Numerous homeowners aspire to one day being able to afford a new swimming pool, especially during the hot days of summer. But when homeowners get pool quotes, they are usually shocked at how much a new in-ground swimming pool is going to cost them.

With the right pool financing options, an in-ground pool may be well within your reach. After all, a new pool will add years of enjoyment with family and friends and ad some value to your home.

There are many good options when it comes to financing a new in-ground swimming pool.

How Much Pool Can You Afford?

According to HomeAdvisor.com, the average Inland Empire pool installation costs $35,887 with prices ranging between $27,804 – $49,996 — this includes both above-ground and in-ground pools. So for in-ground pools, the price will be on the high end of that range and higher. Pools in the $100,000 range are not unusual.

The type of swimming pool you decide to build and the options you add will affect the final cost. In-ground pools, in general, are going to be quite a bit more expensive than an above ground pool installation

When it comes to adding home value, in-ground pools will add more value because they are more visually appealing.

The pools size shape and construction materials (concrete, fiberglass, or vinyl), will greatly affect the costs. If you decide to add a hot tub, slide, diving board, etc. it will run the cost of the pool higher. Don’t forget that a new pool could increase homeowners insurance and property taxes too.

In-ground Pool Installation & Construction Cost Breakdown

Also, factor in any ongoing maintenance costs and increases to utility costs, these increase can range between $400 to $5,000 per year. The costs will depend on the type of pool you purchase and the efficiency of the mechanicals.

The Best Financing Options for Swimming Pools

Once you have a quote on the pool, you would like to build. It’s time to take a look at the financing options to see if you can afford the payments.

There are unsecured loan options in the form of personal loans. These loans come with high-interest rates and maybe an expensive option when you consider the interest that will be paid over the life of the loan. Because of the risk of unsecured loans lenders, will typically have modest loan amounts that may not completely cover the cost of the pool

Other financing options may better to suit your needs. Home equity lines of credit, home equity loans, and cash-out refinance loans would be better alternatives. These three loans are a type secured loans that have some advantages as well as disadvantages. It is often best to talk to a local loan specialist to determine which you qualify and what your best options for financing.

If you already have a low-interest rate, a cash-out refinance option may not be the right choice. In this case, a home equity loan or line of credit would be better options. Both of these loans will not affect your primary mortgage but will allow you to access your home’s equity.

There is one last option you should never do, finance your pool with credit cards. Charging the cost of a pool on a credit card will be the most expensive option and one that will likely end up drowning you in debt.