Is there value in having a pool in your home? Ask an Agent: Owen Kennedy
Pools are a commonly debated topic in real estate - do they add or subtract value from a home? We spoke with Owen Kennedy about the pros and cons of adding a pool to your home or buying a home with a pool.
Owen explains that before COVID, homes were alienating some buyers because of the cost of upkeep and maintenance. When life was incredibly busy, people didn’t have as much time to spend in their backyards. With a commute to and from work, school, sports, and other hobbies, many people valued the quick pace of city life and were more likely to look for smaller homes closer to the downtown core or their work location, and typically spent more time out of the house.
But since COVID has ended, pools have become a great destination for families and friends to gather - especially as the price of going out continues to rise, and more people are used to spending some more time at home! During the lockdowns, many people realized how much value a nice backyard had. And now that lockdowns have lifted, many people have maintained a more balanced lifestyle, spending more time at home. Plenty of people have maintained their work-from-home lifestyle, and large amounts of people are still choosing to move out of the downtown core to spend more time with their families in a larger house with more outdoor space.
It is important to note though that certain neighbourhoods see more value in having a pool than others. The primary neighbourhoods that benefit from having a pool will be suburban neighbourhoods with larger lots and plenty of neighbours that also have pools. Family-friendly neighbourhoods with plenty of school-aged children will also be a better location for homes with a pool. Buyers are looking for a full package - not just a home in a good neighbourhood and not just a pool, but both!
Added value will also be given to homes that have a well-maintained pool. Over time, pool linings can become bleached from chemicals and the sun, and the surrounding pavement can also begin to crack and shift. The better a pool has been maintained over the years, the better it looks in the backyard, and the more value it adds.
In-ground and above-ground pools also have different values to a home. Most above-ground pools actually detract from the value of a home as they damage the grass below and typically look like an impermanent structure.
People are also more interested in purchasing homes with pools these days because of the lengthy wait time to get one installed otherwise. Installing a pool into your current home means getting permits from the city and ensuring that digging into your backyard won’t impact any pipes, power lines, or the natural development of the land. Even once a permit is given to you, homeowners must then pay top dollar for a company to install the pool, and waits for these companies are long! Because of this, the value of a home with a pool continues to rise.
Owen Kennedy, REALTOR®
owen@newpurveyors.com
613 355 3109