Swimming Pool Loans

Dream of summers by the pool but don’t have one yet? You can change that.

With the average cost of installing an in-ground pool at $48,987, according to HomeAdvisor, adding a pool to your home is a sizeable investment and financial commitment. Besides the obvious perks like summers full of family fun and the convenience of not having to drive or walk to the nearest public pool, you’ll probably want to know how installing a pool will affect your home value.

A cost-benefit analysis of installing a pool

While it may seem counterintuitive, adding a pool will not necessarily add to the value of your home. In some situations, however, it may.

The standards for other homes in your neighborhood play an important role in whether adding a pool will pay off financially. If most homes in your neighborhood have a pool but yours doesn’t, it could make your home harder to sell.

It’s also important to consider your location: Pools can be an important and attractive feature that may make sense as a good investment especially if you live in warm climates such as Florida or California.  

Another factor to keep in mind: installing a pool could increase your property taxes, even if it doesn’t increase the sale price of your home. A general rule of thumb is to keep the cost of building a pool between 10% to 15% of your overall property value. 

Additional costs of building a pool

The type of pool you decide to install will play a role in your overall cost — besides the varying installation prices, maintenance and upkeep costs will also vary substantially.

Installation costs for fiberglass pools run between $45,000 and $85,000. Fiberglass pools are installed by putting a fiberglass shell into a hole that’s been dug out for your pool. While installation is fairly pricey, maintenance costs for fiberglass pools are considerably lower than for concrete (also called gunite) or vinyl pools. On average, you can expect to pay around $3,750 for maintenance on your fiberglass pool over the course of 10 years.

Compare this number to the average installation cost for a concrete pool, which can run between $50,000 and $100,000, plus maintenance costs of about $27,400 over 10 years, which may include acid washing and replastering.

Of the three types, a vinyl pool is cheapest to install, averaging between $35,000 and $50,000, but the vinyl liner will need to be replaced every few years. Average maintenance costs on vinyl pools over 10 years comes to about $11,500.

Other costs that will affect your grand total:

  • The size of your pool
  • Existing obstacles on your property that will dictate your pool’s shape (i.e., landscaping)
  • Custom features such as a waterfall or a hot tub
  • Fencing
  • Heating systems
  • Permits

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A short list of ways to finance a pool installation

There are a few ways you could pay for your pool, each with various considerations:

Home Equity Line of Credit (HELOC)

A HELOC lets you borrow against the equity in your home. You receive a credit line, which you can draw against up to a certain amount, similar to a credit card. But, if you do not pay back the borrowed amount within the repayment period, the lender may be able to repossess your home.

Home Equity Loans

Like a HELOC, a home equity loan lets you borrow against the equity in your home. When you take out a home equity loan, you borrow a lump sum that needs to be repaid, with interest, in regular installments over a specified period of time. If your home equity loan is not repaid, similar to a HELOC, your lender may be able to take possession of and sell your home. A home appraisal is typically required to qualify.

Credit Cards

Credit cards provide an unsecured line of credit. While convenient, credit cards typically have higher interest rates than personal loans, which include home renovation loans. A home improvement loan could save you money on interest.

Let’s compare the cost of a $20,000 swimming pool paid for with a credit card versus a Marcus home improvement loan. Assuming you make the same monthly payments on each, it would cost you almost $3,000 more to use a credit card with a 16.99% APR (paid on-time over 54 months) than it would to use a Marcus home improvement loan with a 12.99% APR (paid on-time over 48 months). Learn more with our Marcus personal loan calculator.

Plus, a fixed-rate home improvement loan comes with a clear target payoff date, and you don’t have to worry about fluctuating monthly payments.

Is a Marcus home improvement loan right for you?

With a personal loan from Marcus by Goldman Sachs, you could borrow up to $40,000 to put toward creating that the poolside oasis you’ve always wanted. A Marcus loan could help make it possible to pay for the build-out costs, since you can use the loan funds to pay for part or all of the cost of installing the pool (depending on the cost of the pool and the size of the loan for which you qualify).

Once approved for your loan, you’ll receive your money in a lump sum. Then, you’ll be able to use the funds for expenses like a pool pump, tiles, to pay for contractors, or whatever else you need for your new pool. You then repay the loan with interest in fixed monthly installments over your loan term. It’s as simple as that. Some additional benefits of a Marcus home improvement loan are:

No fees.

No sign-up fees. No late fees (you only pay interest for the additional days). No prepayment fees. No appraisal fees. No fees, period.

Fixed rates for the life of your loan.

Your interest rate is fixed, so you won’t have to worry about changing rates or fluctuating monthly payment amounts.

Easy application process.

With a Marcus loan, there is no lengthy application process. We also don’t require a home appraisal.

Loan amounts up to $40,000.

Marcus home improvement loans are available from $3,500 up to $40,000 with loan terms ranging from three to six years.

No need to borrow against your home.

No need to worry about putting up your home as collateral, which is required for a home equity line of credit (HELOC). No putting your home at risk. No hassles.

Flexibility to use your loan funds as you wish.

It’s your money, and you control how you use it. With a Marcus loan, you borrow funds in a lump sum, then decide how to use the money. For instance, if you’re building a pool and a pool house, you have the flexibility to use one contractor for the pool and another for your pool house.

What's next?

If you think you’re a good candidate for a home improvement loan, you could be one step closer to spending time by your pool. A loan from Marcus could help you make that initial build-out cost a little less daunting. And applying online is easy.

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