New Study Finds Pools Add Value to Homes
While pool owners may occasionally grumble about the cost of upkeep and the chores associated with having a pool, a recent study shows the time and effort pays off. An evaluation of more than 155 million homes in the 50 largest cities in America revealed a significant jump in value for those with pools. For example, a home with a pool has a median value of $469,187, whereas a home without a pool is valued at $305,152. This represents a 54% premium in the median range of homes.
As always, with real estate, location matters when it comes to the cost benefit of having a pool on your property. In Memphis, the premium jumps above the average 54% up to an incredible 157%. The bulk of residential pools exist in the Golden State of California, where property values already tend to run high. If you’re looking to buy or sell for the highest value in California, Nevada, Arizona, Texas, or Florida, try to invest in a home that offers a pool or hot-tub.
Homebuyers shopping in a rainy city, such as Seattle or Portland, may think a pool won’t affect property value, but even in these cities a pool can boost home value significantly. For instance, in Seattle, homes with pools are valued on average $274,000 higher than their non-pool counterparts.
Pools Decrease Monthly Costs
In addition to increasing property value, a pool can save avid swimmers in metropolitan areas the monthly expense of daily passes and gym memberships. Say goodbye to the hassle of long lines in crowded public swimming pools! Furthermore, with the usage restrictions brought about by COVID-19, residential pools have become all the more valuable in 2020.
A Steep Rise in Demand for Pools During 2020
An evaluation of real-estate shoppers and building permits has shown a staggering increase in demand for homes with pools. New in-ground residential pools saw a 21% rise in 2020 compared to 2019. States like Arizona, Texas, and Florida saw permits increase by up to 30%. Hot tubs are also a, you guessed it, hot commodity, with some areas showing a 400% uptick in demand. As a result, hot tub manufacturers are reporting a six-month wait to fulfill the massive increase in orders. “Pool” is becoming an increasingly common search term for those looking at real estate online, and real estate agents report it is a rising request from their buyers.
This uptick is attributed to the restrictions and caution brought about by COVID-19. Families are spending more time at home because public and gym pools are closed. With travel and vacation changing, homeowners are placing greater value on this relaxing, home amenity. In addition, a pool provides a place for daily, convenient exercise in the wake of closed fitness centers. Properties for short-term rentals are also able to charge hundreds more for listings that include a pool.
So, if you’re not sure you want to purchase a home with, or construct a pool in your backyard, recent data suggests you should consider taking the plunge.
Have any other questions on what adds value to a home? Give us a call at (949)-373-5834. We’d love to help walk you through every step of the homebuying process.