Financing A Pool With Home Equity
A home equity line of credit could be an option if you have a first mortgage. Most HELOC terms are up to 10 years and work like credit cards. However, its a less stable option, as HELOCs come with sliding interest rates that may result in increased monthly payments when the prime rate increases.
A second mortgage, also known as a home equity loan is another option. It comes with a fixed rate and tax benefits. However, just like a HELOC, buyers may feel uncomfortable using their homes as collateral. Heres where getting a personal loan may be a better option to buy a swimming pool.
When Are You Planning On Selling Your Home
A swimming pool is expensive and it should be viewed as a long term investment. If you are planning on selling your home soon, then it might not be the best move as it might not increase the price by as much as you spend on it. It might be better to install a swim spa instead as this is portable and you can move it if you move home.
However, if you are in your forever home then it might be worth installing a swimming pool. You will get a lot of use and return in investment in term of enjoyment over the lifetime of your pool. Plus, by the time you do sell the investment you made in the swimming pool will be less palpable.
Related content:
Are Swimming Pools A Good Investment
Resale Value A pool can increase not only your social worth but also the value of your home. However, the increase is probably not as much as you think. According to HouseLogic, theres no real guarantee that youll make your money back. In fact, adding a swimming pool may only increase your homes value by 7%.
Read Also: Where To Buy Pool Pump Capacitor
Ial Inground Maryland Pool Removal Service
Partial removal involves leaving behind as many materials as possible. Its important to note that not all pools are able to be partially removed. Ask your Maryland pool removal contractor to determine if your pool can be only partially removed. If your vinyl lining has steel supports, you will have to have a full removal as steel cannot be left underground. If you are able to have a partial removal, the pool will essentially be gutted to leave behind the pool shell. Then the pool will be filled with dirt to return the appearance of your landscape back to normal. However, the land left behind wont be super sturdy if you decides to build something on top of it.
Pool Surrounded By Garden
This swimming pool feels enchanted, surrounded by bright flowers and greenery, but will it add overall value to the home? Read on to find out.
Heather Knapp
This swimming pool feels enchanted, surrounded by bright flowers and greenery, but will it add overall value to the home? Read on to find out.
If youre thinking of adding an inground swimming pool, you’re probably wondering if a pool adds value to your home. In other words: If you sell your home, will the selling price cover most or all of the costs of a pool, or will you take a bath on your investment?
First, some intangibles. It may be that you and your family get so much enjoyment and satisfaction from your pool that recouping your investment is a moot point. Hard to put a price on summertime splashes and smiles.
That said, there are several factors that can help you determine if a swimming pool will add positive value to your home:
- If you live in a neighborhood where many of your neighbors have swimming pools, your investment is probably solid. In fact, in those circumstances not having a pool might decrease your homes marketability.
- In warm climates, such as Arizona or Florida, a pool can be an attractive feature for potential buyers.
- If youre in a real estate market where houses sell quickly, a pool might not be a deterrent to a prospective buyer.
Read Also: Can I Paint The Concrete Around My Pool
Pool Regret #: Repairs Are Even Costlier
A tear in a swimming pool’s lining, a protective layer applied to the pool before it’s filled, is a common repair encountered by pool owners. The liner acts as a barrier between the pool walls/floor and water, and it helps prevent mold growth. Vinyl lining is popular largely due to its affordability. Expect to pay $200, on average, to have a professional repair a tear in a vinyl liner. If the tear is small enough, you may be able to repair it yourself with a vinyl pool liner patch kit . If the entire liner needs to be replaced, plan to pay a pro a minimum of $1,700 for parts and labor.
If a gradual decrease in water level leads you to suspect a slow leak, it will cost you around $350 to have a repairman inspect your pool to find the leak and fix it . If there’s a leak in your pool’s plumbing, which can later affect the pool filter pump and heater, you want to have a professional assess the damage. The average cost to fix a plumbing leak is around $1,000.
When considering purchasing a home with a pool, you’ll want to be sure to ask the seller about any previous repair work, advises Frank Lesh, founder of Home Sweet Home Inspection Company in Indian Head Park, Ill. Find out the specific type of repairs and when they were completed. A pattern of small repairs could be a warning sign of a larger, costlier repair to come.
Does An Outdoor Pool Detract Value From Your Home
You probably already know that indoor swimming pools are more expensive. They usually cost £25,000 more than outdoor swimming pools. But will the saving cost you more in the long run in terms of house value?
