Is a Pool The Right Financial Decision For Your Family in the Long Term?

So you’d like to go for a dip on your own property. PennyGem’s Justin Kircher takes a look at what installing a pool does to the value of your home.

Transcript

00:00So, you'd like to go for a dip on your own property?

00:07Here's a look at what installing a pool does to the value of your home.

00:10Getting a pool was a big moment in Christmas vacation, but the expensive project might

00:20not do much for your property value.

00:21Okay, it's likely a better investment than the Jelly of the Month Club, but with an average

00:25cost of around $28,000 for installing an in-ground pool, according to HomeAdvisor,

00:30you might not see a return.

00:32HGTV says an average 14-by-28-foot in-ground pool can add 5 to 8 percent to the value of

00:38a home, but with the cost, your property value will already need to be north of $550,000

00:43for it to really pay off.

00:45According to Redfin, it does matter where you live, as hot weather areas like California,

00:49Texas, and Florida unsurprisingly see the home value go up.

00:53However, the outlet found that a pool in colder climates, like Boston for example,

00:57can actually detract from the property value.

00:59Of course, once a pool is installed, the costs do keep coming.

01:03As HomeAdvisor says, the price tag for utilities and maintenance can range from $500 to $4,000

01:08each year.

01:09There's also the matter of insurance, with Fox Business saying that the Insurance Information

01:13Institute recommends adding $300,000 to $500,000 more to your liability coverage.