Being a pool owner comes with both benefits and drawbacks: yes, your kids are the most popular for parties and you always have a place to exercise, but you also have to handle costly upkeep and time-consuming care.
For a long time, people adding pools to their homes had to experience a little let-down when they realized that the cost of installing a pool was often much higher than the ROI bump that they’d get at selling their home. Yes, there are people who are specifically in the market for a pool, but the chance that you’ll catch them at the right moment when you get on the market is slim. As a result, most houses do go for more with a pool, but not so much more that the pool pays for itself.
This year, however, the rules changed a bit. Here’s what happened, according to some of our nation’s top real estate agents, and what to think about pools going forward.
What Changed In the COVID Pool Market
With public pools limited or closed during the height of the COVID pandemic in the United States, many people became interested in finding their leisure time at home. At the same time, buyers were rushing to purchase a property that was bigger for more family home time, and a pool was an amazing benefit.
As a result, houses with pools temporarily took a huge jump in value, from adding on average $16K to the value of the home to adding a $27K bump to a home’s sale price. While there are all klevels of swimming pool, and the average in-ground pool install is still up near $42K, but that return is a big change.
How Sellers’ Market Sustains The Payoff
As vaccination rates grew in the US, many more public and private club pools opened back up, creating an environment where the housing market specifically related to pools could level off and return to some semblance of normal. However, right now, we’re not seeing the big dropoff in pool ROI. The biggest reason is an ultra-low inventory season as more people are wanting to buy than there are properties available. As a result, it’s pretty easy to get a good price for any house, including a house with a pool, until we see a boost in inventory.
The Future of Pools: Home Life Fun Is Here to Stay?
While there’s no way to tell for sure, there’s a chance that the pool craze could be, at least somewhat, an ongoing phenomenon. While many people will return to their social routines as COVID concerns lessen, others have discovered that relaxing at home with family and a select few friends is actually their preferred lifestyle. Being able to exercise in your own backyard and have pool parties alongside backyard barbecues is quite appealing. While the premium is likely to experience a slow dropoff, the value of pools for the families who purchase them continues to provide a source of high-value fun and luxury. Even at the height of COVID, the pool craze didn’t perfectly create a “pool that pays for itself,” but when combined with your own enjoyment of it, a pool might just be the perfect choice.