Swimming pools are an investment. The average inground swimming pool costs $35,000, with most people paying between $28,000 and $55,000 depending on the pool type, shape and size. When you start the process, you’ll want to get estimates from several reputable pool builders and then compare the costs.
As you come to a decision, the next step is deciding how you will pay for the pool. Fortunately, there are many options that can help make your project more affordable. Here are five ways that you can finance your swimming pool.
1. Finance your inground swimming pool through a bank.
Most banks offer home improvement loans to their customers. Check with your bank to see what your options are. You’ll need to complete an application, and the loan department will look at your income sources, credit history and assets. If you are approved, you’ll have the money to pay for the pool and then you can make payments toward the loan every month.
2. Use your pool contractor’s financing options.
Some pool contractors in Jackson work with specific lenders to help their customers secure financing. When obtaining estimates for your pool project, ask the pool builders if they offer financing, and if so, with which lenders. They may have one lender or several, so you’ll want to pay attention to the loan terms and interest rates.
3. Pay for the pool construction with a credit card.
To get things moving quickly, it might make sense to use a credit card. This way, you don’t have to wait on bank financing. However, you’ll want to be careful using credit cards to finance your whole project, as interest rates are high and you may have to max out several cards. Instead, it’s best to use credit to get your project going and then pay for the rest using savings.
4. Use the equity from your home to pay for the pool.
Your home equity is the difference between the fair market value of your home and the mortgage balance still owed. If you have equity in your home, you can use it for home improvement projects like installing a new pool. Home equity loans are paid back through monthly installments, and you can enjoy fast approvals and low interest rates.
5. Borrow against a home equity line of credit.
A home equity line of credit (HELOC) offers favorable terms for borrowers. It works a lot like a credit card, as the lender sets a limit and you make monthly payments with interest. However, these loans have variable interest rates, so they can change over time. They also only allow you to take out certain amounts rather than getting a lump sum of money.
These are just some of the most popular ways to finance a pool project. Not everyone has the cash to start building a pool right away, and that’s okay. To learn more about your options for building a pool on a budget, contact Paradise Pools.