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Obtaining Swimming Pool Financing
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When considering your dream pool, think about your budget and explore the different avenues you can take to finance your pool purchase. Here is a guide to help you understand and obtain the best swimming pool financing.
1. THINK LONG TERM
When you purchased your home, you likely financed your purchase with a long term mortgage. Your new fiberglass pool can be financed the same way. Most lenders classify a new pool as a permanent improvement to your property that is very likely to increase the property value. In fact, many lenders will “add back” half the cost of your pool project to the appraised value of the home. In most cases, they are willing to finance your pool for up to 15 years. Because you can finance your pool over a longer period than a car, your monthly payments are much, much lower. This means you might be able to get a bigger pool or add more options than you have currently considered.
2. TAX ADVANTAGES
Home improvement loans are secured by your property. In most cases the interest will be tax deductible. Who among us can’t use a few more deductions? It is always best to consult with your accountant or tax advisor if you wish to confirm the deductions.
3. FINDING THE RIGHT LENDER
Many lending sources are available to finance a swimming pool. These lenders are very familiar with pools, work on providing quick approvals and offer programs that work best to fulfill your family's particular needs. Many of these lenders do not require appraisals. Most of them will determine your property value by the purchase price or by a recent tax assessment. If an appraisal is required, typically the lender will pay for it.
Home improvement loans typically require you to have 10-20% equity in the property. On occasion a down payment from you will off-set any equity shortcomings. This type of lending does not require pre-payment penalties. Some lenders will “add back” up to 50% of the cost of the pool to increase your equity. There are lenders that will provide unsecured loans as well. Of course, without the security of your property, the loan is strictly credit-driven. You must have very good credit and expect to pay a little higher interest rate than on a secured loan. Most unsecured lenders do not charge a pre-payment penalty.
While every pool buyer’s situation is unique, every pool installation is also unique. Some folks want short term loans; others want longer term loans with lower monthly payments. Some pool buyers want to finance only the pool, while others want to also include fencing and landscaping. A good swimming pool contractor should be able to help you find a lender to suit your needs.
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