A swimming pool is not only fun to have around, but it can ultimately increase the value of your home. It’s an asset.

When you decide to build a pool in your home, there are a lot of questions that come to mind.

One of the most common questions is, “how much will it cost?”

According to Home Advisor, the average cost of building a pool in your home is a little above $44,000.

If you don’t have enough cash, you can opt for other financing methods like swimming pool loans. There are so many pool financing companies that you can choose from.

Features that Affect the Cost of Building a Pool

Before taking a pool loan, you need to come up with a budget for your swimming pool.

By considering the features that affect the cost of installing a pool, it will be easy to get estimates and quotes of the amount required for the whole project.

Some of the features that increase the cost of a pool include:

  • Lighting: Underwater pool lights not only make your pool look attractive, but also increases safety after dark. You can add spotlights and floodlights to draw more attention to distinctive features of the pool and low-profile lights for walkways.
  • Pool Cleaners: Pressure and electric cleaners have their own filter bags and pumping systems. Suction cleaners are popular with homeowners because they improve the filtration and pumping systems. If your budget isn’t limited, you can install an automatic control system to your swimming pool.
  • Surfaces: Pool tiles come in a wide array of designs, colors, and textures. Slip-resistant floors and tiles may cost more than regular tiles. If you are thinking of getting a vinyl pool, keep in mind that you have to get a liner replacement the liner occasionally.
  • Pool features: They include bubbles, jets, fountains, spillover hot tubs, and waterfalls. If you don’t want your pool to be so basic, you can incorporate some of these features, but at a cost.

Factors to Consider Before Taking a Pool Loan

Swimming pool loans vary from one financing company to another. For instance, some may focus on the region, while others may focus on the type of property you have.

Here are some of the major factors to consider when comparing swimming pool loan rates from different companies:

Secure or Unsecured

You can take a secured swimming pool loan by borrowing against another asset like your property or vehicle. In the event you fail to repay your loan, you are likely to lose your collateral.

This is not the case with unsecured loans.

However, you can suffer other financial penalties if you fail to service your loan. One of the most common penalty for this is having a bad credit score.

Loan Term

Even though longer loan terms have lower payment installments, you may end paying more interest. It’s recommended that you pay your pool loan quickly to keep the interests down.

Loan Amount

For home equity loans, the maximum loan amount that you can borrow will depend on your property’s value. Your financial situation and creditworthiness will also impact your loan limit. Use a pool loan calculator and carefully compare the rates of different financers before making a decision.

Swimming Pool Loan Financing Tips

Here are some useful tips to keep in mind as you shop for swimming pool loans.

1. Build Your Pool During the Off-Season

Contractors are usually busy towards the end of spring and beginning of summer. Even though it may be tempting to rush a pool in time for the hot summer season, having it built during the off-season can save you a lot of cash and headaches.

2. Get Funds Instantly with a Homeowner Express Loan

Pool contractors usually want their money upfront, but equity loans take as much as several weeks to process your funds. You can use the Express loan option to pay your pool contractors, and then pay off the express loan using the equity pool loan.

3. Go for the Lowest Possible Interest Rates

This will save you money in the long run. It’s recommended to go for a home equity loan – it offers the lowest rates in the market. However, you need to have some equity in your home.

4. Don’t Put Your Credit Score in Jeopardy

Building, maintaining, and repairing swimming pools are expensive, so don’t put your credit score on the line by taking a loan for the entire project (unless you are sure you can repay it).

You can save some money by doing the cleanup and landscaping yourself.

Take a Pool Loan That You Can Handle

Taking a loan is easy, the hard part is repaying it. So, borrow what you can handle. While you may think financing for pools is within your reach, make sure you’ve taken all your finances into account to begin with.


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