Lendi’s Study Part 2: Do Pools Add Value to Your Home?
February 8, 2018
In our last entry, we gave an overview of the December 2017 Lendi study in which 1,004 Australians over age 18 were surveyed to gain a better understanding of whether or not a swimming pool adds value to a home. In this entry, we’ll take a look at Lendi’s findings with regard to gender and age factors, and what that might mean for homeowners thinking about adding a pool to their home.
Overall, 44.9% of males in the survey said they would pay up to $20,000 more for a house with a pool compared to 34.6% of females. Men were also less likely than women to say that a pool doesn’t add any value to a home.
While the survey doesn’t give any insight into why this gender difference might be, it’s important to remember that, as mentioned in our previous post, the structure of the survey could have had an impact on how people responded.
For instance, the survey asked how much more one would pay for a home with a pool- many people might not pay more than they’ve budgeted for a home with a pool, but they may be more likely to look at a home within their budget that has one. Although we can’t know this for sure from the survey data. This may be particularly true for females, who tend to be very budget conscious.
Also, this study had people self-reporting how much more they would theoretically pay, not how much more homebuyers actually pay for homes with pools. So while men seemed more likely to spend moderately more for a pool, it’s possible that both women and men actually spend more than reported they would when the time actually to make a homebuying decision arises. It’s important to take a look at additional studies that take a look at the choices homebuyers are making in real time.
The survey also took a look at the different responses between Generation Y or Millennials (those born from 1977 to 1995 who are 23-41 years of age), Generation X respondents (those born 1964 to 1976 who are 42-54 years of age, and those who are 55 and older.
The main finding here was that the younger generations were more willing to spend more money on a home with a pool than the older generations. Nearly half of Generation Y would pay up to $20,000, compared with 41.1% of Generation X and 31.6% of people over 55.
The main takeaway here is that a home with a swimming pool is significantly more of a selling point for younger buyers. If you’re considering adding a pool to your home, first take a look at the demographics of people buying homes in your area. If you have a younger population moving to your area, you might more seriously consider calling up a pool builder to add value to your home.
But Wait There’s More!
By choosing to build a pool with blue haven pools you will not only increase the value of your home, but by dealing with a large scale concrete pool builder you will also enjoy savings off normal industry retail. This means you’ll be able to put in a pool and still have money left over to spend on landscaping.
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