Question: Is It Smart To Finance A Pool?

What is the average monthly payment for a pool?

Typically, you can finance anything between $5,000 to $100,000.

Rates depend on your credit score and the number of swimming pool payment years.

For instance, if you get $25,000 financed, at 5% for 15 years, you are looking at paying $200 each month..

How much is a 12×24 inground pool?

How much does a 12×24 inground pool cost? A small vinyl liner pool that’s about 12 feet wide and 24 feet long might cost you between $25,000 (for the basics) and $35,000 for additional features like heating and fencing.

What is a good size pool?

If you’re not sure how big of a pool you need, looking at what’s popular is a good place to start. Most rectangular pools are about twice as long on one side as they are on the other, with an average depth of around 5.5 feet. Typical swimming pool dimensions are 10 x 20, 15 x 30, and 20 x 40.

Why are inground pools so expensive?

Real estate prices usually drive the prices of swimming pools. One of the reasons that a pool might cost so much in your area is because the real estate values are high and can substantiate higher dollar value spent on property upgrades such as a pool.

Is it worth financing a pool?

There are two big benefits to taking out a home equity loan to finance your pool. The first is that the interest rate will usually be lower than other sources of financing. … This exacerbates the risk — tapping into your equity could leave you underwater on your loan, owing more than the home is worth.

How can I afford a pool?

What sources are available to finance a pool purchase?Finance a swimming pool through a bank. … Use a credit union to borrow funds for a pool. … Pay for all or part of the construction with a credit card. … Finance your backyard resort with a home-equity loan. … Draw against a home equity line of credit (HELOC).More items…•

What’s the cheapest inground pool?

Overall, vinyl liner pools are the cheapest inground swimming pools that money can buy. It’s rare to find a pool builder who can build a concrete or fiberglass pool at a vinyl liner pool price. This does not mean that vinyl liner pools are never expensive.

How much does an inground pool cost per month?

The average cost to maintain a pool is $80 to $150 monthly or about $960 to $1,800 yearly. For a first-time pool cleaning service, expect to spend $150 to $350 on average. The annual cost to own a pool is $3,000 to $5,000, which includes maintenance, repairs, electricity, and water.

How much does a pool typically cost?

The average cost to install an inground pool is $35,000 with most homeowners spending between $28,000 and $55,000. The additional cost of pool ownership for basic maintenance, increased utilities, and repairs add $2,500 to $5,000 every year.

How long can you finance a swimming pool for?

Here’s why: If you obtain a home improvement loan for a pool, the term will likely be 7 to 15 years maximum. However, the length of a typical mortgage is 30 years. So, by integrating your pool loan into your mortgage, the pool costs are spread over three decades—versus the typical 7 to 15 years.

What type of loan is best for a pool?

What is the best way to finance a pool? A cash-out refinance might be the best way to finance a pool if you’re also interested in getting a lower mortgage rate. But if you prefer access to a line of credit, a HELOC is a better match. For a fixed-rate and a fixed monthly payment, you can think about a home equity loan.

How deep is a 12×24 pool?

Standard In-Ground Pool Volumes in Gallons by SizePool Size (in feet)3.5 ft Avg Depth4.5 ft Avg Depth12x247,6009,70014×2810,30013,20015×3011,80015,2008 more rows•Mar 11, 2020

Is it hard to finance a pool?

3. It may be difficult to qualify for pool financing. … While some lenders may be willing to provide financing to homeowners with fair or even bad credit, these loans typically come with even higher interest rates.

What kind of credit score do you need to finance a pool?

670Although individuals with less-than-desirable credit scores may still qualify for pool financing, in general, however, you’ll want a credit score of at least 670, though scores of 740 or higher will result in lower interest rates and more affordable monthly payments.

Will the VA pay for a swimming pool?

Swimming Pools. Swimming pools are acceptable. Note: Grant funds cannot be used for spas, hot tubs, saunas, etc. Exception: The installation of spas or variations of swimming pools are acceptable if hydrotherapy is a prescribed treatment for the veteran, and medically required.

What is the cheapest way to get an inground pool?

The best cheap inground pools The three most popular materials used to make inground pools are concrete, fibreglass and vinyl-liner. Concrete pools are often prohibitively expensive, so those looking for a cheap inground pool solution will usually choose a fibreglass or vinyl-liner pool.

Can you get a pool loan with bad credit?

Many will assume that if they have bad credit, they will never be able to afford to have a swimming pool. But in reality, anyone can finance a swimming pool. In a matter of a short time, a lender should be able to tell if you qualify for the money needed to purchase a pool. …