Swimming pools can be a great addition to any home, providing a fun and relaxing way to cool off during the hot summer months. However, after years of use, a pool may begin to show signs of wear and tear, making it necessary to consider remodeling. This can be a major investment, so it’s important to carefully consider the return on investment (ROI) before making a decision. In this blog, we’ll explore the pros and cons of remodeling a swimming pool versus buying a new one, and discuss the potential ROI for each option.
Remodeling a Swimming Pool
Swimming pool remodeling can breathe new life into an old, outdated, or damaged pool. Some of the most common reasons homeowners choose to remodel their pool include:
- Updating the look and feel of the pool
- Repairing cracks or leaks
- Replacing outdated or inefficient equipment
- Adding new features or amenities, such as a spa or waterfall
- Converting a traditional chlorine pool to a saltwater pool
The cost of a pool remodeling can vary widely depending on the extent of the work that needs to be done. Simple upgrades such as resurfacing the pool or replacing the pool deck may cost several thousand dollars, while more extensive renovations such as adding a spa or changing the shape of the pool could cost upwards of $80,000 or more. Some of the factors that can affect the cost of a pool remodel include:
- The size of the pool
- The extent of the damage or wear and tear
- The materials used for the remodel
- The complexity of any additional features or amenities
Return on Investment for Pool Remodeling
The ROI for a pool remodel can vary widely depending on the extent of the work that’s done. Some common factors that can influence the ROI of a pool remodel include:
- The cost of the remodel
- The age of the pool
- The location of the pool
- The real estate market in the area
One of the biggest benefits of a pool remodel is that it can increase the value of your home. According to a report by the National Association of Realtors, a pool can increase a home’s value by an average of 7%. However, the ROI of a pool remodel will depend on several factors, including the cost of the remodel and the current real estate market in your area.
Buying a New Pool
If your existing pool is beyond repair or if you’re looking to upgrade to a newer model, you may want to consider buying a new pool. Some of the benefits of buying a new pool include:
- The ability to customize the size, shape, and features of the pool to your liking
- The availability of more energy-efficient equipment
- The potential for a longer lifespan than a remodeled pool
The cost of a new pool can vary widely depending on the size, shape, and features of the pool. In general, a basic in-ground pool can cost anywhere from $90,000 to $170,000, while a more elaborate pool with custom features could cost upwards of $200,000 or more.
