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How To Afford A New Pool Now!

Posted by Jeff Holloway

 

If you’ve had dreams of a sparkling pool adorning your backyard for years, but felt you could never afford it, dream again! You don’t have to make six figures, win the lottery, or even dip into your hard-earned savings to be the proud owner of an inground pool. The perfect time to build your family oasis may be sooner than you think because of these three simple pool financing strategies.

Pool Financing

Your pool builder can provide you with how much it will be to get a pool built and also a list of reputable pool financing companies that can easily and quickly finance your pool. Interest rates are at an all time low right now, even for pool loans, which mean your monthly payments on your cool summer retreat will be lower than you might have imagined. You also aren’t required to have equity built up in your home for this type of loan, however interest rates will be higher.

Home Equity Loan

A home equity loan is the ideal financing option for homeowners who’ve had time to build up sufficient equity in their home. Approximately 6 years is a good rule of thumb, depending on how much you put down on your house when you purchased it and the market conditions in your area. The interest rate is even lower for this type of loan, compared to a finance company because the value is already built into your collateral. The good news with a home equity or home improvement loan is in most cases the interest you pay is treated just like your home’s mortgage interest, so you can write that amount off when it comes to tax time.

Refinancing Your Home

Refinancing your home is another good option, and 2013 is a great time to do that, as well! Not only will you lower your original house payment, but with some of that savings you could roll in (or take out) the price of the pool. You could actually lower or maintain your original payment and have a gorgeous sparkling pool as your bonus, depending on how many years you refinance. Again, this scenario depends on how much equity you have in your home.

If you’ve ever wondered, “How much it costs to build your dream pool, and how will I ever afford it?”, hopefully you’ve found some answers here. With some smart financing options it could be sooner than you think – maybe even this summer!

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