Depending on your mortgage lender and the financing options available, you may be able to bundle a pool loan with your new mortgage. With a loan maximum of $200,000, it offers the highest ceiling of all of the lenders we looked at, with repayment terms as long as 30 years. Besides the cost of the pool and its installation, you can also finance other related projects to complete your backyard overhaul.
Once the construction is complete, the borrower will then need to obtain a permanent mortgage in order to pay off the construction loan. Including a pool in your construction loan can be done, but there are a few things you need to know first. Work with a loan officer to get pre-approved for a construction loan. This will give you an idea of how much money you can borrow and what interest rate you’ll be paying.
Adding a pool to your home can increase its value. But many factors impact the amount. These include pool type, location, market value and appraisals.
An in-ground pool adds more value than above-ground. But installation and maintenance costs may outweigh the increase. In warm climates with longer swim seasons, pools add more value. Nearby beaches reduce a pool’s impact.