When you decide to renovate or remodel your home, it’s a good idea to make upgrades that both improve your comfort level and raise the value of your property at the same time. One plumbing installation that is likely to accomplish both goals is an in-ground pool.
This luxury home feature can be expensive to add, but you will be able to enjoy it for years, and it could allow you to increase your asking price if you ever decide to sell your home. On the flip side of the equation, this is an upgrade that can also cause your real estate tax bills to increase.
We’ve teamed up with our sister brand, America’s Swimming Pool Company, to explain what you need to know before you install an in-ground pool.
An Investment in Your Home
There’s no doubt about it – installing an in-ground pool isn’t cheap. This upgrade will cost you around $35,000, perhaps more. Other factors, such as the size of the pool and the features you add, may alter the price tag. (Of course, that doesn’t account for the maintenance costs associated with having a pool!)
Pool Installations that Trigger the Tax Man
A swimming pool is also a coveted addition to any backyard, and upgrades of this type usually mean that you can sell your home for a higher price.
House Logic broke down when installing a pool makes financial sense. For example, if you live in a warmer climate, or if you live in a high-end neighborhood where a lot of your neighbors have pools, having a pool might make it easier for you to sell your house if and when you want to. You also want to consider exactly how much space you have on your lot to accommodate a pool.
House Logic says your home’s value might increase about 7% when it comes time to put your house on the market -- you’ll need to consider the style, condition, and age of the pool then, as well.
However, prospective buyers might not be the only ones who learn about your new and improved backyard. Most major home projects require you to pull permits from your municipality in order to comply with local building codes. That means the local government knows about the upgrade and may send an assessor to raise the value of your home -- and therefore the taxes you have to pay as well.
So are the increased taxes worth the renovation? Only you can decide that. For some families, the ability to enjoy a pool far outweighs the amount of money that they have to pay. For others on a tighter budget, an increased assessment might be enough to delay or cancel a project outright, especially if they plan on living in the home for years and therefore won’t see a return on their investment through a sale.
Qualified Advice to Guide You on the Right Path
When you are ready to add an in-ground pool to your home, contact America’s Swimming Pool Company.