The pandemic has drastically changed the way people work and live over the past year, so it’s not unreasonable to think that it has also changed home values based on what amenities a property includes. With lengthy stay at home orders and many being forced to work remotely, the idea of making your home a haven has become the theme during the pandemic.
Among top rated items that buyers are currently looking for in a home is a pool. While some feel that the cost of building and maintaining one doesn’t necessarily add value to a home, others feel that’s not the case, especially during COVID times. A recent newsletter from C.A.R. Market Matters read:
Prior to the pandemic, many buyers shunned properties with pools, which present maintenance issues and potential liability. Only 2 percent of REALTORS® in 2018 said that a pool helped to sell a home, according to data that year. But since the pandemic began, Americans have reevaluated their liking for pools, and homes with pools have become highly sought after, according to HomeLight. Pool additions are soaring, and more house hunters say they want one in their backyard.
Demand for pools is expected to continue being strong this spring and summer, and properties with an in-ground pool are selling for a premium, too. Real estate professionals surveyed by HomeLight estimate that prior to COVID-19, a house with a pool would net about $16,137 more than a similar house without one. But today, a house with a pool would sell for an estimated average of $27,199 more, industry experts say.
While many are returning to in-person work soon, if they haven’t already, there is still a significant percentage of the workforce who now has the option to work remotely. That means more time at home with friends and family and more of a reason to give your home all the vacation vibes you enjoy.
If you’re considering building a pool for your current home, be sure to consider all the costs such as building, maintenance, insurance, safety measures, etc. Be sure to also consider how much you will use it while you remain in the home. Do you have kids who love to swim? Do you live in a climate where the pool can be used often? Do you love to entertain outdoors? If so, certainly the use you get out of the pool will add value for you personally.
When it comes time to sell, buyers will be asking themselves these same questions. And if other homes in the neighborhood have pools, it will only help you and your home’s value if you have one, too. Marketing your home as a staycation hotspot certainly can’t hurt, right?! If you already have a pool and are thinking about selling, now is the time to play it up in the listing. If you’re considering building one prior to selling, be sure to check with a local Realtor for their advice and what value they think it may add to your home before you dive in.
