Even though people buy homes and other real estate property purely to settle, several extraordinary circumstances may often necessitate reselling. For a resale to be profitable, the condition of the property moments before its resale has to obviously be better than it was when it was initially bought.
Of all the various ways and means through which you can increase the value of your property, none is as effective as constructing a swimming pool. In the conversations that follow, we are going to examine how the value of your real estate property improves by adding a swimming pool to it.
Actual Cost of Construction
This refers to the total cost of acquiring, installing, equipping, and filling a standard 600-square-foot concrete pool. The actual cost may vary widely depending on the state, city, and time of year you opt to carry it out. Generally speaking though, the whole process costs an average of $30,000.
As soon as you are through with the business of new pool construction, you will definitely want to construct an enclosure that surrounds the pool. This is to keep off intruders, children, pets, and unsuspecting third parties from accessing the pool. It is to also safeguard the said persons or pets from any unnecessary dangers. The cost of constructing an enclosure also varies widely and is as such difficult to accurately estimate. Expect though to part with no less than $15-20 per linear foot.
Lighting is also very important. This is especially the case if you intend to utilize the pool at night also. Proper lighting illuminates your pool and enables it to be accessed equally at night just as it would be during the day. The actual cost also varies mainly depending on the kind of light bulb used. The fiber optic pool lights are more expensive. They cost around $1,300 to $1,700 to acquire and install. The smaller LED light bulbs, on the other hand, cost a paltry $700 to $900 to acquire and install.
Just like lighting, landscaping also plays a vital contribution to a pool. They make the pool more accessible by eliminating all forms of obstacles that may hinder your free movement to and from the pool. As such, you should also consider working on the ambient landscape. The actual figure is highly subjective and is mainly determined through haggling with the potential landscaper.
Once you are through with adding a swimming pool to your existing real estate property, you will have to renegotiate your insurance cover. This is to enable the insurance policy to be extended to cover the swimming pool as well. Given the widely varying costs of homes, it is not possible to arrive at a standard figure.
Well, it is clear from the foregoing conversations that the value of your property can only surge when you add a swimming pool. The actual amount of money by which the value may spike like you can clearly deduce is very subjective and dependent on several factors. However, conservative estimates posit that a pool can increase your property’s value by around 7%, give or take.