As we have become accustomed to increased time at home we have also become more aware of our wants and needs that make our houses, our homes. With the heat of summer in full swing and the reality of COVID-19, many homeowners and future home buyers are adding pools to their needs list. Robert Reffkin, CEO of Compass RE, told CNBC that searches on Compass’ website for homes with pools are three times higher since the start of the pandemic.
COVID-19 has made an impact on many parts of our lives. One of the biggest being the increased amount of time we spend within the walls of our homes and the more attention we spend to every detail within. The way people buy homes has also changed. What was once not as important in the home buying decision is now top of the list – such as expansive gourmet kitchens, home offices, spacious backyards and pools. Owners and buyers want their homes to be a one-stop-shop for all their entertainment and relaxation needs.
Here in Tennessee, the price of a pool is very costly compared to other areas in the country such as Florida. Due to the rocky topography of Tennessee’s ground, the average price of an in-ground pool can start around $60,000 upwards to $200,000 according to River Pools and Spas. To put this in perspective, the average price of an in-ground pool in Florida, which is primarily comprised of sand, the range is much lower at $35,000 to $65,000. There are various material options you can choose from when deciding to install a pool that will affect your price: gunite, vinyl and fiberglass – gunite typically being the most expensive. Additions such as spas, outdoor kitchens, swim up bars and other fun add-ons will also have an influence on price.
One of the pros of having an at-home pool is the increase of value it will provide. With inventory lower than years past, homes for sale with pools are receiving multiple offers and being snatched up by buyers. In fact, prior to shelter-in-place pools on homes priced under $600K had a zero return on investment – meaning pools were strictly for enjoyment only. Now we are seeing those properties fly off the shelves, especially homes in the luxury market which are selling at faster rates than ever before. Some pool companies even have a two year waitlist for their installs which has added to the pool frenzy.
One of our very favorite pools was designed by Lee Seeling of Waterscapes Backyard Resorts at our beautiful listing located at 1043 Tyne Blvd in Oak Hill. This pool is a perfect example of an outdoor oasis that is not only great for entertaining but quality time with family as well. This stunning custom designed low maintenance saltwater pool features a spa and baby pool that could double as a tanning ledge. But it doesn’t stop there, this redesigned pool terrace has an outdoor kitchen with both gas and charcoal grills, a fireplace under a wide pergola, the pavilion has running water, a warming drawer and a fridge. Regardless of the size, shape or features, pools offer a big return for sellers and a great place of enjoyment and relaxation to many buyers.