A pool in the backyard seems like a dream come true for many homeowners.
After all, swimming is embedded in the psyche of Australians. Data shows that 16% of households in Sydney have a pool and Aussies have the highest per capita rate of swimming pool ownership in the world.
If, after a long, hot summer, you now have your eye on a pool, the good news is that winter is the best time to put one in.
But will a swimming pool appeal to buyers and ultimately add value to your property?
The best pools we’ve seen in Sydney’s East
If you think installing a swimming pool requires a large garden, think again. We’ve seen some amazing pools in some fairly unexpected places lately.
Take Paddington for example, where homeowners have started getting creative in order to get a pool. 84 Paddington Street, Paddington features a truly striking above ground pool. And the heated swimming pool at 20 Walter Street, Paddington has a retractable hydraulic cover to make the space double as a courtyard and entertaining area.
The cost of a swimming pool
The pool itself is just one cost to consider. Prices vary depending on size and style of the pool you choose. Inground pools start from $30,000. Above ground pools can be significantly cheaper.
But you also have the associated costs like landscaping, fencing and decking or paving. You also need to factor in the ongoing running costs of pool – the cleaning and maintenance, water costs, increased energy consumption, installing solar or heating, and more.
Then there are council and NSW government registration fees to consider.
Does a swimming pool actually add value to your property?
The imperfect answer is that it depends on whether a prospective buyer wants a pool, or not. Some people love them, but other people loathe them. It’s personal.
In some areas, buyers expect pools, in others they are less common. In some Eastern Suburbs, where square metres are tight buyers may choose to prioritise space over a pool.
In our experience, pools tend to be more popular with growing families than with other buyer groups – although there are always exceptions.
In 2015, pool specialist company Swimart conducted a survey and found that 90% of pool owners believed their pool added value to the selling price of their property. While this kind of data is hard to verify, the lifestyle benefits of having a pool are certainly difficult to ignore.
What we have observed over recent years is that pools are becoming more valuable and attractive to buyers because improvements in technology mean they are easier to maintain, it’s easier to get heating, and you can offset the running costs by installing solar energy.
That said, whether or not a pool will add value to your property depends on how much you spend on the pool in the first place. It’s easy to spend in upwards of $50,000 or even $100,000 on a pool, and you may not instantly recoup that outlay.
If you personally want a pool and plan to live in the home for some years it should end up paying for itself.
But whether or not to put a pool in simply to sell is a more nuanced decision.
If you’d like to know more about what buyers are looking for in Sydney’s East contact our team today.
Sydney’s Eastern Suburbs Market Snapshot
A detailed annual assessment of the property market focusing on the Eastern Suburbs of Sydney, Australia.