We Are Considering Purchasing A Swimming Pool For Our Home. Is It Common To Get A Home Improvement Loan?
It is fairly common to get a home improvement or home equity loan to cover it. But please think about having a pool seriously. I had a pool and came to regret it after a few years. It was a pain to keep clean. We had to keep purchasing chemicals – our pool cleaner broke a few times – the water would be too cold and my kids wouldn’t want to swim in it (couldn’t afford to heat it for the few times they did swim) – a neighbor’s dog found a way to tunnel under the fence and then fell into the pool (we were there and quickly rescued it). When we went to sell the house it made our home more difficult to sell – most buyers didn’t want a pool. If I had it to do again I’d purchase another hot tub, but not a pool.
In San Antonio, if you put in a $40,000 pool, it will add $20,000 in value to your house. That’s why I always try to find out if my clients are thinking about buying a house, then putting in a pool – I tell them to buy a house where someone else took the loss.
You might actually consider this – sell your house and buy one with an in-ground pool already there.
It depends on the pool. If you are considering an above-ground pool, the project would not qualify for a home improvement loan.
If you want to install an in-ground pool, you can try for a home improvement loan or try for a home equity loan, if you have equity built up.
If you live anywhere but the hottest climates, the value of your property may only increase at about 50% of your investment. So you will stand to lose some money if you move in a few years.
I totally agree with what you said about a pool they are very time consuming and a lot of hard work involved daily and at first you use it allot then a few years go by and you may use it once or twice. My hot tub is about the same way, but it added value to my home.