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Owning a swimming pool may seem cool, but your wallet might not think so.
Summer is kicking off, but going on vacation might be a little harder than usual. Some folks may still be worried about the safety of traveling, and nearly every airline has already slashed schedules, meaning most are running fewer flights to begin with. On top of that, lots of tourist destinations across the nation remain closed amid the coronavirus pandemic, or they're limiting capacity to help guests maintain social distancing.
With these concerns in mind, it's no wonder more people are reportedly looking to turn their own homes into their versions of paradise.
The swimming pool industry has recently seen increased demand for their services, likely due to uncertainty surrounding travel and the reopening of beaches and vacation destinations. This demand includes small inflatable pools, but a growing number of people are looking to add permanent swimming pools to their backyards.
Most people know that swimming pools are expensive, but how much do they really cost?
When it comes to installing a pool, there are several factors to consider, including excavation costs, size, materials, heating and any extras (waterfalls, slides, etc.). Depending on what decisions a homeowner makes, these can wildly affect the cost.
For in-ground pools, costs can start as low as $20,000 (for vinyl), Home Advisor reports. In-ground pools using gunite or concrete can start around $35,000 and go as high as $100,000 or more. Above-ground pools, meanwhile, typically range from $1,500 to $15,000, depending on the model and where it's being installed.
Of course, swimming pools require maintenance and upkeep, which can have a yearly cost that ranges from $500 all the way up to $4,000 a year. These costs can include cleaning the pool, maintaining the water, electricity costs and any winterizing gear needed for the off-seasons.
While swimming pools are expensive to install, they usually do impact the value of a house. Some homeowners may be more willing to take on the expense of installing a pool because they believe it will bring them a return on their investment, when they eventually sell.
This isn’t always the case, however.
While swimming pools are attractive to some buyers, they may drive others away, Investopedia reports. Families with young children, for example, may be wary of buying a house with a pool. Others may not be interested in taking on the yearly expenses that accompany a swimming pool.
The exception? If pools are basically standard in the neighborhood (as they are in certain communities in Florida or California), they may not have much of an impact on buyers’ expectations.