Can I afford to build a swimming pool?

[Carguy85]

The opportunity cost of $100k up front and $250/mo until you retire will only cost you about $1.5 mil in retirement at age 67. YOLO

[Miakis]

Sell your home and move into one with a pool. You'll save yourself $80-$100k since pools, at least in our area, add zero value to a home. In fact, they actually reduce the value in many cases. …. You are likely way underestimating the $3,000/annual number. I would double it.

I second everything this person said.

I built an $80,000 pool. Which needed another $20,000 in grading and retaining wall. And then $20,000 of landscaping. And a fence. It’s beautiful. I use it every day in the Summer. I love it.

I have a friend who spent 3x what I did on hardscaping and landscaping around their pool. And we both did our projects in 2019. Costs have just gone up since then.

I would never build another pool. I would absolutely buy a house with a pool, though. Seriously though, the pool adds negligible value (maybe 50% of the cost, maybe less).

Also, something breaks every year. The pool cover, the heat pump, the salt cell, the pump, the sump pump, the lights. So you are underestimating your cost. Probably by $2000 a year on average.

I’d still happily accept the annual cost, but unless your house is your custom built forever home, you are way better off shopping for a new house with a pool, or as others have suggested: a community with an HOA pool.

[ReadyOne]

No. You cannot afford it.

My brother and sister in law have earned very high incomes. They have two kids. He has said yes to everything.

He is talking about having to work until 70.

They could have had many, many pleasures, just not every pleasure. And he'd have plenty of money to retire on his preferred timeline.

[Artsdoctor]

Thank you all for the thoughtful replies.

Few points:

• If we decide to build a pool, I would rather do it now since I feel it will get heavy use in the next 5 years and anticipate usage will decline as kids get into teenager years.
• We already have access to a community pool with a slide & kids splash pad (20 min drive + 20 minutes to get the "pool bag" together). Again, I feel $100K is a heavy premium for convenience of backyard pool.
• $80K would include relocating HVAC, screen enclosure, pool heater and optional $20K to upgrade decking from concrete vs pavers (got quotes from multiple pool builders all around the same ballpark)
• Moving is not an option
• Already proposed an above ground pool, that idea was shot down.


As some users mentioned: Happy wife, happy life.
I feel a fair compromise is to use the 100K to build the pool now and she would repay the "loan" when she starts working (plus interest, kidding). She would earn about $60-80K per year.

We've had a pool for many years and have enjoyed it. If you're going to go for the expense of putting one in, consider adding a spa to it since it'll probably extend the life of your experiences with a relatively modest increase in cost.

As much as I enjoy our pool, it is a money pit and it's a bother. In Southern California, it's possible that NOT having a pool in some neighborhoods would decrease the value of your property but overall, the reason to have a pool is for the enjoyment and not the value.

It's fine to plot out the expenses that you think you can anticipate, but there will always be more costs. The upkeep, the energy bills, the mechanical maintenance and replacement, the liability with kids around, the water use, the water bills, the foliage planning, etc.

If you really feel as if the financial planning will be tight, I wouldn't really recommend it. If you feel that you can easily roll with punches, go for it.

[JoeNJ28]

I agree with the posters who say never buy a pool this is Bigleheads after all you need to think of the compounding returns that money could be worth. What’s worth more to you? The money now when you can spend it while your young with your family or the money when your the richest person on your gravestone row. /s

For real get the pool and enjoy life, no point in saving every penny to a miser. You are better off than 95% of American families enjoy the fruits of your labor. This board is full of people who will tell you that you can’t retire with $10 million in the bank at age 45 spending 65k a year because think of the future value if you work. If I could past memes I would do the SpongeBob one but the site doesn’t allow it.

[Jeepergeo]

30+ year pool owner. I have never really regretted having the pool and it is a blast when the grand children come over.

I spend much less time maintaining the pool than I would on a similar area of lawn, so for me, it has been a time saver.

Electric costs here are very expensive, so running a 2 HP pump and filter for 8 to 10 hours per day cost about $175-$200 per month. Chemicals run about $100 per month May thru September and about $50 per month October thru April. I do my own service except doing the DE filters, which I have a pool company do, twice per year, at $125 each plus a $20 tip. Test kit refills and miscellaneous chemicals and tool about $150 per year.

Cheap? No. But it is worth it to jump in on a hot day!

Life enjoyment is important too, not just saving. A pool is much more fun than a Porchse too.

[Catalina25]

What would be more fun, a pool or a solid gold urn?

[Metsfan91]

Can I afford to build a swimming pool?

Thanks!

Not right now. Once your spouse joins the workforce build at that time.

[Oddball]

Can I afford to build a swimming pool?

Thanks!

Not right now. Once your spouse joins the workforce build at that time.

Not just you Metsfan, but everyone that posted that they can't afford it. How did you decide that?

They have just over a million saved between retirement account and a brokage account, 6 months EF, and going to use $100k from a HYSA (not sure if this is part of the brokage) to install the pool so they are not taking on debt to build it. They own their home, not sure the equity in there but clearly it isn't zero. They are already saving $45k a year for retirement. Given that they are currently ~40 years old, using this info ($1,000,000 starting + $45k a year) at 60 they should have ~$4 million saved if their investments go up 5% annually. Plus whatever home equity they have.

