Monday, May 10, 2021 / by Janelle Endres
Homes with pool are on the rise
After the outbreak, homes with pools have been the object of buyer envy. According to HomeLight's "Top Agent Insights for Spring 2021," pool additions are on the rise, and more homebuyers want one in their backyard.
Many buyers avoided properties with pools prior to the pandemic because of the maintenance problems and possible liability. According to HomeAdvisor data, the average pool will cost between $3,000 and $5,000 per year to maintain.
Fondness for homes with pools
According to data from that year, only 2% of realtors said that a pool aided in the sale of a house. However, the pandemic has caused Americans to reconsider their fondness for pools, which have become a form of recreation for those who are confined to their homes. Pool revenues have increased by threefold in the last year.
Property with an in-ground pool is also fetching a higher price. Prior to COVID-19, real estate professionals polled by HomeLight estimated that a house with a pool would net around $16,137 more than a comparable house without one.
Higher demand for homes with pools
According to industry analysts, a house with a pool today will sell for an approximate average of $27,199 more. However, the cost of installing an in-ground pool—an average of $42,480, but up to $100,000 to $150,000 for a high-end model—is significantly higher than the possible return on investment.
This spring and summer, the demand for pools is expected to remain high. Sixty-eight percent of real estate professionals believe their markets will see an increase in pool additions. However, pool mania isn't limited to hotter climates.
According to HomeLight's study, the additional value that a pool adds has increased by 113 percent in the Northeast. Prior to the pandemic, a home with a pool in the Northeast sold for around $14,968 more than one without; now, those homes will sell for an estimated $31,847 more, according to the survey.
Source: Realtor Magazine (04/26/21)