As the weather warms up, we are often asked by clients ‘does a swimming pool add value to a property?’ We regularly hear of two common reasons for wanting a pool; for personal enjoyment or to add value to a property.
For many adding a pool to their property is the final touch to their dream home. However, if you’re considering a pool to add value to your property, before taking the plunge we recommend completing some research.
Depending on location, property type and buyer demographics the popularity of having a pool differs. Typically, the northern states have the highest proportion of households with swimming pools in Victoria sitting at around 7% according to the ABS.
If your property is going to appeal to first home buyers or young families, a pool may deter buyers due to ongoing expenses and safety concerns. However, adding a pool to a ‘lifestyle’ property may just add that extra appeal to buyers, influencing the result when selling the property.
Consider the cost of the investment and could this money be spent elsewhere on the property? Updating the kitchen or bathroom could get you more return on investment than adding a pool to a somewhat dated house. Potential purchasers often prefer an updated interior than a luxury such as a pool.
It is one thing to ‘add’ a pool to a property, it is another to ‘incorporate’ a pool into the property. If a pool can help bring the ‘outdoors in’ and help integrate the home environment, then it could be a great addition and selling point for the property.
If the cost of adding a pool isn’t stacking up perhaps a smaller plunge pool or spa could be the answer.
If a pool is for you and your families enjoyment, then jump right in! But when it comes to adding value to a property, we recommend to complete some prior research to identify if a swimming pool is the answer for your property.