According to The Association of Pool and Spa Professionals, almost 5 million American homes have an in-ground pool. Many homeowners are unprepared to take the plunge because it could cost as much as $30,000, and in certain cases this investment may not be recouped. However, there is great news if you live in Arizona: the U.S Consumer Product Safety Commission states that Arizona is one of the three most popular states for pool homes, along with Florida and California.
How Much Is It Worth?
You will notice that all three states have incredible climates with warm weather and bright sunshine much of the time. While an in-ground swimming pool may not add value to homes in cold states like Minnesota, building a pool for your Arizona home could add 8% to the market value of your home on average. The National Association of Realtors believes a pool could add as much as 15% if you really hit the jackpot.
If your property is currently valued at around $400,000, a pool will add $32,000 using the average value increase and $60,000 if the upper increase is used. As you can build most in-ground pools for less than the average increase, it is clear that the more your property is worth, the better return on investment you can expect.
Things to Consider
You need to find out which type of in-ground swimming pool is actually best for your property. The current housing market is improving, but has it healed to the point where profit on investment can be realized? Will your home compare favorably to others in the area if you get the pool? Is financial benefit the point of the pool or are you installing it for the family?
Before investing in an in-ground pool, you should look around your area to see if other homes also have one. It could be that you’re going overboard because if no one else in the area has a pool, you probably won’t recoup your expenditure since the average price of properties in your neighborhood will not include the pool. On the flipside, adding a pool to a property in a wealthy area will almost certainly add extra value to your home. Buyers looking for a home in an upscale area will expect luxury, and if your home doesn’t have it, it will be overlooked.
Types of In-Ground Pools
Gunite Pools: Similar to concrete pools, shotcrete or Gunite is ideal in areas with high temperatures where soil is likely to expand.
Vinyl Lined Pools: These have a similar structure to above ground pools and are more attractive to people who live in colder climates, as they are easy to drain in the winter.
Fiberglass Pools: Costlier to install but cheaper to maintain, so fiberglass pool is very attractive to potential buyers.
Always understand the purpose of adding an in-ground swimming pool to your home. If it is for personal use, you can ensure it is tailor-made for your tastes. However, you must eschew individuality if you intend to sell, because what you like may be completely different to the tastes of prospective buyers.