How to Budget for an In-Ground Pool This Summer

Installing a pool is an amazing home investment that’s bound to bring years of laughs and fun under the sun to your family. In-ground pools can drastically boost property value, and they provide a healthy way to exercise that’s easy on the joints. If you have dogs, and they can swim, the pool may also be a good way to help them stay strong and get plenty of playtime during the summer. There are many benefits to owning your own in-ground pool, but the first thing to tackle is just how much money you need to buy one.

How Much Does an In-Ground Pool Cost?

Depending on the size, design, and water you use, expect the total expense to range between $25,000 to $70,000. Upfront costs alone can be a portion of your mortgage, so it’s not an investment to make lightly. In addition to finding a good vendor, you’ll also have to consider installation fees, repairs and annual maintenance costs. These typically range from $80 to $150 per year. You should carefully investigate the cost of pool ownership in your area. Calling different vendors and companies can also help you get some free estimates.

Are Pool Loans Worth It?

Your main desire for this project is to create a new way to enjoy a memorable summer with your family, but you can’t just hit the gas on a whim. Pool loans are often available for amounts up to $100,000. You can apply for a loan from your bank or another reputable lender. They can help you finance the cost of getting an in-ground pool while making reasonable payments each month. Interest rates will vary by provider and borrower. You may have a lower credit score and get approved but face higher interest rates than someone with a slightly better score. These specialized loans can be worth it if you’re financially stable and able to make the monthly repayments. They could be an easy way to streamline the installation process. However, there are some other options to consider as well.

Home Equity Loans

If you have no intention of leaving your home anytime soon, then a home equity loan could help finance your costs. Home equity loans let you borrow against the portion of your house that you’ve paid off in full. For homeowners who have been in their property for seven to 10 years, this can be a highly lucrative and easy way to pay for home upgrades.

Selling Life Insurance

It’s possible to sell your life insurance through a life insurance payment. This process allows policyholders to settle their coverage and swap their death benefit for a lump sum of cash. This can be spent however you like, and while it may not fully cover all your expenses, it can easily pay for a large portion of your budget. There is a helpful guide online that breaks down how the life insurance payout process works in easy-to-understand terms.

Financing Options

Many vendors also offer financing options to their customers. They know installing an in-ground pool is a big investment, and it requires flexibility on their behalf. With that in mind, you should shop around and compare various vendors’ costs. You might be surprised at how many options there are. Be sure to request at least three free quotes as well. These will help you get a ballpark estimate on what you can expect to pay.