How can I pay for a swimming pool? This is a question that the swimming pool contractors from Advanced Pools, Inc. in Memphis, Tennessee get asked all the time. If you understand how people — your friends and neighbors — have financed their swimming pools, you will be able to see how you can finance a pool for your family.
How can I pay for a swimming pool?
Here are some ways in which customers have paid to have their own swimming pools and maybe one of these will be right for you:
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- They’ve saved and are now paying cash
- A home equity line of credit
- A second mortgage on their home
- Taking out an unsecured loan
- Putting the cost of the pool on their credit card
If you’re going to have to obtain financing for your swimming pool construction project, make certain you receive pre-approval before you call a pool company to come out for an estimate on a pool project. You don’t want to work with a pool company to obtain an estimate only to find out you aren’t eligible for financing.
An unsecured loan is typically sought by individuals who can’t qualify for a second mortgage or a home equity line of credit. An unsecured loan doesn’t reqire home equity, but you will need to have a solid credit score.
A home equity line of credit is one of the best ways many homeowners find to finance their pools because the interest rates are typically lower than with other types of financing.
If you have to put the cost of the swimming pool on your credit card, make certain you are accounting for the long-term price of the pool and the finance charges you will be paying.
Don’t forget, regardless of the type of financing you use for your pool project — unless you’re paying cash — you will need to budget for increases in your home’s utility bills and for ongoing upkeep and maintenance of the swimming pool once the project is complete.
If you need help or advice on financing, contact us.
