Thinking of installing a pool at your personal residence? Depending on where you live and how you plan to finance, it’s bound to be an expensive endeavor.
With the average in-ground pool costing $48,220 to install, most people don’t have the cash on hand to make it happen, so they turn to financing. There are many different ways to get a pool loan, with pros and cons for each method.
Before you can start to evaluate your financing options, you need to get an idea of what your pool will cost. There are several different models, each with their own longevity expectations and price points.
Jason Vaughan, president of National Pools of Roanoke, a Roanoke, Va.-based pool retailer, let us in on the pros and cons of each model.
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As you install your pool, there will be additional costs to getting the project done. These costs include:
“You really have to look at it as a project cost, not a pool cost,” said Vaughan. “The project cost is usually about double the pool cost.”
That means if you’re putting in a $10,000 above-ground pool, you should budget for a total of $20,000. If you’re putting in a $35,000 concrete pool, your total costs are likely to be at least $70,000.
While you’re unlikely to recoup your total investment upon selling your home, a joint report by the National Association of Realtors and National Association of Landscape Professionals reveals that you are likely to recover 50% of those costs — meaning that a pool will add value to your home, just not as much value as you put into it.
Another added cost to consider is increased property taxes. When your home value rises, your property taxes do, too. It may be wise to talk to a realty professional about potential reappraisals to get an idea of how your locality would tax your home based on your aquatic addition.