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Swimming Pool Loans: Financing Your Backyard Pool

Unlike previously, the cost of pool installation and maintenance is achievable. This has been possible through the various swimming pool loans offer available in the market. Loans can be very costly and drown you in debt. It requires proper planning and strategy to effectively use the loan and pay it back within the specified time.

Unsecured personal loans

In this type of loan, you don’t need any form of security. These loans are available from credit unions, online lenders, banks, or peer to peer lenders. The tariffs are high compared to secured loans. The repayment periods fall between 1–7 years, preparing you in advance on when you ought to have cleared your swimming pool loans.

Home equity loans

Home equity loans allow you to borrow against the equity in your home. Your home acts as security for the loan. This makes the interest in this type of loan smaller compared to unsecured loans. Using the money you get from a home equity loan to renovate your home, reduces the interest on your tax if you deduct it from each product. A disadvantage to this type of loan is that you bear the risk of losing your home if you default the loan. Payment of this loan ranges from 10 -15 years, which is longer than the duration of personal loans.

Pool Vendors

Pool vendors will assist you in raising finances by connecting you to financiers. This arrangement is, however, expensive compared to the other methods of swimming pool loans.

Costly nature of pool financing

Swimming pool construction is a costly venture. The cost differs depending on the type of pool installed and other factors like your pool size and shape, geographical location, and additional features.

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Roughly the prices of different types of pools are as follows. Concrete pools: $30,000 to $60,000, Fiberglass pools: $20,000 to $40,000, Vinyl Pools $20,000 to $60,000

 If you want your pool viewed on HGTV, you require unique features such as grottos, waterfalls slides, an attached spa, and others. This can cost you up to $100,000 for a desirable product.

Interests are part of the loans you get to construct your dream pool. The rates can be as low as 5% to as high a 36% annual percentage rate, depending on the financier, period, creditworthiness, type of loans, and other factors.

Qualifications for swimming pool loans

Tariff rates might not be a challenge. The most important question in acquiring swimming pool loans is the qualifications to secure a loans. Financiers consider several factors, such as your creditworthiness, before they can grant you a loan.

Some lenders may offer loans to people with poor or bad credit. But this comes with a bigger responsibility, which is dealing with the high tariffs imposed. If your credit requires a bit of improvement, it is better to build your credit first, and then you can consider installing a pool. There is no need to instill financial strain on yourself to acquire a swimming pool that will eventually sink you to debts.

The value of a pool to a home

A swimming pool indeed increases the value of your home. The value is not as significant as most people believe. This belief is falsely placed, and you should not bank on this as a reason to construct a pool. House Logic states that a new pool will raise the value of your home by 7%, and the raise will only be evident in the following circumstances;

• Your home location ought to be in a warm place that the pool is favorable during all seasons.
• Your pool should be modern, designed like others in the surrounding area, and be well maintained.
• The location of your home should be in high-end areas, with rare pools.
• The pool ought to leave some garden space for the buyer to add their renovations.
• Other factors can increase the value of your house other than the pools.

Swimming Pool Maintenance

Swimming pool expenses extend even after its installation. For you to use and enjoy your pool, you require to maintain it. The maintenance costs arise from;

• Water treatments
• Pool covers
• Heating the pool
• Lighting
• Cleaning equipment or a cleaning service

These expenses can add up to $1,200 to $1,800 yearly, depending on location. Including repairs, usage costs, and other required expenses can cost you $5000 per year. Some areas require you to have a secure fence around the pool, and this means more money.

Pool financing can be a big deal. It requires a well-thought-out to financial strategy to construct and maintain a pool. It is, therefore, advisory to make a critical decision before jumping into pool construction.