Budgeting for a Swimming Pool: A Comprehensive Guide
If you visit a friend’s house and spend some time in their backyard pool, you might find that you like it a great deal. You may decide that you want to install one in your backyard. However, maybe you’re not sure how to start budgeting for one.
Quality swimming pools can improve a home’s appeal. Not only might you enjoy it while you’re living in that house, but it may also make the property more attractive to buyers if you ever decide to sell it and move.
Let’s discuss what you need to keep in mind when budgeting for your new pool.
Above-Ground Pools Usually Cost Less Than In-Ground Ones
First, you should know that above-ground pools generally cost less than in-ground ones. If you don’t have a lot of money, that’s a way you can reduce the total price tag of this project.
You can also usually get a variance or permission from the town or city in which you live a lot easier for an above-ground pool than an in-ground one. You’ll need to think about that when considering which one makes the most sense for you.
How Much Can You Put Down When the Project Begins?
It’s ideal if you can pay for the entire pool installation at once. Maybe you’re not in a position to do that, though.
If you can’t pay all at once, then you’ll want to try to put down as much as possible during installation. When you find a company to do it, they will probably be much more inclined to offer you a contract with favorable terms if you can pay for at least 50% of the project at the time of construction.
How Much Cash Do You Have in Savings?
That probably means taking some money from savings that you can use as a down payment. If you don’t have any cash in savings at the moment, you might wait to start the project till you get a windfall.
If you get an inheritance from a relative, that would be an ideal time to start the project. You may also wait till you get a refund from your yearly tax return.
Set Up a Payment Plan You Can Afford
Once you’ve paid for part of the project via a down payment, you need to set up a reasonable monthly payment plan with the pool’s installer. Calculate your monthly expenses and see what you feel is reasonable.
Be sure that you have set aside enough each month to cover things like your rent or mortgage payment. Your pool payments should come after your necessities.
You Might Borrow the Rest of the Money from a Lender
If you like, you might also approach a lending entity like a credit union or a bank to see if they will lend you the rest of the money. Then, you can pay them back rather than the pool’s installer.
If you have at least decent credit, you can more easily secure this type of loan.