Pools are not only beautiful and fun, but add to the value of your home. Building and renovating projects are often financed with a mortgage, much like your home. Finding either a banker who has experience in financing pools or a pool dealer with in-store financing options is also key to making your backyard dream affordable.
Pools are typically financed through a long-term mortgage similar to the one you likely obtained to purchase your home. Since you can spread out the payments on your pool over a longer amount of time than, for example, a home entertainment system, your monthly payments are often small enough to make your dream pool affordable.
The key to successfully financing your pool is finding a lender who has some knowledge of the swimming pool building process and its nuances. Here are some helpful tips.
- Some pool builders offer in-store financing, allowing them to easily tailor a manageable monthly payment to your situation. They can often get you approved in 24 hours or less. The builder can explain financing options, loan terms and current interest rates.
- A bank might do one swimming pool loan a week, but pool builders who offer in-store financing do them all the time, so you can be assured that you'll be speaking the same "language."
- If you're building a home, consider building your pool at the same time. This trend has building contractors advising customers to roll a pool in on the first mortgage along with the house. Talk with your building contractor to learn more about this opportunity
Don't let sticker shock keep you from getting the pool of your dreams. Financing a pool is just like financing a house, car or any other major purchase. A seemingly overwhelming sum can be easily broken down into manageable monthly payments.