With the onset of covid-19 last year, many people are looking to spend the money they would have on a family vacation on home improvements. One of the most popular additions to a house is a swimming pool. People are looking to recreate the vacation or resort feeling in their own backyards.
Because of this, many families are now looking to buy a house with pool. This increase demand for houses with pools has caused them to sell at a premium. Just in March 2021 alone, houses with pools in Guelph sold for an average of $16,000 more than houses without a pool. This is something that has never been seen before in the housing market. Normally a pool doesn’t have a negative or positive effect on the house price.
Let’s take a look at some things to consider when buying a house with a pool.
Plain and simple, pools are not cheap to operate! In Canada, the average inground pool is going to cost between $2,000-$3,000 a year to maintain. This would include chemicals, heating, etc. Then there are the larger less frequent expenses that come up. Examples of these are salt chlorine generators (roughly $2,500), heaters ($1,500-$5,00), and pool cover ($500-$8,000). A good idea when looking to purchase a house with pool is to have a pool inspection clause in the purchase agreement. This will allow you to have the pool inspected to ensure no major repairs or replacements will need to be made.
On top of the added expenses, having a pool required a lot of time. From using the proper chemicals to cleaning the surfaces, the upkeep of a swimming pool takes time and effort on the part of the homeowner. There is always the option of hiring a pool service company to maintain your pool for your. Services like this can cost anywhere between $50-$150 a week.
Having a pool on your property comes with additional risk factors. Drowning is the leading cause of injury-related death in children 1-4 and second leading cause in kids 1-15. With this in mind, it’s absolutely critical that you and your family take the necessary precautions when buying a house with a pool. Preventative and protective measures include installing a safety fence around the pool, putting locks on the doors leading out to the pool, teaching your children to swim at a young age and setting pool rules with your family.
If the property is small, you may want to think twice before buying a house with a pool in the backyard. Not only will the pool and deck take up a good chunk of outdoor space, but it will also require extra room to store necessary pool equipment and accessories such as pool vacuums, skimmers, cleaning supplies, and pool toys. Therefore, you will want to make sure there is plenty of space in the yard for all pool related equipment and whatever you will be bring to the house with you.
Those buying a house with a pool will likely need to increase their liability coverage. This is due to the high incidence of injuries involved with swimming pools. Since the insurance company will be taking on more risk, you’ll likely have to pay a higher annual premium. You may also want to think twice before installing a diving board in the pool. According to Money Crashers, many homeowners insurance policies exclude pools with diving boards and water slides. This is because of their association with increased injuries and higher medical bills.
At the end of the day, you will need to make your decision based on your family needs and wants. Pools do come with many added bonuses, however as outlined above, there are some thing to consider before making your purchase.
Whether you have decided to look for a house with a pool or not, Beth & Ryan will be able to help you find your dream home. Get in touch with them today!