As a homeowner, there are a number of advantages to building an outdoor swimming pool on the grounds of your property. First of all, a swimming pool can increase the value of your home by a significant amount. Secondly, there are health benefits, because if you have your own pool it encourages you to swim on a regular basis and swimming is a very healthy form of exercise. Finally, a pool can be a lot of fun and can be a great source of family entertainment, too. Just think of all those pool parties you can have!
Having a swimming pool built, however, is not cheap, especially if you opt for an inground pool instead of an above ground swimming pool. So, how do you go about financing a swimming pool? Well, it is really no different than financing any other home improvement, so you have various options open to you.
You might first want to approach your existing mortgage lender, to see what they can offer you in terms of extending your mortgage. If you already have positive equity in your home, most mortgage lenders should be willing to consider increasing your mortgage to cover the costs of building the pool. After all, once the swimming pool is built, your property will be worth more, so it is likely you will either maintain or even increase your positive equity.
Another alternative is to look for financing from a lender who specializes in swimming pool loans. Often these lenders have a fast approval process, so there is no delay to construction work starting.
You can also consider taking out a home equity loan in order to finance the cost of your swimming pool installation. You should in no circumstances, however, build a swimming pool that you really can’t afford by charging it to a credit card, where you will then wind up being stuck with ridiculously high interest payments for an amenity you should have never built in the first place (not to mention the high cost of swimming pool maintenance and cleaning you will have to contend with over time).
Whatever you do, make sure that the loan you take out is right for your own personal financial circumstances. If, for example, you want a long-term loan with lower payments, don’t make the mistake of getting stuck with having to make higher payments on a short-term loan. Because while you may be willing to be talked into any options in order to get your pool built quickly so you can start enjoying it, you will soon be sorry when the payments are more than you can handle and you wind up worrying about how you will pay them back.
There are some good deals out there for swimming pool financing, but you just need to spend a bit of time doing your homework and talking to a few different lenders. In the end, it will be worth it because you will have enhanced your home with a beautiful outdoor pool!