When it comes to building a swimming pool one of the biggest and most important questions is, “What’s my budget for this project?” The answer to this question will frame much of the discussion that follows, and will also guide decisions regarding your swimming pool design, and the timing of your project.
The easy answer is “It depends.” Each person’s swimming pool budget is as unique as their property and their project wish list. But we want to give you some more information to help you fully answer this question for yourself. Based on our experience, and having worked with many, many clients, this is how we advise every prospective pool owner to begin the process of determining their budget.
Give Your Finances a Fresh Look
First and foremost, you need to begin budgeting for your pool with a current look at your family’s financials. If it’s been a few years, or even a few months, since you’ve updated your spreadsheet, you might be surprised by how much has changed. Only with an accurate snapshot of your finances will you be able to make a sound decision for your pool budget.
Next, you want to be sure you’re accounting for all of the costs associated not only with building a pool, but with maintaining it. Additionally, you’ll want to include any costs for hardscaping, landscaping, fencing and patio furniture. To fully finish your backyard space, you’ll want these items and their combined cost included into your overall project price.
Prioritize Your Wish List
Now that you have a handle on the upper limit for your pool budget based upon your finances, you’ll next want to develop a wish list for the key details you want in your pool. You might learn that your expectations for your pool don’t jive with your budget. For example, you might desire a large pool with a lot of features such as a rock waterfall, infinity edge and sun deck, but all of these may not be possible given your budget.
The best thing to do is to agree upon the “must have” items and place these at the top of your list. You can still add your other desired features, but place these in the “nice to have” column. Your pool company will work with you to include as much as possible, but it’s helpful to have realistic expectations and to prioritize your wants.
Understand How It Will Impact the Value of Your Home
One very common question is how a pool will impact the value of a home. This is particularly important if you think you will ever want to sell your home. Most real estate professionals will advise that you should not build a pool for the sole purpose of increasing your home’s value. Generally speaking, a pool does not substantially increase the value of a home. However, there are exceptions to every rule. For a prospective homeowner who values a swimming pool, this could be the reason they choose your house over another option.
The bottom line to keep in mind is that you should build a pool because it’s something you value and will enjoy. Regardless of whether or not this impacts the value of your home, you should make this decision based upon your own wants and desires.
Talk to a Professional
Finally and most importantly, you want to seek advice from professionals. Start by talking to your financial advisor to ensure your plan for a pool, and your proposed budget, is in line with the rest of your financial goals. Next, you’ll want to talk with your bank to discuss your options for financing your pool. This alone will have a large impact on your budget. If you want more information on how a pool will impact the value of your home, you can seek advice from a real estate professional. And when it comes to getting a clear idea of how much your particular pool design will cost, you want to speak to a professional pool company who can give you an accurate quote and also provide you with some options for alternate styles and materials that will help you achieve your desired results while staying on budget.
Would you like to further discuss your pool project? We are always happy to answer questions and provide advice. Please reach out to us today!