Refinance with cash out to pay for pool. 2.25% refinance for 15 year loan.
How do you pay for your pool install?
- Thread starter sarahgelatinano
- Start date
We also refinanced and did a cash-out for half of the cost and are paying cash for the other half. I was amazed when I started contacting PBs for quotes and none of them were willing to meet in person. Over half I reached out to, never even got back to me. To me, it was crazy that for a project costing $90-$120k range, they were not willing to meet or spend more than 5 minutes on the phone.
The PB we ended contracting with was the only one to actually come out to our house and give a detailed bid. Lucky for us they were one of the top picks anyway as they originally did our landscaping on our house when we built and came highly recommended by our neighbor since they did their pool. One other PB at least had us send over a bunch of picture/plot maps and scheduled a 30-minute zoom meeting. Besides those two, anyone else that even got back to me would just send over a generic or wide ranging spitball quote. I could not get anyone to do a design because of how busy they were, so I ended up mocking up my own just to make sure they were on the same page of what we were expecting
Almost all of them I did talk to had some type of comment that they wasting too much time with people expecting a $100k pool for $30k.
Good luck in your search.
The PB we ended contracting with was the only one to actually come out to our house and give a detailed bid. Lucky for us they were one of the top picks anyway as they originally did our landscaping on our house when we built and came highly recommended by our neighbor since they did their pool. One other PB at least had us send over a bunch of picture/plot maps and scheduled a 30-minute zoom meeting. Besides those two, anyone else that even got back to me would just send over a generic or wide ranging spitball quote. I could not get anyone to do a design because of how busy they were, so I ended up mocking up my own just to make sure they were on the same page of what we were expecting
Almost all of them I did talk to had some type of comment that they wasting too much time with people expecting a $100k pool for $30k. Good luck in your search.
JC707
Well-known member
- Sep 5, 2020
- 364
- Pool Size
- 22000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Jandy Aquapure 1400
Wrapping up a cash out refi this week to fund the pool. Rates are really good right now, can't wait to get the pool installed. 
Riddler0520
Well-known member
- Jul 26, 2020
- 246
- Pool Size
- 23000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Jandy Aquapure 1400
X1
Follow the Dave Ramsey and Chris Hogan philosophy— cash flow or don’t buy
Debt is bad... Cash is king
The reason some are charging for design is because of the crazy demand on how many people want a pool these days. As a designer you can spend many hours, days, weeks or even months on a design. That is a lot of man hours plus the software isn't cheap and there is a annual cost. Add on top of that the training and continuing education it cost and it really adds up.
We planned on having a pool for years but the house we were in didn't have room for a pool. There was space but the easements were too large so the HOA wouldn't have approved it. Our thought was to sell and find a place that's cheaper to live. Across the board, everything is 1/3 less here than in the Houston area. No MUD. Instead of a HOA yearly fee of over $1K it's under $200.00. Homeowners insurance a lot less because we're out of a flood / hurricane zone. And the list goes on.
So my thought is if we live somewhere cheaper, we could well afford a pool. The money for it is from selling our last house and then downsizing. It's been a win win although I'm still downsizing. I'm thinking it's a lifelong process.
So my thought is if we live somewhere cheaper, we could well afford a pool. The money for it is from selling our last house and then downsizing. It's been a win win although I'm still downsizing. I'm thinking it's a lifelong process.
We paid cash... and we love our 15,000 gallon Intex pool! 
- Jul 17, 2019
- 3,714
- Pool Size
- 13000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Pentair Intellichlor IC-40
We had 3 kids when we started looking for pools, and now both of our kids love our pool.
I've heard our firstborn is getting lots of exercise from the PB, and is just a few weeks away from being certified to run a bobcat.
I've heard our firstborn is getting lots of exercise from the PB, and is just a few weeks away from being certified to run a bobcat.
uvavi8r
Gold Supporter
I went the same way as @Nikilyn, we live in a pretty strong market, so we saved a bit, and then took a VA cash out re-fi, interest rate went down, payment went down and we got the $$$ to build the pool we want (while still being fairly solid in the housing market). We looked for a house with an existing pool for over a year...and there was nothing available in the location we wanted to live (that wasn't WAAAY out of our budget). We weren't willing to sacrifice our current location and neighborhood for anything that came on the market...interest rates are still pretty good, so if you can go that way (and you plan on staying in the house for at least 5 years) I would check it out. One thing I can tell you is IF you decide to go that way, apply to multiple lenders, we found that some could get us in with very little closing cost, and others were $25K plus...most will match (if you have a preferred lender). If you are interested, I can give you the names of the lenders we looked at. The good news about a cash out re-fi is the interest is deductible (if you use its for home improvements) and I have been earning interest on the $$$ waiting on the installers to get started.
