How to Pay for Your New Swimming Pool

How to Pay for Your New Swimming Pool

You’ve got the dream. You may even have the plans. You know you want to transform your backyard with the addition of an inground or above ground swimming pool.

We bet you’ve also given some thought as to how to pay for your new swimming pool. In this article, we’re going to outline some options for you that include saving and financing your dream oasis.

Saving for Your New Pool

First, let’s look at how to save for your new pool. There are some pros and cons.

On the pro side: Saving is a good idea for homeowners who don’t want to take on any added debt or pay the interest and fees that are commonly associated with loans.

On the con side: If you decide to save for your new pool, it will take some time before you can save enough to pay for it. If your family includes children, the time needed to save enough money may mean your kids are grown and out of the house.

If have started saving, or you decide to start saving money today to pay for your new pool, here are some tips to get you started on the path to your backyard dreams.

  • Look at your budget and decide how much extra money you have each month to set aside. You might have to forgo a family vacation or two for the next year.
  • Decide if you’ll set the money aside each week, each month or each pay period. Then stick to it.
  • Consider opening a separate savings account to funnel your pool money.
  • Eat out less. Take your lunch to work, and make your coffee at home.
  • Get a part-time evening or weekend job and put all of this money into your pool savings account.
  • Hold a family meeting so everyone knows you’re tightening your budget to afford the prize – the pool!

We recommend talking to a pool builder before you decide how much money to set aside each month. This way you’ll know what kind of costs you’re looking at. With some careful planning and belt-tightening, you could be well on your way to a new pool sooner than you think.

Financing Your New Pool

If you’d rather finance your new inground or above ground pool, there are many options available depending on your credit history. When it comes to financing your pool, you have two options:

  • Financing through your bank or other financial institution
  • Use one of our partners for financing

Financing your pool allows you to take out a loan so you can install your pool without waiting months or years to enjoy it. This is a great option if you can afford to make the monthly payments.

In fact, if your payments are the same as what you’d set aside to save each month, financing can provide you with nearly instant backyard enjoyment.

For your convenience, you’ll find three swimming pool financing options with our partners, Lightstream, Lending Club and Paramount. With flexible loan amounts up to $100,000, you’re sure to find one to meet your needs.

Loving Life in Your New Pool

Whether you decide to use your savings or go the financing route, your swimming pool is sure to provide years of family fun, exercise and relaxation. Swimming pools are party hubs and a terrific way to add ambiance to your backyard.

Are you ready to add a pool to your backyard? Interested in talking to a pool designer? We’d love to help you explore your options.