Most people would probably think that seeing a pool when home shopping is a huge perk. This house may be the dream; it’s beautiful, it’s in my budget, and it has a pool! You may want to think again, as sometimes buying a home with a pool will cause your budget to get out of control.
For example, the costs of maintaining a pool between things like the chemicals and filtration systems, may cause you to realize that this truly isn’t in your budget. While it may be exciting to find a dream home with an exciting pool to use during the hot weather seasons, it may cost you more than you think after the home is yours. Take a look at what you should know that will help you decide if buying a home with a pool is really worth it or not.
A pool in Florida is a must, right?
Most people in Florida are probably requesting to see homes with a pool seeing that it’s hot most of the year and it can get unbearable in the summer months. Did you know that the market is affected by the number of homes with a pool vs. those without? When the market is doing well, such as back in in 2006, people are more concerned about size rather than amenities like pools.
Now that the market is doing well again, people have to look at how a pool would affect the value of their home, especially when it comes to reselling in the future. For those that have studied the issue, it appears that in a larger home, the pool is going to be more valuable, especially since larger homes are likely to be more extravagant.
The best way to determine how much value a pool would add to a home, seeing that the values of homes with pools have fluctuated since the housing market bubble, would be to study the neighborhood you are interested in to compare the values of homes with pools vs. those without pools.
The real cost of a pool
When you are shopping for a home and there is a pool in a home you are interested in, it’s likely being painted in a positive light by the seller and realtor. In reality, pools come with a lot of work you may not have planned on, include extra costs that may not have been factored into your housing budget.
Even for those that just want to install a pool, the costs could be astronomical when it’s all said and done. In addition, it may hurt you when it comes to your home’s value at the time of resell, because you are losing part of your backyard and the cost of this upgrade may not come out the same in the home’s determined value at selling.
The pool itself is a huge expense, but pool owners also have to deal with the costs of repairs, re-sealing the pool, repairing siding, and adding ladders to above-ground pools. Regular maintenance is a must as well, between the replacement of pumps and motors, the costs of cleaner and chemicals, the expense of filtration systems, and of course the water will add to your utility bill.
Many owners don’t realize that when it comes time to talk to the insurance company, they find that insurance companies are not happy about insuring homes with a pool since they are dangerous and add a liability risk.
While pools will cost you an arm and a leg, it may be worth it for Florida residents compared to those who only see warm weather for a few months per year. Consider if being able to enjoy a quick swim, weekend pool parties, and a beautiful view in the house is worth it to you when buying your next home.