Pro: Everyone loves the pool
Having a pool can make your home a social center for family and friends. Plus, having your own pool means never having to wait in line at a public facility or face capacity restrictions that could hamper your day of fun — just grab your swimsuit, head outside and you're ready to go.
Con: Installation is expensive
While the costs of pool installation have been trending down as more homeowners opt for these backyard builds, they still aren't cheap. As noted by Forbes, the cost of an in-ground pool typically runs from $28,000 up to $55,000, or between $50 and $150 per square foot.
Cost also depends on exactly what you want. For example, if you're looking for features such as waterfalls or in-pool lighting, your cost will go up. Depending on your current finances, it may be worth considering a home equity loan or home equity line of credit (HELOC) for the ability to make payments over time rather than using a credit card or paying upfront in cash.
Pro: Pools offer physical and mental health benefits
Water-based exercise is easier on your joints and can help you relax after a long day at work or with the kids. And if you've opted for a pool that's shallow at one end, you don't need to be a strong swimmer to enjoy the benefits — you can simply move through the water or float around with a cold beverage in your hand.
And depending on where you live, homeowners in California can take the plunge almost anytime.
Con: You may need more insurance
If you choose to purchase a pool, you may also want to increase your home insurance.
Here's why. First, consider what happens if your pool suffers damage during an earthquake or weather event that causes pipes to leak or burst. The damage to your home could be substantial and if you haven't updated your policy with your insurance company to specifically cover your new investment, you may be stuck paying for any repairs out-of-pocket.
The second is the possibility of injury. All pools come with the potential risk of drowning that could lead to serious injury or death, meaning you may need an umbrella policy that covers these outcomes — and comes with higher premium costs.
Pro: Your pool can increase curb appeal
There's no denying that pools look great in your backyard. Views of the pool from bedroom and back windows are always appealing and can convince potential buyers that this is the home for them. As a result, pools may help your home stand out on the market and make selling the property easier.
The caveat? This only works if most houses around you don't already have pools — otherwise, it's the expectation. Homeowners should also be prepared for the fact that while pools get points for appearance, they typically don't boost your overall equity.
Con: Maintenance never ends
Pools aren't one-and-done. They require regular water checks, cleaning and replacement parts to keep them up and running. On average, the costs of yearly pool maintenance run around $4,000, but this number could be higher or lower depending on how frequently you have your pool cleaned and how often its components need upgrading or replacement. No matter the size, shape, or type of pool you own, however, one thing is certain: The costs never stop.
Diving In
Put simply, if your goal is increased home enjoyment, neighborhood socialization and exercise, a pool may be a great fit. But if you're looking for a home improvement project that will boost your equity and doesn't come with ongoing costs, take a pass on the pool.