If I change the starting value to $1.1 mil, the final value after 20 years is $4.3 mil. Better of course, but does that extra money really matter? I would say it doesn't.

So really, on what basis is it they can't afford it?

What would be more fun, a pool or a solid gold urn?

Clearly some people would prefer the solid gold urn over a happy wife and great memories with their kids. To each their own.

[cmr79]

I'm not sure that anyone is really saying that OP can't afford the pool in the traditional sense that OP doesn't have the money to pay for it. Clearly OP does. But OP also mentioned early retirement in the first post, and they also mentioned potentially needing to pull back from retirement savings. I think the overwhelming response is that, while OP can afford to put in the $100k pool without going into credit card debt, they might not be able to afford putting in the $100k pool while still meeting other financial goals. I don't think that OP has posted enough details for us to know for sure, but this is why I suggested that OP sit down with the wife and look at the numbers and long term effects of this expenditure.

Pools seem to be a very personal topic here, moreso than I would have expected never having had one myself. I think the balance of the advice would be different if OP was indeed asking about buying a $100k sports car, though from a financial standpoint that seems like a pretty good comparison.

[selfdirected]

no you cannot afford it. you want to take half of your tax fee money and build a pool. go with largest intex pool. or even better import inflatable pool from china. May be 5k cost.

[PeninsulaPerson]

Clearly some people would prefer the solid gold urn over a happy wife and great memories with their kids. To each their own.

The OP implies other concerns including cost of pool maintenance and perhaps how much of his time dealing with a pool will take.

He has $$$ concerns.

Sounds like his wife is a SAHM and the kids already have plenty of swimming lessons apparently. But, yeah, sure, more-more-more always and forever if that will keep his wife and kids happy. What about his happiness and peace of mind? What about finding a good 3rd way as a family?

Again, I feel $100K is a heavy premium for convenience of backyard pool.

Our budget is already pretty tight and might have to pull back on some retirement savings to accommodate.

[alfaspider]

You can "afford it" in the sense that you have the money and it will not cause any immediate financial calamity. But it seems like it's a very poor use of your money. You are looking at plunking down almost 10% of your net worth in an asset that has next to no residual value (pools tend to be net neutral to home values even in places where they tend to be used). Don't underestimate the time and expense of maintaining it.

I had a pool in Texas at one point (came with the house), but we made a firm decision that our next house would not have one. It was occasionally enjoyable, but I spent as much time maintaining it as using it. Are there any fitness clubs or community centers with pools instead? That would give you access to a pool that someone else maintains.

[ROIGuy]

You should also check with your home insurance company and find out how much that is going to change once you put a pool in.

[Rookie expert]

Thoughts from a 20+ year experience as a pool owner, also a licensed real estate broker of 35+ years that may not have been mentioned: pools are often a love/hate issue when buyers look for homes. Pools became more popular during the COVID era as families wanted to stay home together. Pools also require expensive resurfacing costs every 10 years or so ranging from $8K for basic plaster to around $13K. Annual costs are on the increase as well, chlorine has more than doubled. My ongoing survey of clients and friends indicate kids often lose interest in a pool in their mid teens. Would I put in a pool? Never. Would I buy a home with a pool? Maybe, but never a diving pool. Oh, I'm in Texas, it's hotter than blazes here.

[thedaybeforetoday]

Thank you all for the thoughtful replies.

Few points:

• If we decide to build a pool, I would rather do it now since I feel it will get heavy use in the next 5 years and anticipate usage will decline as kids get into teenager years.
Counterpoint: That's 20k/year to rent a pool. Then you have to either pay to maintain it or fill it in.
• We already have access to a community pool with a slide & kids splash pad (20 min drive + 20 minutes to get the "pool bag" together). Again, I feel $100K is a heavy premium for convenience of backyard pool.
Agreed
• $80K would include relocating HVAC, screen enclosure, pool heater and optional $20K to upgrade decking from concrete vs pavers (got quotes from multiple pool builders all around the same ballpark)
• Moving is not an option
Why not?
• Already proposed an above ground pool, that idea was shot down.
By those who aren't working to earn the funds to pay for the pool.


As some users mentioned: Happy wife, happy life.
You can't be serious[. A $100K to purchase some very temporary happiness seems a poor investment/color]
I feel a fair compromise is to use the 100K to build the pool now and she would repay the "loan" when she starts working (plus interest, kidding). She would earn about $60-80K per year.
That's 1.5 years of work to earn the funds for the pool and any ancillary costs along with some maintenance. Wife works first, then the pool arrives.

[Dusn]

I’m really surprised that there’s no closer pool available in florida than 20 minutes away.

[tiger81]

Yes you can afford it. It’s not an investment by any means, but If you believe you and your kids will use it , do it. I live along the northern gulf coast and we use our pool and hot tub all the time. It’s one of the best purchases I have made

[Metsfan91]

OP, maybe pool can be the incentive for your wife to accelerate her return to work. The sooner she joins the workforce, the sooner the pool gets built.