How Pools Can Add Value to Your Home
Posted by Tony on September 6th, 2018
There has been some discussion lately on the value having a pool installed adds to a home. A recent Swimart survey showed that 90 per cent of people who owned pools believed it increased the value of their house by an average of ,000, but is this accurate? Are people willing to pay more for a property with a pool? The answer is it depends on who’s buying.
In a survey conducted by Lendi, more than 1,000 Australian men and women were asked how much more they would pay when purchasing a house with a pool. The results showed that of those surveyed, 38.9% would not pay more for a pool, however, nearly one in seven said they would pay upwards of 50,000 more for a home with a pool. Astonishingly, 5.8% said they would pay over 0,000 more for a property with a pool installed, than one without, so pool installation is definitely worth considering!
Of those surveyed, men were shown to find a pool to be more valuable than women. 44.9% of men stated they would pay up to ,000 more for a house with a pool installed, whereas only 34.6% of women answered the same.
The age of the potential purchaser also impacted the statistics. The younger the respondents surveyed were, the higher the chance of them being willing to pay extra for a property with a pool. From the respondents who stated they would pay up to ,000 more for a pool, 47.7% of them were roughly in the Generation Y age-group. Conversely, 41.1% were Generation X respondents, and 31.6% were over 55-years-old, showing a gradual decline in willingness to pay more for a property with a pool with increase in age.
People from states and territories with warmer climates also valued homes with a pool more, according to the Lendi survey. As many as 44.8% of respondents from WA said they’d pay up to ,000 more for a house with a pool compared to 33.3% of respondents from Victoria.
Now that you know there are people who are interested in paying more for properties with pools, how can you ensure you get the most from having one installed?
Angus Raine, the chairman and CEO of real estate group Raine & Horne says ensuring you choose a pool that will mean you still have enough space in your yard is important.
"If you are investing in a pool, you must be careful that it doesn't dominate your outdoor space and leave you with little or no yard. Just like your home, the presentation and maintenance of your pool will go a long way to determining how much of an asset it is when it comes time to sell," he says.
The style of pool you choose also has an impact on the value it can add to your property at sale time. Starting around 00, vinyl-lined above-ground pools might seem like the perfect option, but they are unlikely to add value to your home. The best option for adding value is an in-ground concrete pool, which fits with the design of the property. Landscaping the garden with the pool as the focal point can be a good way of ensuring it fits the look of the yard, and luckily there are now many ways to design the pool landscape on a budget.
So, is it worth having a pool installed to increase the value of your property? If you live in a warmer climate, and your property appeals to the younger generations, it’s definitely something worth considering.
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