To feel every day like a vacation, installing a pool in your own backyard is the best idea. Now you can enjoy your backyard as if you’re at the oasis. You can enjoy sipping margaritas and juices for long hours without worrying about anything. Adding a pool at your own place will increase the worth of your home, and will make your home look more incredible and unique. But installing your own pool is not a cheap thing. You would need a huge amount of money to invest in that. In-ground pools can cost you from $20,000 to $100,000, it depends on you how much you want to invest in a pool. Besides the cost of a pool, it also requires a lot of maintenance and care. Transforming a dream into reality will costs you a lot, you may have to spend your whole living on that which is impossible for everyone.
If you want to fulfill your dream, but don’t have enough money to afford it. There is happy news for you guys, now you can transform your dream into reality without worrying about money. There are various pool financing options available for you. All you have to do is to select the best option which is more suitable and appropriate for you.
In this article, you will get an easy guide regarding pool financing. There are some important points regarding pool loan which a person should know before installing it.
- Multiple financing options
- Personal loans
- Home equity loan and HELOCS
- Pool financing through a dealer
- Pool expenses for maintenance
- Not easy to get a pool loan.
- Do not borrow extra money.
- Pool loan may get expensive for you.
Multiple financing options
There are multiple ways through which you can finance your pool financing. You must know what these ways are and choose the best one for you.
You can take personal loans to fulfill your purpose. These usually take one a person needs a huge amount of money, for example installing your own pools costs you a lot, therefore you can finance through personal loans.
You can get these loans from multiple sources like banks, credit unions, and online lenders. But the important thing you should know about these loans that they differ in some way. Therefore, you need to know the difference between them.
There are two basic types of personal loans, secured and unsecured. Secured loans are easy to get, but the problem with them is that you have to pledge personal property as collateral. This personal property could be your car or any other vehicle. If you don’t pay the loan back the lender will keep your car or home. An unsecured loan does not require collateral, but the problem with loans is that this loan is not easily available to everyone, and these loans also have higher interest rates. Another problem with personal loans is that if you have bad credit, you may not get a loan.
Home equity loan or HELOCs
Another way to get a loan is a home equity loan. In this loan, you have to keep a home as collateral and you get a loan for your purpose. These types of pool financing have fixed rates and you have to pay them back through monthly installments. These types of loans are excellent for people who have enough equity in their houses. They can easily get a loan of 80% of their home equity. The major advantage of this loan is that it does not have much interest rate. The biggest disadvantage of this type of loan is that you keep your home will at the risk of foreclosure if you don’t pay the loan back.
Pool financing through a dealer
Some dealers will help you to get you a loan. They will process your information to lenders. But sometimes the dealer arranged finance could be more expensive than other options in the market.
Pool expenses for maintenance
Another factor that you should keep in mind before installing a pool is the maintenance of the pool. You need on-going maintenance for your pool. Some of the expenses you may face are as follows:
- Equipment’s for cleaning.
- Water and water treatments
- A pool cover
- Pool cover
These expenses are very important to keep in mind. If you maintain them only then you will be able to keep your pool long.
Not easy to get a pool loan
Another obstacle while installing your pool could be that are you going get a loan or not? Even if you decide to pay a high interest over pool finance, sometimes you don’t get it. There are eligibility criteria that you have to meet before getting a loan to be passed. For example, the lender may see your credit card history or other factors.
Sometimes lenders get ready to give a loan even to people who have bad credit card history, but this loan is usually given when a person is willing to give a high-interest rate on that.
Do not borrow extra money
Sometimes you get tempted to borrow a huge amount of money. But you should keep in mind before borrowing this money that we have to repay it with interest. So you should borrow the money which you required, in this way you will get a lower monthly payment.
Pool loan may get expensive for you
You are investing your huge amount of money in the pool. Pool financing also depends on the type of loan you want to install and there are other factors like location and the pool size.
There are different types of pools and their prices.
- Vinyl pools: $20,000 to $60,000
- Fiberglass pools: $20,000 to $40,000
- Concrete pools: $30,000 to $60,000
So before installing a pool you should know about the types of it, and install the type you think is more suitable and appropriate for you. The important thing you have to keep in mind is that when you repay the loan you have to pay the interest on that too. Therefore, you should calculate the money properly before installing a pool.