Dive into pool ownership without drowning in debt

On May 12, 2017 in Home ImprovementSwimming Pool

Dive into pool ownership without drowning in debt

Pool Ownership Debt

Bright sunshine, warm temperatures and lazy days by the pool are just ahead, and many homeowners are dreaming of their own backyard oasis where they can cool off or throw a great party whenever they wish.

Pools are among the nation’s most popular home-improvement projects and have been for decades.

Is a new pool on your wish list?

Pools aren’t cheap to build or to own, but for many, the enjoyment they provide is worth every penny invested in construction and maintenance.

According to Home Advisor, the average in-ground pool costs nearly $42,000, but there are many factors that impact the total expenditure. These include: size and location, type of pool surface, decking, the filtration system, and accoutrements such as diving boards, slides and fencing.

You could go all out and have your own backyard waterpark with heaters, waterfalls, multi-levels, massaging water jets and much more — if your budget can stand a six-figure outlay.

You could also have a small, basic, in-ground pool for half the average… or you might consider an alternative for much less if an above-ground pool is a viable option that would satisfy your desires, says Home Advisor.

It all depends on your financial situation and just how badly you want a pool.

Financing

Are you ready to take the plunge? You can have a very nice pool and finance part or all of the project cost.

Loans for swimming pools are available at very competitive rates and can be structured with monthly payments that fit your budget. It’s not unlike purchasing a car, in that most people prefer to pay the obligation over time rather than paying the cost in one lump sum — even if they have the capacity to do so.

Property values

A word of caution when it comes to purchasing a pool: According to House Logic, the jury is out on how much a pool affects a property’s value. Certainly a new pool adds to a home’s bottom line, but a post at Money Crashers makes the case that a pool is among those projects that may not increase an appraisal to the extent that other home-improvement projects yield.

If you’re planning to sell your home in the relative near term, you’re likely to obtain a higher price with a pool that is still in its early years of usage and in good shape. Older pools diminish in value as needs arise for resurfacing and repair brought on by ordinary wear and tear.