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Installing a swimming pool can set you back as much as $55,000. But it can sometimes pay for itself by increasing the value of your home. If you don’t have the money up front, you can wrap it into your mortgage or take out a new loan. Just make sure the investment is worth it in the long run. Otherwise, you might want to save up for it instead of financing.
How it works depends on what type of financing you go for. There are two main loan options to cover the cost of a new swimming pool: home equity loans and personal loans.
The cost of installing a pool depends on the type of pool and its size:
Swimming pool costs don’t stop at the price tag for the pool itself — safety and maintenance are also factors you need to consider for your budget. Consider these costs:
Pool maintenance is an ongoing cost that’s essential for the safety and value of your property. Expect to pay a monthly or annual fee if you’re hiring a professional to maintain your pool.
Remember that even if you plan on maintaining it yourself, you’ll still have to spend money on pumps, filters, chemicals and other cleaning supplies.
Many lenders that offer personal loans have amounts available up to the $50,000 mark. That means you’ll be able to check with a wide range of online lenders, banks and credit unions to find a term and rate that works for your budget.
Of the three, online lenders tend to be the fastest option if you’re looking to get your pool in a hurry. But they also tend to be more expensive than a loan from a bank or a credit union.
Most lenders look for applicants who:
Before requesting a loan, you’ll need to figure out your budget for the pool. Considering the following factors will help you get quotes and estimates of the money required to get it all done.
Features you should consider when comparing swimming pool loans include:
Sometimes financing a swimming pool isn’t a smart choice. You might want avoid it in the following situations:
Financing a pool could up your property value and be a boon to your social life if done right. But consider all of the costs you need to cover and what you can afford before taking out a loan to build a swimming pool.
Read our guide to learn more about how personal loans work and to compare personal loans.
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