Understanding the Real Cost of Owning A Pool
Having a pool in your backyard is a luxury that many of us dream of owning. It’s an excellent way to cool off during hot summer days, spend some quality time with family and friends, and enjoy a refreshing workout without leaving your home. However, owning a pool also comes with a significant financial responsibility that goes beyond just the installation cost. In this blog, we’ll provide an overview of the real cost of owning a pool so you can make an informed decision before jumping into any pool project.
1. Installation cost
The installation cost is probably the most significant upfront expense when it comes to owning a pool. The average cost of an inground pool installation ranges from $35,000 to $65,000, depending on the pool’s size, materials, and additional features. Above-ground pools are comparatively cheaper, with an average installation cost of $6,000 to $15,000. However, these prices don’t cover all the necessary expenses, such as building permits, landscaping, fencing, and alarm systems. So, make sure you factor in all the installation costs before deciding on the type of pool you wish to install.
2. Maintenance and repairs
Maintaining and repairing a pool is where most of the costs come into play. You’ll need to invest in regular cleaning, chemicals, filters, pumps, and heating elements, among other things. The average yearly maintenance cost for a pool ranges from $800 to $1,200, and it can go up depending on your pool’s size and usage. Similarly, repairs can get costly, especially if you don’t take proper care of your pool components. Simple fixes like replacing a pool liner can cost anywhere from $1,000 to $4,000, while major problems like pipe leaks can set you back between $2,500 and $20,000.
3. Utility bills
Owning a pool also impacts your utility bills. You’ll incur additional costs for water, electricity, and gas usage. Filling a pool can require thousands of gallons of water, which can significantly increase your water bill. Similarly, heating your pool during colder months can add up to a substantial gas or electricity bill. The average monthly electricity cost for a pool ranges from $50 to $150. However, this can vary depending on factors such as location, pool size, and weather patterns.
4. Insurance and taxes
Whenever you add a pool to your property, it’s essential to review your homeowners’ insurance policy. Pools may increase your liability risks, and you may need additional coverage to protect against injuries and property damage. The additional insurance premium can cost anywhere from $50 to $500 a year. Similarly, having a pool on your property can impact your property taxes. An inground pool can increase your home’s assessed value, which means your property taxes may increase. So, be sure to check with your local tax office to find out the tax implications of owning a pool.
5. Lifespan and resale value
Finally, when it comes to the cost of owning a pool, lifespan and resale value are crucial factors to consider. A well-maintained pool can last anywhere from 15 to 30 years, depending on its construction quality and materials. The lifespan of an above-ground pool tends to be shorter than an inground pool. Additionally, a pool can add value to your property. However, the resale value will depend on various factors, such as the pool’s age, condition, location, and market demand.
Conclusion
In conclusion, owning a pool is a significant investment that can pay off in many ways, but it’s essential to understand the full cost of owning one before diving into any installation project. The cost includes both upfront expenses, such as installation costs and regular expenses, such as repairs, maintenance, and utility bills. Additionally, remember that adding a pool can impact your homeowners’ insurance and property taxes, and the pool’s lifespan and resale value are also vital factors to consider. To keep your pool in excellent condition and minimize the overall costs, ensure that you partner with a reputable pool remodeling company that offers professional pool repair in Port Orange, FL. All Phase Pool Remodeling is always ready to help you with any pool-related needs. Contact us today for free estimates.