Swimming pools are great summer fun, but financing one and getting it installed can be a challenge. Figuring out how to get the money for a brand new swimming pool for the kids can be a daunting task.
How can you make your dream a reality and install your own outdoor swimming pool?
Financing your swimming pool doesn’t have to be a challenge. Here are some tips to help you get enough money for it, as well as advice on when you should hold off on purchasing a pool.
Understand the Costs and Types of Pools
There are many different types of swimming pools, and each is going to come with its own set cost. A tiny average in-ground swimming pool starts at around $51,416, though this can go up significantly depending on the complexity, size, and location of the pool. It will also cost quite a bit to maintain and clean the pool on a regular basis.
Depending on your yard, you may have to prepare the area for an in-ground swimming pool. They’ll clear away any trees and foliage that need to be removed and dig out an area for your new swimming pool.
Some pool owners also install decking to surround their pool, which will come with a separate fee depending on the size of the deck and the material you choose for it.
Safety features can also be installed in your pool; these can alert you to an animal or child falling into your pool while you are away, or fencing to keep out intruders. These are crucial if you live around other families or have young children, so keep your security features in mind when shopping!
How to Finance Your Pool
Did you know that there are ways to get loans to finance your swimming pool? Home equity loans, personal loans, and in-house loans are all ways to help you finance your dream pool.
With an in-house loan, you will be receiving your loan directly from the company you are buying your pool from. While not all providers will do this, it doesn’t hurt to ask if the company you’re considering will work with you on financing.
Some banks will also allow you to take out a personal loan to finance your pool. You’ll need to keep an eye out for interest fees with this option and start paying back as soon as possible!
As for home equity loans, these are basically second mortgages on your home. With this, you’ll be able to borrow between 80-85 percent of your home’s worth to finance your pool, and your home will be used as collateral.
With any loan option, you’ll want to take out as little as possible to help you with financing. This will prevent the need to pay back a lot of money later.
When You Should Finance a Swimming Pool
Once you’ve figured out what type of pool you want and how much you’ll need to spend, it’s time to get down to brass tacks. Here are some signs that you are ready to start financing a pool.
You Have More Than One Financing Option
When it comes to loans, you’ll want to make sure that you have the option of receiving a loan. Check your credit score first and ensure that you can get a loan from a bank if need be; you’ll want something to fall back on if things go south.
You Can Maintain Your Pool
In order to keep your pool clean and running smoothly, you’ll need to do regular maintenance. Make sure you will have the time to clean your pool on a regular basis, as well as the knowledge to repair your pool if you need to.
Of course, you can always hire help for cleaning and repair; if you decide to go this route, ensure you have enough money to pay off any help you need as well!
Signs You Should Wait
If you have any doubts that are hindering you from buying a pool, then don’t worry. Here are a few of the signs that you should hold off on buying a pool until you’re better equipped.
You Are Unable to Get a Loan
Is your credit score too low to afford you a loan or you are unable to get a loan for another reason? If so, you might want to wait a bit longer to buy a pool; it’s important for you to be able to get a loan if absolutely necessary to avoid going into debt.
You Don’t Have Time to Keep Up With Maintenance
If you don’t believe you will have the time or willpower to take proper care of your pool, then you probably shouldn’t buy one. Pools are a commodity that requires a lot of cleaning and maintenance, so ask yourself if you’re ready for the responsibility first.
You Only Want the Pool to Boost Your Home’s Value
Are you buying the pool just because you want to raise your home’s property value for future buyers? If so, then you are better off trying another tactic.
While it’s true that swimming pools can raise your property value slightly, it isn’t enough to warrant buying one just so you can sell your property later. You’ll end up losing far more money buying the pool then you will get back.
Enjoy Those Hot Summer Days
Unrestrained summer fun is well within arm’s reach this season! Your friends and family will love having their own swimming pool to enjoy at home.
Have you been wanting a swimming pool for your backyard but aren’t sure where to go for one?
We’re here to help! Contact us with any questions you might have about purchasing your first swimming pool today and how to get help financing your dream pool.
