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Who doesn’t love a relaxing dip in the swimming pool on a sweltering, hot day? And when that swimming pool is in your backyard, it’s even better.
You could bring your friends together over the summer by hosting pool parties. You could teach your kids to swim right at home. If you rent out your place on Airbnb or Vrbo, you could fetch top dollar for the additional amenity.
Sounds like a dream.
If your house didn’t already come with a pool when you moved in, there’s still a possibility of turning your pool fantasies into reality if you have enough space.
And if you don’t have tens of thousands of dollars upfront to spend on a pool construction project, there’s always pool financing.
What Is Pool Financing?
Pool financing is when you borrow money from a financial institution or lender to cover the costs of building a pool. Pool construction typically costs anywhere from $17,971 to $46,481 with the average cost being around $32,059, according to HomeAdvisor.
Of course, the cost will vary based on the size, the type of pool, your location and where you plan to build the pool on your property. Adding a small plunge pool to a cleared, flat space in your backyard will cost considerably less than adding a resort-style pool with waterfalls and a jacuzzi to your property that requires you to cut down multiple trees and level the land.
Besides the personal enjoyment that comes along with having a pool, this addition to your home could boost your property value and make your home more desirable to future buyers, renters or short-term guests.
The high cost to install a pool means that many people rely on pool financing. There are several ways to go about getting a loan for a pool.
Options for Pool Financing
If you want to add a pool to your property, but don’t have the cash upfront, you have several options.
You could get a personal loan (sometimes referred to as a pool loan), a home equity loan, a home equity line of credit or a cash-out…
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