Installing a Swimming Pool on a Property: A Smart Investment?
Without a doubt, having a pool in your backyard or adding one to your rental property is a great way to boost the aesthetic appeal of the outdoor setting, and create a true backyard retreat. If you are considering buying a pool for your own enjoyment, then by all means don’t hesitate – the entire family is bound to love it.
On the other hand, if you’re looking to increase the value of a property and attract affluent homebuyers or even long-term tenants, then there are several key factors you need to consider before reaching a cost-effective decision. To that end, here are the primary considerations that will tell you whether or not installing a pool is a smart investment.
The many reasons to install a swimming pool
First things first, you want to ask yourself why you would want a swimming pool area in the backyard. What is the purpose of the unit here, and to whom should it appeal the most? You might want to increase the value of a family home by creating a relaxing backyard oasis all family members can enjoy, or you might want to create a beautiful outdoor party area to appeal to a younger population.
Answering these questions will allow you to decide on the best pool type in terms of size, features, and aesthetic design, further elevating the appeal of the property in the eyes of a niche audience. Speaking of which, you also want your demographic to influence your decision.
Consider the demographic
What is your target market? Who is the ideal tenant or future homeowner that will immediately fall in love with the overarching design of the property? If you are targeting families looking for a great neighbourhood and a lovely home, then creating a backyard oasis is the way to go.
On the other hand, if you are designing a holiday rental, appealing to short-term vacationers, then you want to consider a different approach. You need a solution that requires little-to-no maintenance, but it offers every feature a short-term guest would expect from a modern pool. This leads us the next crucial point.
Invest in the right pool type
Pools come in all shapes, sizes, and materials; some more durable, functional, and aesthetic than others. While building a concrete pool used to be the most popular option, in the modern world it’s considered to be an expensive and time-consuming project with uncertain long-term returns.
Modern homes, regardless if they are rentals or not, would benefit the most from modern fibreglass swimming pools. They’re easy to install, extremely durable, and highly aesthetic, while at the same time requiring very little maintenance. Remember to stay on top of modern pool designs to find a unit that will truly generate the best ROI.
A pool can greatly add value to a property
This brings us to the problem of whether or not installing a pool will actually boost the value of the property, allowing for the unit to pay for itself in time. The answer is that it will depend on the type of pool you opt for and the market conditions of your location.
Nevertheless, you can never go wrong by opting for the most affordable option in terms of installation time and cost, aesthetics, and durability. This will ensure that you get your money’s worth in the long run, in every scenario.
Assess how popular pools are in your area
Finally, consider whether or not pools are actually popular in your area. For example, family neighbourhoods with all of the relevant amenities readily available are excellent locations, and a pool can also be a great addition in a hotter region of the country. Pools can also be a sound investment in colder regions, however, you will need to build additional features such as a closed-off backyard pool area and water heaters.
Installing a swimming pool on a property is generally considered to be a sound investment with a high potential for greater monetary returns. With that in mind, be sure to answer these essential questions beforehand in order to reach the best cost-effective decision.
