Swimming Pool Financing

Inground Pool Cost

That's why you're getting your ducks in a row to see if installing a swimming pool would add value to your home and be a good home improvement project.

Financing a pool is really no different than any other major purchase like a car or your home. Some lenders may even look upon the addition of a swimming pool as a "home improvement" and may be willing to work with you. Most lenders should look upon a pool as an investment into your home and possible increased resale value.

And before you put a swimming pool in your backyard, remember you're going to need to make payments on that cement pond. Don't try to tell your lender, "Well, I woke up one morning and someone had stolen the pool! I don't have to make any more payments, right?"

Swimming Pool Financing Plan

Well, you just can't say I'm gonna do it and BAM, there it is. There needs to be a plan, right? Maybe these little thoughts will help you along the way.

1. How much are you willing to invest?
2. Will you have a smaller or larger sized swimming pool? Any additions such as hot tubs, waterfalls, heaters, or decking?
3. What's the total swimming pool costs?
Some pool builders may finance in-house and may save you a great sum of interest in the long run.
4. Some lenders may consider you swimming pool financing as a long-term option and will finance you on the value of your home after you've made the improvement
5. Find a lender that is experienced in swimming pools
6. Get a plan that fits your situation and budget

Some owners want a long-term loan with smaller payments. The down-side to this is you'll probably pay more interest in the long run.

Some may want a shorter loan with slightly higher payments while others may want to finance only the pool and not the decking or landscaping.

7. Are you building the house now?

Ask if you can build the pool at the same time. Talk with your contractor about this and see what they say.

8. Have you considered a HELOC? (home equity line of credit or loan) Is the loan a fixed rate or adjustable?
9. Are there any tax benefits?
10. Be sure about any private swimming pool regulations

Also remember besides your swimming pool financing, you have the most important aspect of any pool, swimming safety.

Purchasing a pool doesn't need to be a "pull your hair out" ordeal. Most swimming pool financing is a long-term program like the one for your home. You can spread the payments over a longer period and make the monthly payments that are within your budget.

If you think you have a good plan, please remember a couple of things:

1. Don't allow your emotions to get the best of you. This is a business decision and you can't compromise on quality, workmanship, maintenance, warranty, or service.
2. PLEASE don't get in over your head. Use that 3lb. piece of meat between your ears....it's called your brain.

Do your homework, ask the right questions, find the right lender, and if it's not going to work, then drop it

Swimming pool financing takes time and energy, but if all the ducks in your pool life are lined up in a neat little row, it's worth it.

You need to have a good pool plan, size up the project, be smart, think it through, take it all in, and examine every aspect.

Having a swimming pool is fun but it won't be for long because you forgot to add up everything and now you can't make the payments.

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