How to Finance a Swimming Pool And Why You Should  

by Pool Builders on 05-01-2011 in Articles

So you have a great home, but you always find yourself wishing you had a swimming pool to spend your time in. There are advantages to doing this (besides the afternoons you'll spend in the pool) and a lot of different options for how to finance a swimming pool.

The obvious advantage to doing this is the fun of having a pool. You'll hopefully spend a lot of time in your backyard in and by this pool, getting a lot of use out of your money, and it'll be a great way to bond with your family and friends. You'll probably go out less since you have a more fun way to spend your time at home. But these are all the more personal benefits to building a swimming pool. There are financial benefits as well. There are financial benefits to doing any kind of home improvement project. This will add a lot of your value to your home when you sell it down the line.

It is this reason that lenders will want to work with you on this! Home improvement projects have a lot of value and lenders will see the smart idea in that.

What types of loans should you look at? You can get financing just like you would for a car or any other major purchase. There are other options, too, though. You can also look at getting a home equity loan--this is getting a loan on the amount of money you've already paid on your mortgage (your equity). The downside to doing this is that you are using your equity as collateral, so if you fail to make your payments you could lose your home. The benefit to taking this risk is that you'll get offered a lower interest rate.

What do you want to look for in a lender? The first thing is someone who will see the value in what you are doing. Try the bank you got your mortgage through, and also look at other companies that have done swimming pool financing before. They will have a good idea of your options, understand the process of lending and building, how this will add value to your home, and generally be the most help to you throughout the process.

As with all financing you want to find the lowest possible interest rate, shop around and look at the terms and conditions of multiple companies, and a lender that will work with payments that you can handle. If you need to pay a certain amount each month, or over a certain amount of time, shop around for that.

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