Building a Pool Is Just the Beginning



During the first major stay-at-home event that most of us have experienced in this country, a pool can give you and your family enjoyable recreation without leaving the home.  For those without a pool, the NPD group reports that the Covid-19 pandemic has increased pool building by 161% this year.

When your children are small, pools become a magnet for not only your children but their friends as well.  It can also be a great place for the summer holidays, Memorial Day, 4th of July and Labor Day.  Any day during the summer, especially on the weekends, can be an opportunity to enjoy the pool, cook outside and bask in the sun.

Some of you may have even made the transition from your children enjoying the pool to your grandchildren.  Usually, there is an interim where you may have wished that your home didn't have a pool so you would not have the maintenance and required upkeep.  Then, the new generation of family starts using it regularly and again, you are glad you have a pool, so you'll see the grandchildren more. 

For those people who don't have a pool but are considering one, there are some things that you need to think about.

If you've watched some of the TV shows like Pool Kings, most of those builds look like resorts or water parks and the price tag that comes with them can be staggering.  Even a modest gunite, in-ground pool with a limited amount of decking can be as expensive as a luxury car, especially after including the cost of landscaping and pool furniture.

If you finance the pool as a home improvement, the term will probably be between seven to fifteen years.  If you refinance your current mortgage and wrap the cost of the pool together, you could get a 30-year term.

Pool cleaning and chemicals depend on the size of the pool but will generally start at about $175 a month through a service.  Your utilities will see an increase because you're going to use more electricity and water than you did before you had a pool.

Then, of course, there is food and refreshments to consider for not only your family but your guests.  There are also pool toys, floats, sunscreen, towels and other minor things that do add up.

People going through the pros and cons of building a pool usually tell themselves that the house will go up in value.  It is true but not nearly as much as the cost of the pool.  Long time pool owners will tell you that they have had lots of great memories and it has been a good investment in their family.  It just may not be a good financial investment. 

Once you've made the decision to build a pool, find a reputable pool builder, ask for references and check them out.  Ask friends who have pools, who built them and would they use the company again.  Most pool companies hire and coordinate with subcontractors to do the work.  It is important to know that the builder will be around if something goes wrong and how they'll solve the issue.

The Better Business Bureau has some suggestions about hiring a pool contractor and they warn about scammers who are eager to take advantage of the increased demand for pools.

Comments

Post a Comment

Popular posts from this blog

What every homeowner should know about their property insurance

Image
Insurance is required on a home by the mortgage company, but homeowners rely on it for peace of mind also.   Unfortunately, people may not take the time to investigate their policy and what it covers until they need to file a claim, which could be too late. While it may not seem like the best use of your time, an in-depth visit with your property insurance agent once a year could be valuable to you if you have losses and could increase your peace of mind. The following are some questions you can ask your insurance agent: What is the insured value of the policy and the replacement cost of your home?   Insured value is the amount that would be paid for a total loss but replacing the home could cost more than that amount. What is the deductible?   Higher deductibles on the first amount of the loss are one way to lower the cost of the premium.   It may sound good when you're having to pay for the policy but feel very different at the time you file a claim. What
Read more

Homeownership Cycle and Inventory

Image
An interesting homeownership cycle begins with a starter home and progresses to larger and smaller homes throughout a person's lifetime.   Within a few years after purchasing their initial home, they might move up to a little larger house.   The reasons could be that they simply want a larger home and can afford it, or their increased family size may be motivating the move. While the children are small, they can probably get by with less space but as they grow and behave more like adults, even though they may not be, the need for more room becomes more pressing.   Depending on the size of the family, this will last some time and then, as they go off to college, enter the work force and find their own living space, the parents may find that they no longer need the larger home.   In the interest of saving money or possibly convenience, they migrate from a larger home to a smaller home until they consider an assisted living facility or possibly, a nursing home.   Another alternati
Read more

Avoid Taxes by Keeping Track of Improvements

Image
Keeping track of capital improvements to your home can help you avoid taxes later down the road when you sell it. Some homeowners don't even consider such a thing because they are aware of the capital gain exclusion of up to $500,000 for married homeowners and $250,000 for single filers.   Possibly, the gain in a past sale didn't exhaust the limit that has remained the same since 1997. Today, homes are much more expensive and appreciation in the past few years has been exceptionally high.   It is now possible and maybe more likely, based on the price of the home, for a homeowner to have gains more than these limits. A $250,000 home in 1997 based on an annual appreciation of 4% would be worth almost $700,000 today.   Capital improvements made to a home raise the basis, or cost, of the home which will affect the gain on the sale. Improvements must add value to your home, prolong its useful life or adapt it to new uses.   Repairs, not considered improvements, are r
Read more