Swimming pool planning, budgeting and purchase process.
How to buy a custom swimming pool
The key points to consider when getting ready to buy a swimming pool.
- Deed restrictions
- HOA requirements
- HOA fees
- Building inspections
- Inground pool costs in your area
- Do you qualify for the average pool loan?
- Will there be an increase in homeowner insurance premium?
- Utility & other property easements
- Available yard space to hard surface ratio
- Viewing angles
- Features and accessories
- Heavy equipment for construction
- If lines or pipes will need to be moved
- Trees to be removed
- Decks, fences or structures needed to be moved / removed.
Related: Documents needed for installing a new pool
Things to consider before deciding
1 – Make sure everyone is on the same page
Everyone should agree to have a pool in the backyard, sounds obvious, but we’ve been asked before by one adult to convince the other that he or she wants the pool. The heads of household need to be on the same page because there’s many decisions along the planning process that should be made together so you both understand the depth of the pool project.
2 – Why do you really want the pool?
What’s most important to you about the pool? Are you looking for aesthetics? Are you looking for the pool to be highly customizable? Is maintenance and ease of maintenance your top priority list?
3 – Do you care about good quality?
What’s most important to you about the pool installer? Is it their ability to produce a turnkey project? Is it their ability to produce and provide the lowest cost bid? Is it workmanship and craftsmanship that’s most important to you? Understand that the lowest price estimate you received is probably not going to be the highest quality pool.
4 – Know how much you have to spend first
There’s nothing worse than putting a deposit down on a project getting scheduled to have a pool installed only to discover that the bank financing fell through. Before you go out and get new pool estimates, know what you’re willing to spend. Know what you’re able to borrow upfront then go talk to pool contractors to get estimates.
Is a swimming pool a worthy investment?
Considerations to help you decide if a swimming pool in your backyard is worth the financial investment.
Does a pool increase property value?
the short answer is yes, you’re going to see an increase in your property value. The question is how much? Just a few years ago the National Association of Realtors indicated that the average increase in property value when a pool was installed between 4 and 6% means that you are not going to be able to recoup the full cost of your project so you need to consider items.
A pool is a priceless gift to the family, and yourself
You’re going to be able to have your children and their friends playing in your backyard under close supervision while having a fantastic time and more than likely, you’re going to be the house where your kids’ friends want to come and play. What a great way to stay connected with the kids and all of their friends and their social group so make sure you give consideration to that.
A lot of our customers are installing pools just for the sake of being able to host larger family gatherings with the pool. Think about the fact that the kids are on a soccer team or they’ve got other groups that they’re involved in and outside of the school and you’d love to be able to host them at the pool.
Your always-on personal & private vacation spot
It’s expensive to travel especially if you have kids, and so the idea of being able to walk out your back door and step out into your own Oasis and escape everyday reality would just be relaxing every single time.
What is the typical swimming pool loan?
What are the interest rates for a pool loan?
We’re typically seeing loans (for home improvement) available up to $100,000 with rates between 5 and 10% now the pool loan industry has been pretty stable for several years so you can expect to find a fixed rate loan fairly easily and again up to say $100,000 depending on your credit profile
What will be my likely loan payment for a swimming pool?
A $30,000 pool loan over 84 months is likely going to be a monthly payment of $450 to $500 a month. Now take that same loan with $40,000 pool and you looking at 62 600 600 to $675,000 and a $50,000 loan roughly $850 a month.
What do lenders consider to determine the amount I can borrow?
Your debt to income ratio; they’re also considering your liquid assets, the amount of equity you have in your home, and yes what you have in a retirement account. All of those things considered combined with your credit score such as your payment history, timeliness of making payments, they’re going to take all that into consideration and determine how much they are willing to lend you.
Can I finance just a portion of my pool project?
Yes, we find a lot of folks are able to combine finance in cash for the pool itself and then borrow a little bit of money to say finish out the patio, fencing, and the other landscaping components as they would like with the intent to take out a small loan to wrap up this project and pay it off quickly.
What to expect
Pool buyers take as long as years or as little as a few months to determine if a swimming pool is a sound financial decision which largely depends on one’s personal life situation.
The first step is to know you can afford a swimming pool by knowing the average costs of the various types in your area. Then you can determine which is the best quality over budget fit for your situation.
The second step is to know that you have the funds available to afford a pool in your area.
Once you have determined the financial aspects THEN it would be a good time to start calling pool contractors in your local area to get designs & quotes.
It is not prudent to spend time with a pool designer until you know how much pool budget you have to work with. So make sure you are getting financially qualified first.
Learn more about what to expect during the swimming pool construction process.
FAQ about getting a new pool:
- What if I have a small backyard, can I get a pool?
- Since a gunite pool can be formed to fit any shape and size, your chances are very high that you can still get a pool with a small backyard.
Thanks for this! I appreciate that you were transparent about how the expense won’t immediately be recuperated from an investment point of view.
Certainly, a great guide.
Thanks for the guide. THis is very helpful
Very informative. Thanks for the guide. Really need these to consider in planning for pool construction.
Amazing write-up. Very Useful facts and information shared.