Backyard Pools - How Will They Affect Your Home Value?
The temperatures are warming up a little, leaving many people dreaming about living in a home that has a pool. Having a pool can mean many hours of fun during the summer and the perfect excuse to get family and friends together for a party. However, buying a home with a pool isn't always as simple as it sounds. There are a lot of different aspects of pool ownership that homeowners may not know about and need to learn before jumping into purchasing a new home with a pool, or even adding on to your existing home. Let’s take a look at a few of them.
Homes With Pools Generally Have Higher Insurance Rates
One of the most important things that home buyers need to take into account is that homes with pools are generally going to have higher insurance rates. This is primarily because pools are what is called an “attractive nuisance,” which is a term that sounds derogatory but also includes things like trampolines, fountains, machinery, construction sites, and more. The similarity of all of these things is that they can potentially attract children who can be injured by them.
It’s for this reason that we’ve found that insurance companies require that all pools must be enclosed by a fence before they will cover it, a rule that is also a law in most places across the country. If someone, such as a roaming child, is injured in a pool, the pool’s owner is the one responsible for any injuries they sustain. Of course, we are not in the insuring business and really strongly suggest contacting your insurance agent for more information about this.
Home Inspects Don’t Cover Pools
The home inspection is one of the most important parts of purchasing a home. Inspections help buyers know if something is wrong with the home such as insect damage or old wiring. The inspection helps bring it to the buyer’s attention after the inspection is completed. However, what many homeowners don’t realize about the home inspection is that pools are not part of an average inspection. In order to get a pool inspected, the home buyer will need to hire a certified pool builder in order to make sure the home’s pool is in working order before purchase. We have a list of pool builders we can connect you with, should this arise.
Not All Communities Allow Pools
Some home buyers may find a home that’s nearly perfect and checks all their boxes except that it doesn’t have a pool. In many cases, this can be worked around. Buy the home, and hire someone to build the pool. Sounds super simple, and usually it is! However, this can’t be done in every neighborhood. There are some communities and Homeowners Associations that do not allow pools in their neighborhoods. When considering a home to buy, always be sure to find out if it’s part of an HOA and any sort of rules that homeowners need to abide by in order to live there.
A Pool Can Affect a Home’s Value
Having a pool will definitely have an affect on a home’s value. This fact is important to take into account for when it comes time to sell the home. Having a pool can both positively and negatively affect the value depending on a few variables. For instance, pools are just more highly desired in certain locations will draw more interest than the same home and pool if they were in an area where pools are less than desirable to the market of buyers there.
Buying a home with a pool (or having one installed in your current yard) can initially sound like a great idea, but home buyers need to know what goes into buying and keeping that pool. By educating themselves early on, all home buyers can arm themselves with the information necessary to decide if owning a pool is the right decision for their lifestyle before diving in.
If you’re ready to dive into a new adventure and that adventure involves finding a home with the perfect backyard oasis, or even selling your current home, give us a call! We would love to help.