As you’re shopping for a new home, think carefully before buying anything with a pool. Before you start imagining yourself sunbathing or cooling off in crystal clear water during the summer months, you should consider the practical implications that come along with this purchase. After all, you could find yourself having to:
Prepare for Expensive Maintenance
So, we all know having a pool requires expensive maintenance. But do you really understand how much you’ll be spending in the future? Being a homeowner inevitably comes with unexpected expenses. From failing appliances to high electric bills—there are just some things you can’t plan for. If you buy a home with a pool though, you can plan to increase your monthly expenses considerably. Apart from the chemicals you’ll need to keep the pH balanced, there’s also the cost of cleaning your pool (and purchasing the equipment needed to do so). Unless, of course, you plan to hire someone else to maintain this particular feature. While it will save you time, you can expect to shell out approximately $500 each month on weekly cleanings and other maintenance matters.
Let’s not forget about the pool repairs you’ll need to budget for in the future! Tears in the lining, slow leaks, and other issues can occur. Costing you thousands of dollars in the long run. If you’re looking at a home with a pool, be sure you ask about any past repairs that could be a sign of things to come.
And Higher Insurance Premiums
Apart for the expenses we’ve already discussed, you’ll also need to budget for additional insurance costs. In our industry, pools are often classified as an attractive nuisance. Sure, it looks good. But it comes with a number of risks and requirements that can erode this appeal over time. Before you can even get homeowners’ insurance, you may need to make modifications to convince a company to cover you. Look at the security features around the pool currently.
Does it have a fence? A locked gate? What about fun, yet dangerous features—like a diving board or slide? All of these items will affect your insurance premium, so consider them carefully. If you do decide to move forward with this purchase, you should also look at an umbrella policy. This type of coverage provides additional liability protection if there’s an incident at your pool that leads to a lawsuit.
You Can’t Just Turn It Off
Last, but not least, remember a pool isn’t something you can easily change. If you decide in the future that you no longer want the maintenance and risk that comes with this feature, you can’t simply turn it off. Although that may save your electric bill, it creates a number of other hazards down the road. Not only will dirty, stagnant water act as a breeding ground for disease, but it also could attract wild animals. Creating an even bigger problem than a regular pool!
Remember, these maintenance costs will continue, regardless of how often you actually use your pool. But filling it in will be much more expensive! Not to mention, trying to resell a property with a pool comes with its own challenges. However, if you still want to buy a home with a pool, talk to one of the experts at Freedom Insurance Agency first. We can provide a free quote for the coverage you’ll need. As well as recommend ways to mitigate risks before, during, and after the move. After all, we’re your Carroll County insurance team!