Why Getting A Pool Can Be A Great Financial Investment
As a kid, having a pool–or having a friend with one–felt like the greatest gift of all time. There is something so refreshing about jumping in the pool after a long day at work or a tough workout at the gym. Even just using it to float on a raft on a sunny day can be relaxing. As an adult, the financial aspects of putting a pool in your backyard can be intimidating. People like to talk about how the pools can be expensive, but there are plenty of reasons why getting a pool can be a great financial investment.
Take a look below to find out why it might be worth it to finally put in that pool you’ve been dreaming about:
Here’s Why Getting A Pool Is A Great Financial Investment
It Can Increase Property Value
According to Houselogic, adding a pool to your backyard can increase your property value up to 7%. The exact percentage depends on a few factors such as whether the pool is in-ground or above ground, the size of the pool, how many years you’ve had it, and how well it’s been maintained. With this in mind, you’d want to make sure the pool is in its top condition. Also, monitor the cleanliness of the pool. A pool in its best condition will have a normal alkaline level, no damages to the liner, and the amount of chlorine. While the expenses to maintain your pool seems costly, it will pay off in the long run if you choose to sell your home.
It’s Free Entertainment
After you’ve put the pool in and are ready for swimming, it’s essentially free entertainment in your backyard. On sunny days, you and your family will be more likely to stay home and enjoy everything the pool offers. You won’t have to spend any money on a membership at a local swimming facility. Instead of going out to an expensive dinner with your friends, you could invite them over for drinks, a barbeque, or a swim in your backyard and save money by opting for a low-key evening. Spending time at home and in the pool instead of going out even has health benefits, on top of the financial savings. On hot days, you can even get away with turning the air conditioner off in your home and instead go for a dip in the pool to cool you off. Even though it may seem like a pool is a tremendous investment, it justifies its cost in the long term.
You Likely Don’t Have to Worry About Damage Costs
Besides worrying about the cost of maintaining a pool, many homeowners worry about the unexpected costs associated with damage to the pools. The potential of a bad rainstorm coming and having water seep under the liner, forcing you to replace, it is anyone’s nightmare. However, if you own a home, you likely already have a policy in place to protect your property. Standard home insurance policies will typically cover damages to your pool and liability claims made against you. Not only do they save you money if a problem arises, but you also don’t have to pay out-of-pocket if you’re dealing with unexpected damage!
You Can Use Different Pool Finance Options
If you don’t have the budget to get a new swimming pool, you can look for finance options. There is nothing wrong with financing your dream pool and backyard oasis. You don’t have to come up with the money out-of-pocket. Instead, you can use options such as:
Home Equity Line of Credit (HELOC)
A HELOC is a revolving credit line secured by your home’s equity. Once approved, you can access credit to finance your pool and only pay interest on what you borrow. There are plenty of benefits to using a HELOC, such as the interest rates being typically lower than personal loans or credit cards. Not to mention, the process of approval for a HELOC is quick, meaning you won’t have to wait months for access to the money you need for your pool.
Personal loans are another option to consider, and like HELOCs, there are many pros and cons to these loans. The perks of using a personal loan to finance a pool are that the application process is much quicker compared to the other options. Your house isn’t used as collateral if you run into any issues making loan payments. However, the disadvantage is that the interest rates are much higher than a HELOC or cash-out refinance.
If you are currently paying a mortgage, refinancing it to take advantage of lower interest rates is a great option. Refinancing your mortgage into an FHA loan with a cash-out refinance is great for individuals with a lower credit score who would like to avoid increasing their monthly payments as much as possible. With lower payment amounts on your mortgage, you’ll have the cash to get a pool designed and built in your yard.
There are many skeptics out there who are unsure if putting a pool in their backyard is a good financial investment. However, there are plenty of reasons why it can be a good investment—one that will bring you enjoyment and create lots of happy memories with friends and family!
Contact us today to get the pool you desire. Custom Pool Pros is your one source for top-class pools and patios.