Should you take the plunge? The Pro's and Con's of adding a swimming poolArticle by Heather Chilvers from Coldwell Banker Bermuda Realty
Are you thinking of putting in a pool at your house? Will it increase the value of your house, or make it more rentable if you decide to rent it out? Heather Chilvers from Coldwell Banker Bermuda Realty looks at the pro's and con's of adding a swimming pool.
There are a lot of pros and cons to having a swimming pool, it’s probably a good idea to make a list and keep adding things as you think of them. One of the first things to think about is cost and whether or not it will produce the return you are expecting, on your rental or sale.
First of all consider the cost of the pool, plus there’s the installation and landscaping of the surrounding patio. Any good pool company will be able to give you a quote. Bear in mind that you will need plans and planning approval which can take 6 – 12 months or more. The pool will need to be fenced and securely gated (additional cost). You may wish to add sail shades or awnings, (additional cost) and finally you will probably want to invest in some nice patio furniture, keep in mind you may need to store it over the winter/hurricane months, and ask yourself if you have a place in mind for this. But, it doesn’t stop there, then you have to take care of it. You can count on a pool increasing your electricity bill by approximately $300 a month and unless you are meticulous about taking care of it you will need to employ a pool company to clean it for you which can cost about $200 a month. Then there are annual maintenance items, pool filters, pumps, robotic pool vacuum cleaner etc. Plus your house insurance will increase slightly to include the value of the pool.
If you have come into a bit of a windfall, before you do anything you should consult a financial advisor and make sure you have some funds set aside for a rainy day. If you are thinking of borrowing, perhaps consider borrowing a little bit more and adding a pool house or apartment that could be rented out? This could help offset some of the costs and bring you a monthly income that would help with expenses, plus you might consider installing some solar panels to help with the additional electricity costs. This may increase the value of your home, as many people are looking for guest accommodations, granny flat, nanny’s quarters or even air bnb. A pool could make these requirements more attractive; however, conversely, people with babies or small children may steer away from a pool due to safety concerns. A word of advice when adding an additional living unit to your property, be sure to consider privacy, for both occupants, particularly where entrance and entertaining areas are concerned.
Bottom Line regarding putting a pool in, will most likely increase the value of your property but it’s probably a wash in terms of cost vs. value. Then again it will bring you and your family and friends countless hours of fun and memories, so value can go far beyond money recouped in a sale or rental, it really is your choice.
Heather Chilvers is amongst Coldwell Banker Bermuda Realty’s Leading Sales Agents. She has over 30 years, experience in Real Estate. Follow ‘Heather Realtor Bermuda’ on Facebook, and ‘@heatherrealtorbermuda’ on Instagram.
If you have a question for Heather, please contact her at firstname.lastname@example.org or 332 1793. All questions will be treated confidentially.