First weekend of the year in the books and we finally feel like summer has arrived in Orangeville! You may be thinking of doing a summer project in the backyard like an inground pool, hot tub, fence or shed but will this increase value of your home? Funny how any one of these items may increase value in one home and decrease the value in another. Let me explain.
Have you ever heard the saying; Fences make good neighbours? This can be true in suburbia but not so much in a rural setting. In a subdivision home in Orangeville where lots are smaller and many neighbors can look into your backyard, a fence will definitely add value. When a fence provides privacy or safety for kids or pets, then the fence does increase the value of your home. In an area where you don’t have a problem with privacy, there may be more economical routes to go for pets and children.
A shed does not automatically add value to your Orangeville home. How much of the yard does the shed take up? How much storage space does it really provide? What does the shed look like? Is it something pretty to look at throughout the year or is it something that looks like it needs a good coat of fire? A shed is an ideal place to store volatile chemicals, gas and paints and keep smells out of the home.
A hot tub always sounds so relaxing, something that can be used in the winter. The real question is will you? Will it be something you get and after the first 6 months the novelty will wear off? In all my years of real estate, I have personally never seen someone pick a home just because of the hot tub. Most people think “oh cool, a hot tub”. Little do they know how much it can cost to run and maintain.
This is the big expense item. I am only considering inground pools because an above ground pool is relatively easy to remove. So does an inground pool add value to your Orangeville Home? Answer is …depends. This is probably not what you were looking for. First we have to consider the average cost of an inground vinyl pool is approximately $25,000 and prices go up from there depending on the size and the materials used. Fibreglass is more and a concrete or gunite pool is that much more. Then along with the cost of the pool itself is the fence that is required, the landscaping, the increase in home insurance. Let’s not forget the cost of operation including hydro, gas/propane if heated, chemicals and all the extra entertaining you will do because everyone wants to come to your backyard! So we have now spent a bucket of money to have this backyard oasis that we can only use during our short Orangeville summers. Some home buyers look at pools as a detriment and will not look at a home with an inground pool. Another factor that can affect your backyard oasis is how much of the yard the pool takes up. Generally people like there to be still some area for pets and children. In higher end neighborhoods, pools tend to add value to the home.
If you are thinking of putting in a pool, you should think of it as a lifestyle and not an investment. Many people are opting for spending money on their backyard oasis and enjoy their homes as opposed to a cottage or camping. I have seen some backyard pools and landscaping in our area that could rival some of the top resorts! The peace and relaxation this can bring to you, when you walk into your backyard oasis is truly priceless! Families with small children get to enjoy time with the kids as the backyard pool gets a great deal of use. As our kids grew up, the backyard pool was used less and less but we will never forget all the memories we made hanging out on those hot and hazy summer days!
If you are considering any outdoor project this year, and are curious if it will impact your home’s value, we would be happy to offer our opinion. In reality, if it is something that you are going to enjoy and suits your personal lifestyle then don’t worry about investment! Focus on quality of life and the pure enjoyment the project will bring.