Pools are expensive!!!

[caa4612]

We are thinking about putting in a pool. We've talked to 3 companies and are down to signing paperwork if we decide to do it. With the cost of these things what is the best way to finance these? I like cash on hand for emergencies, and with rates dropping, I don't want to sink too much cash into one. I'd like to hear from those that have been down this road and what options seem to be best.

[tx_basser]

We put in our "Water Feature" 9 years ago (31k). We took out a Home Improvement Loan, similar to HE but it is tied to a specific home improvement where you can go 90% of your equity. A year later we rolled them all together into a refi of our house when the rates were really low on 15 year mortgages.

[Raleigh]

I suggest a bank loan that way payments are tied to milestone completions and there is an automatic hold back in case your pool company has issues. This featured saved our bacon when the pool company went out of business and we had subs lined up at the door.

[BrianL]

Check with Trey about cash out refi.

[ColinR]

I'm in the same boat. Meeting with the 4th pool contractor today. I'm doing a cash out refinance on my mortgage. I too was very nervous about pulling a bunch of money out of savings to pay cash and really didn't know what to do. Was actually kinda stressing me out then Trey Powers AKA Tex_cattleman TBH sponsor and mortgage extraordinaire made a post about how rates are at a all time low right now. Quick call to him and we are locked in to a rate while we get our final numbers together. I figure if I moved and bought a house with a pool it would be rolled into the mortgage so why not do the same now and lower our interest rate and payments at the same time.


Here is his post about the low rates. https://discussions.texasbowhunter.c...d.php?t=759767

[meangreen]

I have a lot of clients using online companies

https://www.lyonfinancial.net/

https://www.poolloan.net/

[caa4612]

I noticed this morning how rates have dropped, then ran across Trey's thread and sent him an email. Hopefully it all works out to be a good coincidence.

[Throwin Darts]

One way to make a pool really expensive is to finance it long term while also restarting your amortization on your already partially amortized mortgage.

I've always heard that before you build a pool you should get a bucket full of water and throw a $20 bill in it every day so that you know what its like to own one.

[bbqfan5909]

We have a pool that came with our home. Would never install one, cant think of a worse investment/lifetime of headache repairing.

[MacDaddy67]

NEVER AGAIN.....

Take 60K and flush it down the toilet...you will save money

[Let's go Brandon!]

My wife is a book keeper for a "pool guy" in Boerne/SA... some of the pools he's contracted for cost more than my house x3

[slayr]

We recently bought a home with a pool. Hasn’t been hard or anywhere near expensive to maintain. We test the water weekly and there is very minimal things to add. If you don’t stay on top of maintenance I could see where issues could quickly magnify.

[Mike D]

Pools are expensive!!!

One way to make a pool really expensive is to finance it long term while also restarting your amortization on your already partially amortized mortgage.

I've always heard that before you build a pool you should get a bucket full of water and throw a $20 bill in it every day so that you know what its like to own one.

This. You will never recoup your financial investment in a pool.

We built one with our new house. I would never sink the money into one my self but I got a LOT of stuff I wanted in the house and shop (pretty much everything actually) and my wife wanted a pool, so we have a pool. Plus this house is intended to be our forever home so reselling isn’t a consideration (Lord willing). But we went into our house with a ton of equity so I think even if something did happen, we would be ok.

I do have to admit it’s pretty dang nice on these cold nights to heat up the spa and crawl in with a cold beer, look up at the stars and contemplate how good life is. [emoji51]


Sent from my iPhone using Tapatalk Pro

[Huntingfool]

www.lightstream.com - I got a $100,000 loan to build my barn - was approved in one day and money was wired - it was the easiest and simplest transaction I have done in years - and terms were good - 4.9% for pools right now

[Spearchunker]

NEVER AGAIN.....

Take 60K and flush it down the toilet...you will save money

Same opinion here. Paid 90K cash for mine, wish we never dug the hole. Rarely gets used and up keep sucks...