Outdoor swimming pools may detract from the value of your home more than indoor pools.
This is due to the usability. You will get less use with and outdoor swimming pool due to weather and the fact that they are usually closed up for half of the year. Also, maintenance for an outdoor swimming pool can be more intensive than an indoor pool.
Indoor swimming pools are less of an issue for value of a home. Yes, they still have maintenance and running costs. But they will usually get more use than an outdoor pool.
Related content:
You May Like: How Much Liquid Chlorine To Add To Pool Calculator
If I Buy A Inground Swimming Pool Will It Increase My Home Value
I often translate this question into a simple no. The reason is because I know the real question is “If I buy an inground swimming pool for X$, will my house increase in value by more then X$”.
If a swimming pool company tells you otherwise, more than likely they want to persuade you to buy rather then truthfully answer your question.
A few things happen when you buy a pool. First off, if you are selling the house with a pool, there are 2 types of people that will not be interested in your home anymore.
Since those two market segments will not be interested in your home, you limit the available amount of people ready to buy your house
I can reassure you that there is a silver lining. A segment of the market will be looking specifically for homes with an inground pool. Typically families who do not want to go through the pool purchase process and want a turn-key opportunity. We asked a local real estate agent to voice his opinon on the subject:
Remember that if you are buying an inground swimming pool, know that it’s an expense for your home. It’s a decision to spend on the enjoyment of your own backyard.
Does A Pool Increase The Value Of Your Home
Installing a swimming pool can be an enticing thought to a homeowner during the sweltering summer months. Once a pool is up and running, it can provide endless hours of fun and enjoyment. A pool is a big investment, through, and even a small in-ground pool can cost thousands of dollars. It’s also debatable whether or not a pool increases a home’s value enough to recapture its full cost.
Recommended Reading: Wasp Around Pool
Who Is In The Market To Buy A Home
It might seem really obvious, but who is looking for a house at that moment will determine how much value it adds.
If someone is looking for a house with a swimming pool then yes, it will add value as it means they dont need to spend money and add their own.
If they arent looking for a pool, then as you would imagine they would be less willing to pay extra for one, even if they like the rest of the house.
Its all about getting the right buyer at the right time. Which means, that it might take longer to sell at the price that you want.
Selling A Home With An Inground Pool
To make the most of your pool as a sales feature, you will want to sell your home during the spring and summer months, when the pool is open and enticing. Make sure your realtor includes photos of the pool and outdoor living area in your online listing. Aerial photos make an even bigger impression on potential buyers.
Be prepared to counter-arguments that an inground pool is a too much work by providing a pool maintenance history with estimated monthly costs if a buyer asks for this information. A serious buyer may ask.
You May Like: Does Costco Carry Pool Supplies
But Will A Pool Add To Your Homes Value
One of the important things to remember: swimming pools arent for everyone. So just by the mere fact that a pool is on the property, there will be a group of potential home buyers that will not be interested. However, the bottom-line answer is: it depends. For some geographic areas , a swimming pool can certainly increase appeal- and value. However, in areas like Michigan or Northern states, they may have less desirability and the pool could appraise for less than the install price. However, a recent study by LendingTree shows that homes with a pool are valued at 54% higher than those without one.
When Does A Pool Decrease The Value Of Your Home
In some cases, having a pool can actually reduce the value of your home. Situations in which a pool could be a disadvantage include:
- Living in an area where the typical buyer isnt looking for a pool
- Having a pool that takes up most of your valuable outdoor space
- Living in a cold climate
- Having an old pool that needs repairs
Recommended Reading: How Do You Get Iron Out Of Pool Water
How To Choose The Best Site For Your Inground Pool
Choosing your perfect site for your new inground pool kit is probably the most important decision of your new backyard inground pool project. Take into consideration things in the process such as:
The pool builder could have built the pool even higher than it is now and then extended the natural swale around the pool on one or both sides. This is easier said than done because its all a matter of how much fall there is across your neighbors rear yard.
After knowing your property lines, you should build a pool within that space. Avoid overlapping on your neighbors property lines. But most states recommend installing the pool about one meter from the property line. Remember, you dont want to inconvenience your neighbors. Leaving out this space also boosts your homes aesthetics.
