tile and paving stone in place and solid.
Luckily pool technology has come a long way in recent years, which may explain why they are a bigger draw card than it used to be. Reliable pool cleaners, filters, pumps, and cleaning chemicals can help cut the amount of elbow grease that goes into keeping a pool blue.
Start by assessing how much use you will be able to gain from a pool and if it’s worth the costs to your family or lifestyle choice. From there you can define what style of pool will work for your property, location, and climate and set your goals for the future to how appealing a pool will be for future buyers.
Your personal preferences do need to come into play, given that if you won’t find a pool useful in the property you currently own, chances are the next owners will be in a similar situation.
If you’re taking the plunge on a property with a pool, get in contact with us today so we can go over the fine print and help you keep your head above water.
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