The pros and cons of owning a swimming pool

Summer weather can make people dream of owning their own pool. Whether that dream

is a cool blue oasis, or a watery, financial nightmare is another matter. Should you take the plunge? Take a look at our pros and cons of installing a pool and decide for yourself.

PRO: Enjoying your slice of life

10.5MILLION

7%

PRO: Exercise

CON: Money

CON: More money

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Imagine having a cup of coffee and reading the paper poolside before you start your busy day. Or having a quiet drink by the pool to wind down at the end of

one. Swimming is also a great activity to bring the family together. Life moves too fast these days; a pool could be your path to relaxation.

This cost includes digging, materials, installation, and maybe fees for permits and inspections depending on local regulations. You’ll need to build a patio and put a fence around the pool.

It doesn’t matter if your closest neighbor is a half mile away, you need to build a fence around your pool. It’s a real possibility that young children or even someone’s pet could get into the pool and result in serious injury or death. 

The cost of building a fence around your pool can vary depending on the size of your pool and the materials you pick.

Average cost of a 40’x40’ fence by material: • Glass — $15,000• Wood — $7,500• Aluminum — $5,000

As you see, this can add significant costs to building a pool. However, it is hard to argue over the cost of safety.

residential swimming pools in the U.S.

The amount a pool could boost your home’s value by.

THE BRIGHT SIDE

Finally, your insurance advisor may recommend you increase the amount of liability coverage you have on your homeowner’s policy.

Save the cost of a gym membership because swimming is a great full-body exercise. Nearly all of your

muscles are used during swimming. Also, you can exercise anytime you like without leaving your home. If you have children, teaching them to swim can lead to a healthy activity or even a team sport. Lastly, everyone looks great in a swim cap.

Before you do, get out your calculator and family budget. The cost of installing a pool varies a bunch depending on where you live and what kind of pool you choose. That said, in-ground pools can often cost between $25,000 and $50,000.

The costs don’t stop once construction is complete and you take that first blissful dip. You’ll need to treat the water and clean the filter and skim off leaves and grass clippings. It’s typical for people to spend $100 a month on chemicals and electricity to run the pump. If you want to pay someone to do pool maintenance, you’ll save time — but spend more money.

Bottom Line: Figure out how much

you’ll really use your pool.

Think long and hard about how much you’ll really use that pool of your dreams. Because you’re likely going to pay the same amount of money

whether you swim once a day, once a week, or once a month. How much the pool is worth to you is the most important question to answer.

If you’re ready to take the next steps toward installing a pool, a cash-out refi could help you finance it.

Read up on How a Cash-Out Refi Works.