According to a recent home trends study performed by Bloomberg, pool repair and construction rates dipped by 4.6% compared to last year.
This marks the 11th year that pool levels have struggled to reach pre-recession levels. Bloomberg goes on to note that pool construction plummetted from 129,000 in 2008 to less than half the following year at only 54,000. Though an estimated 75,000 pools were constructed in 2017, we’re still far from reaching pre-recession levels.
Pools are a great way to keep your family active and interact with friends during the summer. Between festive holiday parties and new technology, people have begun to swim year-round in the pools of their dreams. Even though these home features offer a slew of social and health benefits, however, the numbers are still struggling to rise.
“The 2019 decline may be attributed, in part, to the housing slowdown,” reports Jonathon Kanarek, the COO of BuildFax. “In this tightening market, homeowners are more likely to invest in repairs or remodels that will notably increase the value of their property.”
And Kanarek isn’t wrong. It’s estimated that finishing a basement remodel can give you an average ROI of up to 78%. Countless people hope to refinish these home features in an effort to rent them out for a quick buck. It was thanks to these alternative renovations that more than 25 billion square feet of drywall were sold back in 2017 alone.
It’s no wonder that Houzz, a home remodeling and home design company has reached more than 40 million monthly subscribers. It’s thanks to their helpful tips and abundance of information that countless homeowners have achieved up to an 83% ROI on even minor kitchen remodels.
But are pools still bringing in returns on a homeowner’s investment?
This is a common concern amidst the heat and humidity associated with warm summer months. When temperatures start to rise, it’s only natural that we want to find clever ways to beat the heat. Because swimming is the fourth most popular activity in the United States, it makes sense that you would consider this option for your home.
Let’s take a deep dive into why this option might be worth taking the plunge.
The health benefits
As previously mentioned, pools offer a number of social and health benefits. After all, pools have been used as a social space for thousands of years. Between communal baths and gathering spaces, we see pool use all the way back to the Roman empire. There’s no doubt that installing a pool is a great way to keep active with friends, regardless of age or skill level. You might even awaken a lifelong love of swimming in your children or a newfound love of the water in your grandparents.
Because water is buoyant, it creates less of a strain on your muscles and joints. This makes it a great option for physical therapy associated with injury or chronic pain. If you want to install a pool for the health benefits or social contributions it can have on your life, there’s no doubt that a pool is a great choice.
The actual cost
While spending time with your friends is priceless, installing an underground pool might cost a little more. Bloomberg notes that the average cost of building an underground pool can crest $40,000 in some cases. However, that’s not stopping pool-loving locations like Miami and Atlanta from dipping their toes into the water. These locations witnessed a rise of pool construction by 7% and 14%, respectively. But if you’re looking to sell your home, you may run into a few more problems. Newsday reports that only 1% of realtors suggest investing in a pool before you try to sell your home. Meanwhile, only 2% of realtors claimed that their project was successful in sealing the deal for potential buyers.
However, installing a pool for your own family is definitely worth the cost. Up to 92% of consumers wanted to stay in their home for years to come following the addition of a pool. For those who already had pools, 83% claimed that they were more likely to stay in their current home than move somewhere new.
This is made even better once you take new technologies into account. While many homeowners are off-put by the presence of chlorine and pool cleaning, new technology, like Ozone sanitation systems, have reduced chlorine use by up to 90%. In a saltwater pool, numbers have been even higher. This not only creates a safer swimming environment for your family, but it also lowers the cost of maintenance in the long run.
Of course, there’s no magic formula for determining if a pool or other form of a home upgrade will benefit your home, at least when it comes to achieving a high return on investment. After all, overbuilding for the price of your neighborhood always has the potential to land your property in the hole. When you’re thinking about improving your home, perform remodeling projects and home additions, like pools, if you think it will benefit your family. Money is hit and miss, but your family’s happiness is priceless.