Choosing the Right Location.

Before you begin check you local county codes. Some counties will require you to have a fence around your pond if it is bigger the X amount of area and or depth. They may also have required set-backs from property lines.
Think about the kids in the area as well. (Think of their safety as well as pets.)

Now with that out of the way let's go on to the fun stuff!

Sun, Shade and Wind
A sunny area is always nice but also means you will be taking more time maintaining your pond. Ponds in sunny areas are more apt to grow algae. (Not that algae is a bad thing for your pond.) Too sunny of an area will also evaporate your water faster and require your constant filling, thus changing the temperature and condition of the water. A shaded area is ok, but your pond plants usually want 4-6 hours of sun a day. You also want your water to be warm enough for your fish. Too windy of an area near trees will be inviting leaves into your pond that you will have to clean out.

Goldfish like water temperatures 50-70 degrees to stay active. They can handle temperatures up to 95 degrees, but only for a very short time. Goldfish tend to find the deepest spot during the winter and go into a hibernation type state when the water get cooler then 40*.
Koi can handle the same water conditions as Goldfish, however, once the water reaches 70+ degrees they will tend to slow down. Koi should be in water that is at least 3 feet deep - the shallower the water - the easier they are to become food for would be predators.

Plan an area where you won't be stuck pulling dead leaves out all winter long. (I did this twice a week until I cut down the trees.) There are a couple of things you can do if you have no choice but to put your pond by trees that drop leaves during the winter: One is to do what I did - which is use a pool skimmer net to get them out - you can buy bird netting and stretch it over your pond to catch the leaves and wait for the next good wind to blow them off.

Don't put your pond under Cedar trees. Cedar is toxic to ponds and could kill your fish.

The best spot for your pond would be an area that is away from leaf dropping trees, but still get shade from trees during the summer. The pond still needs to have at least 4-6 hours of sun a day to keep the water warm and plants happy. Keep in mind the sun changes location in the sky from summer to winter. An area that gets 4-6 hours of sun during the summer but all day during the winter would be perfect, provided your winter days don't have too many days above 70 degrees.

A few last things to remember when picking out a location is that you will need power for your pump, UV filter and possably lighting. You will also need to make sure you have enough space for your pump and filter.

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