- Jun 1, 2018
- 13,683
- Pool Size
- 26000
- Surface
- Vinyl
- Chlorine
- Salt Water Generator
- SWG Type
- Hayward Aqua Rite (T-15)
This
all the way. I have a 26k gal above ground but even if we had the yard topography to have an inground it would be the same. Pools are toys, we pay cash for toys.Our loan was easy to absorb. When the kids aged out of daycare we took that same payment that we had made for 6 years and it got us something WAY cooler than daycare. Lol.
- Jun 1, 2018
- 13,683
- Pool Size
- 26000
- Surface
- Vinyl
- Chlorine
- Salt Water Generator
- SWG Type
- Hayward Aqua Rite (T-15)
We are just hardcore no debt. Everyone has their own risk threshold. The thought of extending my mortgage by even one day for any reason makes me cringe
. The idea is to be done with it & then we can afford to buy & pay for anything we want (within our income range of course). I wish to be free from the bank 
- the sooner the better 
the op is years out from his build so (for example) a $60k build would require $20k a year to save up for. That’s roughly $1600/mo or $385/wk. Their income may or may not support this but for some who can it’s worth the sacrifice to be finished when it’s over & not have to pay for it for years to come when u also have to pay for maintenance/electricity etc. The above example is how i look @ every purchase to determine its affordability & decide its worthiness. I am “weird people”. 
we are in the middle of a build. We were planning to pay cash, but with all the commentary about loans and low interest rates, Im tempted. The money sitting in cash vs how much my investments have made does hurt a little.
Normally I’m right there with you. The time it would have taken to save would have robbed the kids of having the pool when they were little. We knew many people who did it the ‘right’ way and their teens only had a year or three to enjoy the pool. In our case it was worth the interest to see them bobbing around not able to touch bottom in the shallow end. And all the years that followed when they could touch. Those memories far outweighed the interest paid.
Dave Ramsey provides good advice for people who struggle with debt but I don't have much use for his advice.
Two reasons why I was able to pay cash. One reason is that my pool was built in 2006 when it was a lot cheaper to build them. Second reason is that I built a simple Grecian shaped vinyl pool. There are no water features or pool pavilions. It only cost me around $35k including pool, equipment, concrete deck and patio, and landscaping.
sktn77a
Gold Supporter
Riddler0520
Well-known member
- Jul 26, 2020
- 246
- Pool Size
- 23000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Jandy Aquapure 1400
Ok, I disagree but that’s ok...their principles build wealth and a legacy .... debt is only the beginning stages to change behaviors
Glad you found a method which works
Riddler0520
Well-known member
- Jul 26, 2020
- 246
- Pool Size
- 23000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Jandy Aquapure 1400
Great approach, not weird at all - you are focusedWe are just hardcore no debt. Everyone has their own risk threshold. The thought of extending my mortgage by even one day for any reason makes me cringe
The biggest study of every day millionaires - the one common denominator was NO debt - normal every day people like us with the understanding that the quicker we relieve ourselves from debt, including mortgage the financial freedom that follows is an enabler to creating wealth
Cash. Wife and I debated a pool for 10 years, so I kept saving. Felt good to just cut a few checks. I wanted to use my credit card and earn miles, but PB would make me pay the 3% fee (which is understandable).
Wow, this is great everyone!!! Thank you for your insight.
I agree, the design fee is so strange and I wonder if it's a product of the area I live plus the pool builders demand. They won't give anything specific or put anything in writing until they get that fee!!! These 3 builders even came out to the property. 2 spoke to me on-site, we went over the plans ( overall idea and how we would like to do it in portions/phases) and the 3rd sent it some crew to take pictures of the property and did a zoom session. NONE of these pretty drawings or detailed equipment I see here!!!! I told them at the time this summer we were 1-2 years out, now I'm thinking 2-3 to be realistic.
We tend to be "no debt" kinda people to, cars paid off, credit cards every month, just mortgage and student loans. That's the hold up for why we won't start now, finish my student loans aggressively.
We looked for a house with pool but came up short. I love where we just bought and plan to stay for the next 20 years so I want to make this into my dream house, which includes a pool for me (and the kids too, but mostly me!)
I agree, the design fee is so strange and I wonder if it's a product of the area I live plus the pool builders demand. They won't give anything specific or put anything in writing until they get that fee!!! These 3 builders even came out to the property. 2 spoke to me on-site, we went over the plans ( overall idea and how we would like to do it in portions/phases) and the 3rd sent it some crew to take pictures of the property and did a zoom session. NONE of these pretty drawings or detailed equipment I see here!!!! I told them at the time this summer we were 1-2 years out, now I'm thinking 2-3 to be realistic.
We tend to be "no debt" kinda people to, cars paid off, credit cards every month, just mortgage and student loans. That's the hold up for why we won't start now, finish my student loans aggressively.
We looked for a house with pool but came up short. I love where we just bought and plan to stay for the next 20 years so I want to make this into my dream house, which includes a pool for me (and the kids too, but mostly me!)