5 Financial Things to Consider when Building a Pool
This summer you are planning on beating the heat. Instead of going away, you are bringing the vacation haven to your backyard by putting in a pool. It’s an investment that will offer you years of enjoyment. Make sure you know what you are getting into financially before you get started. Doing your research first will mean fewer surprises down the line.
The Type of Pool You Choose Matters
You’re going to see a considerable difference in the price when you debate between going with an above-ground or in-ground pool. An above-ground pool will run a few thousand dollars. You may be able to bring in a crew of friends to help you build it yourself. If you want an inground pool, planning on spending nearly $20,000 for a model that is on the smaller end with a vinyl lining. Choosing a fiberglass model will bump up your price. A cement pool could bring your price tag up to the $100,000 range. Size, permanence, and affordability should be important considerations before you make your final decision.
Preparation for the Pool is an Additional Expense
You will need to get your property ready before pool installation is underway. You may need to rent heavy equipment or hire a contractor to create a level area with a backhoe. You’ll need someone to dig a trench for your electric hookup for the pool as well as an electrician to run an electrical line to a post strategically placed in the yard. An inground pool will require extensive digging to meet the measurement requirements of your pool. You will also need to talk to your local code enforcers to make sure you have the proper permits which will involve an additional expense. Your code enforcement will also specify where your pool can be located. Check with them before you start the installation process.
Pool Maintenance is Expensive
The costs for your pool don’t end the day you open it for your first swim. You’re making a financial commitment for years to come. You will need to stock up on chemicals that are used daily to keep your water crystal clear. Cleaning equipment is a must to maintain your pool. Otherwise, you will need to budget for the costs that come with hiring a cleaning company. A quality pool cover is a must to keep your pool free of debris. It will also help you to hold in the daytime heat. A heater is an additional investment if you like to maintain a set temperature throughout the season. It can also help you to extend the length of time your pool can be open. Expect higher utility bills during pool season.
Regular Pool Maintenance and Repairs are an Additional Cost
You’d like to think your installation costs are the only expense you’ll have when you put in a pool. Regular maintenance is key. Bring in the professionals to inspect your pool each year before you open it and close it for the season. They’ll detect any cracks or leaks that could be a concern. They can clean your pump and other equipment for your pool. When something goes wrong, your pool experts will take care of it. Calling them for pool heater repair service and more will mean more money out of your pocket.
Your Pool Could Mean Higher Real Estate Taxes
Many people like the idea of installing a pool to improve the resale value of their property. They don’t think of the negative impact it could have on county, city, or school taxes. If the assessed value of your property goes up, your property taxes will probably go up as well. The advantage will be the boost in price if you ever choose to sell your property.
A pool is a luxury that doesn’t come for free. However, it will save you money in the long run when you don’t need to go away to stay cool. List all of the potential expenses, including pros and cons for the type of pool you want. Choose the pool that will fit your budget while meeting your expectations. If you have a pool you can afford, you’ll enjoy it more.
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