Having a pool installed in your back yard is not a decision that should be made lightly. It is a huge investment. Having a pool built into your property can affect the value of your home in ways you can’t control. Also, if unless you plan to actively use it, it can be a waste of money. If you are planning on having an in-ground pool built on your property, here are some pros and cons to consider.
In-Ground Pool Pros
An in-ground pool can be aesthetically pleasing to the eye. A strategically placed pool in a back yard can be visually stunning to visitors. They can be designed in a variety of shapes and can be as deep as 12 feet. You can also choose from a variety of construction materials like concrete, fiberglass, or vinyl. If you choose hardy materials, then an in-ground pool is less likely to be damaged easily. A well-built in-ground pool can last for at least 50 years.
Cons
The average cost of an in-ground pool is about $31,500. On top of that, you will have recurring maintenance costs that top $3,000 year or more. The cost of purchasing chlorine and cleaning supplies every year is at least $800. Then, there is the added cost of insurance. Many insurers may raise your premium due to the fact that the attractiveness of your pool could be a liability. If someone breaks onto your property and are injured or drowns, you could be liable.
If you opt to have an in-ground pool built in your back yard, then you should know it takes time. It could take weeks or months for construction completion. For one thing, you have to pay for permits and get permission from local building agencies, which takes time. Then, you have to hire a contractor and source materials. A contractor has to dig a hole and then build the pool.
That means that your back yard becomes an inaccessible construction work area for some time. The biggest drawback to owning an in-ground pool is the amount of personal maintenance that is required. You will have to spend a lot of time cleaning it, checking the pH, and adding chlorine when necessary. These are daily, weekly, and monthly chores that you must commit to undertaking.
Also, this is really not the kind of project that you want to go all DIY unless you are trained and qualified to do so. You are really better off getting a professional contractor to do the heavy work. Lastly, you stand to lose some value from your home if you install a pool. Potential home buyers may not want to deal with the hassle of pool ownership. Installing a home may make selling your home harder down the line.
Above-Ground Pools
An above-ground pool might be a more practical investment for you. The average price for an above-ground pool is about $8,300. You can build an above-ground pool yourself, or hire a contractor to do it, within a few days. Or less. The permit and application process with the local building authority will also be quicker.
Above-ground pools are a lot easier to maintain. Also, repairs are easier to manage and are also less expensive. You’ll essentially have the same issues you may have with an in-ground pool, just on a smaller scale.
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Allen Francis was an academic advisor, librarian, and college adjunct for many years with no money, no financial literacy, and no responsibility when he had money. To him, the phrase “personal finance,” contains the power that anyone has to grow their own wealth. Allen is an advocate of best personal financial practices including focusing on your needs instead of your wants, asking for help when you need it, saving and investing in your own small business.