A pool is a lifetime investment, and like most life-long investments, many people rely on financial loans to help them through. Loans can be very helpful, and mean that we don’t have to delay or put off what we need today; however, they should be approached with careful attention and should only be signed onto once you have sufficient knowledge and understanding of what it involves.
The simplest way of differentiating loans is dividing secured loans and unsecured loans.
Secured loans are the most popular loans taken on by home owners planning to put in a pool. They offer protection to the financial institution lending you the money, as the bank uses your house as a subsidiary if you were to fail to meet the loan payments. Having said this, most banks or financial institutions will acknowledge the increased value a pool brings to a property.
Unsecured loans don’t use your house as a security subsidiary; however, banks charge higher interest for these finances.
The decision to take out a swimming pool loan or refinance your house mortgage in order to build a pool should only be made with adequate research and consultation. The friendly staffs at Blue Haven Pools are happy to assist where they can.
Adding to the cost of building a swimming pool could be your house itself. That is why it is immensely important to consult a swimming pool builder or a pool designer before buying a new house if you plan to install a pool. The cost of building a swimming pool varies widely, with factors such as the type of block and the size and shape of the home playing pivotal roles.
Remonda Martinez, Managing Director of Blue Haven Pools, recommends bringing in an experienced pool builder before buying a new house if you are planning to add a pool:
“A potential home buyer might be ready to walk away from a great property because they think adding a new swimming pool will be too costly where in actual fact it’s actually quite affordable.”
“Or a potential home buyer may make the mistake of drastically under quoting the real cost of adding a swimming pool to their new home purchase and end up over spending.”
“While you want to ensure that your new home meets all of your requirements, you don’t want to over complicate or over capitalise.”