Pool Regret #: When The Kids Grow Up The Novelty Wears Off
For families with young children, having a home with a pool can be a great source of recreation during summer breaks from school. Parents don’t have to shell out a small fortune to visit a water park or worry about paying for overpriced food and drinks at the concession stand. However, by the time the kids hit high school, hanging poolside with Mom and Dad is likely the last thing they’ll want to do. Parents may find that their backyard oasis is getting used a lot less, yet the maintenance fees and related costs continue to add up.
This exact scenario has been a topic of discussion in several online pool enthusiast message boards on Reddit and Houzz, among others. Should you find yourself in such a predicament, you can get rid of the pool — but it’s going to cost you. To hire a licensed engineer to permanently fill a standard in-ground swimming pool averages around $5,000, according to HomeAdvisor.com. The pool can be filled with dirt or concrete. It’s cheaper to use dirt , but it can settle over time making the ground above it less stable, HomeAdvisor.com warns. Concrete, which is more expensive at $100 per cubic yard, is solid. Homeowners shouldn’t have to worry about the land above a concrete-filled pool shifting later on.
Don’t Miss: What Hotel Has The Best Swimming Pool In Las Vegas
Financing A Pool With Personal Loans
Getting a personal loan may be a great option for buying a swimming pool. Since personal loans are unsecured, getting approval for a loan is based on your credit score. Different personal loans come with different rates, fees and requirements, so check out what the best personal loans are to ensure that you choose the best option for you.
In addition to banks and credit unions, there are many lenders that are vying for your business. Some of the top lenders for personal loans include LightStream, Prosper, and Avant.
Getting a swimming pool could be a headache-free experience if you plan correctly. Start by using SuperMoneys loan offer engineto find the best option for you. Then, head on over to our personal loans review page to compare the rates and terms of each lender. Finding the right professional to install the pool is also important. HomeAdvisor ProFinder can help you find vetted pros in your area.
Find The Right Buyer With Advice From A Professional
Got a home with a pool youre ready to sell now? Work with an experienced real estate agent who will help you make the most of this expensive feature and attract buyers who, just like you, want to live out that daydream of cooling off in their own beautiful backyard swimming pool on a sunny summer afternoon. We can put you in touch with an agent Dave recommends in your area today.
About the author
Ramsey Solutions
Ramsey Solutions has been committed to helping people regain control of their money, build wealth, grow their leadership skills, and enhance their lives through personal development since 1992. Millions of people have used our financial advice through 22 books published by Ramsey Press, as well as two syndicated radio shows and 10 podcasts, which have over 17 million weekly listeners.
Don’t Miss: How Much Does It Cost To Acid Wash Your Pool
Will A Swimming Pool Add Value To Your Home
Curious if a pool will add value to your property in your neighborhood? Clever has local agents who can help you out. Clever agents are knowledgeable, reliable, and capable of finding the answers to the real estate questions that keep you up at night.
If you decide you want to sell, a Clever agent will list your home for a fraction of the cost of other realtors. They’ll save you thousands on commission — and save you from the headache of unanswerable questions.
Got $1000 The 10 Top Investments Wed Make Right Now
Our team of analysts agrees. These 10 real estate plays are the best ways to invest in real estate right now. By signing up to be a member of Real Estate Winners, youâll get access to our 10 best ideas and new investment ideas every month. Find out how you can get started with Real Estate Winners by .
Recommended Reading: How Do You Get Iron Out Of Pool Water
Pool Value: Why Location Matters
Location, also known as real estates favorite measuring stick, plays an obvious role in guaranteeing buyer interest in a home with a pool. Theres a big difference for buyers between inheriting something that will enhance their quality of life year-round, vs. an expensive and irritating summer season extra.
Places with warmer climates will always be the ideal marketplaces for pools, as will places that get uncomfortably hot certain months during the year. If a pool is quality of life-enhancing rather than hindering, youre that much more likely to have interested buyers.
Says top luxury real estate agent Pam Zaragoza of Burlingame, CA, Its definitely regional, and it would matter what kind of buyers you have. People in Florida and LA really want a pool. Pools are also popular in Palo Alto- where many estates have them.
According to Ramsey, pools can help a sale when you live in a higher-end neighborhood where your neighbors have pools and when you live in warmer climates like Florida, Arizona or Hawaii. He also mentions the importance of making sure the style of your pool matches the house and surrounding property, and that it doesnt completely consume your outdoor space.
The best pools are the ones that make sense for your location and compliment your property. If its just an expensive eyesore, youd be better off removing it.