Swimming Pools and Property Values
Have you ever wondered how your swimming pool effects your real estate value? The real estate company, Redfin, conducted a study recently, to try to find the answer. Redfin looked at the average value of homes per square foot in major metropolitan areas, along with the average value that swimming pools added to homes, and the percentage of homes sold with pools. The study focused data from metropolitan areas that had at least of 5,000 home sales in 2018. Of those metropolitan areas with 5,000 or more home sales, a minimum 2% of those homes sold had to have pools for the area to be included in the study.
The results demonstrated that whether pools added or detracted from the real estate value largely depended on the region where the home was located. The area where residential swimming pools added the greatest value was Los Angeles, California, where homes with swimming pools sell for an estimated $95,393 higher than similar homes that did not have pools. Lifestyle and climate are also factors impacting whether (or how much) value a pool adds to a home. For example, in the Phoenix, Arizona real estate market, homes selling in more affordable areas saw little to no added value from having a swimming pool, whereas in luxury neighborhoods, swimming pools added a tremendous value. This discrepancy may be attributed to the additional costs of maintaining a swimming pool, or other factors.
The study also looked at home values in Tampa and Fort Lauderdale, Florida. In these markets, pools added an estimated average value of almost $30,000 and $36,000, respectively. Approximately 29% of the 2018 home sales in Tampa were of homes with swimming pools. Fort Lauderdale had the greatest number of homes with pools sold, with just over 45% of all homes sold in 2018 having swimming pools.
Swimming pools may have a positive impact on your real estate value and like the other parts of your home, it is important that you care for, maintain, and protect your investment. If it is time for a swimming pool remodel, please contact Advanced Pool & Spa, Inc., to assist you with your remodeling and resurfacing needs!
Herman, Eric, “Do Pools Add Real Estate Value?” Aqua (July, 2019).