So I am wanting to get a fiberglass pool next year. We have a really good builder here. The thing I cannot get over is the cost. We are looking between $30K and $50K for a pool in the size I like. How are you guys paying for these? Are you paying cash, financing? Just wondering, as I have been saving for some time but will take a while longer to get to the $50K mark. Thanks.
Pool Cost
- Thread starter brunnesa
- Start date
We paid cash for ours. We went on budget and lived very frugally for 18 months or so.
- May 23, 2015
- 24,382
- Pool Size
- 16000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Pentair Intellichlor IC-60
I think you'll find people here do all sorts of things - save & pay cash, construction loans from banks, home equity loans, etc, etc.
The problem with threads like these is they devolve into arguments about debt. So everyone is free to say how they paid for their construction but please do not use this thread as a forum for lecturing people about their finances or property values, etc, etc.
The mods will close this thread if it heads in that direction.
The problem with threads like these is they devolve into arguments about debt. So everyone is free to say how they paid for their construction but please do not use this thread as a forum for lecturing people about their finances or property values, etc, etc.
The mods will close this thread if it heads in that direction.
Sorry Matt, that is not my intention at all. I was just curious. I don't make much money so the pool costs are probably easier to achieve for others. I guess I will just keep saving, or maybe I will hit the lottery
Also, if you want a 'starter' pool, you might think of craigslist. You never know what you'll find!
- May 23, 2015
- 24,382
- Pool Size
- 16000
- Surface
- Plaster
- Chlorine
- Salt Water Generator
- SWG Type
- Pentair Intellichlor IC-60
Sorry Matt, that is not my intention at all. I was just curious. I don't make much money so the pool costs are probably easier to achieve for others. I guess I will just keep saving, or maybe I will hit the lottery
Your question is a totally legit one, my warning was to others that may jump in. We get a posting or two like this every year and it always eventually devolves into the no-debt/debt-is-ok factions. My warning was for those that would hijack your thread to lecture people.
Not going to allow it.
Anyway, I understand your position. When someone finds that magic money tree we all want, I'll be first in line to collect some seeds
. There's lots of resources online for loans and such but only you can be the judge of whether or not it makes financial sense for your situation. Saving up $50k is a pretty tough hill to climb for most people but it is certainly possible. Maybe there's a way to do both (save and borrow) but again, it all depends on your particular circumstance. Good luck.
60% Cash. 40% Home Improvement Loan (20 yr fixed @ 5.99%). I'll have it paid off in 1-2 years.
*edited - my prior comments could be seen as "lecture" so I'll just remove them now.
I think "Save and Borrow" is a balance of Risk and Reward.
*edited - my prior comments could be seen as "lecture" so I'll just remove them now.
I think "Save and Borrow" is a balance of Risk and Reward.
Saved for 6 years to save the down payment for the house we built. Initially we thought we would wait to save on pool and landscaping till we could save more, but ultimately decided to go with less of a down payment and used the cash to pay for our pool and landscaping. So in away you can say we financed it since the mortgage is 10% larger than planned, but there is no second loan loan for the pool and landscaping.
Nectarologist
Well-known member
- Apr 3, 2015
- 642
- Pool Size
- 21000
- Surface
- Vinyl
- Chlorine
- Salt Water Generator
- SWG Type
- CircuPool RJ-45 Plus
I saved for the pool (and necessary electrical and plumbing/gas line). I then took out a home equity loan for pahse II; the landscaping, decking, and built-in bbq. The initial plan was to save for phase II over the next several years but rates were so low for hel that we decided to take the loan.
Just something to consider. You don't have to complete everything at once. Of course the pool with certain options you want must be done (bench, light, etc.). But you can install the heater in year 2 or 3 etc (get gas line put in now to save money and mess down the road). You can also do the decking down the road. My first year I put down a 4x8 piece of plywood with an outdoor carpet over it near the stairs and the rest was dirt. Consider grass around the pool (except the stairs exit, use plywood) at first or put pea gravel down for the first year or two. You can always lay pavers or concrete later on. I have pavers at my stairs end and the rest is grass (from sod). That's the look I was going for but it's also a great way to save money. The sod was $500. To lay pavers would have been $8,000! Grass may not be your long-term plan but for $7,5000 less it's something to consider in order to get the pool in. Wait on the pool cleaner, salt chlorine generator etc.
Best of luck with whatever you decide!
Just something to consider. You don't have to complete everything at once. Of course the pool with certain options you want must be done (bench, light, etc.). But you can install the heater in year 2 or 3 etc (get gas line put in now to save money and mess down the road). You can also do the decking down the road. My first year I put down a 4x8 piece of plywood with an outdoor carpet over it near the stairs and the rest was dirt. Consider grass around the pool (except the stairs exit, use plywood) at first or put pea gravel down for the first year or two. You can always lay pavers or concrete later on. I have pavers at my stairs end and the rest is grass (from sod). That's the look I was going for but it's also a great way to save money. The sod was $500. To lay pavers would have been $8,000! Grass may not be your long-term plan but for $7,5000 less it's something to consider in order to get the pool in. Wait on the pool cleaner, salt chlorine generator etc.
Best of luck with whatever you decide!
It depends, i can tell you how my mind works but it might not be the same for everybody.
You should always try to find the cheapest money available to pay for something. most of the time cash is not the cheapest option.
let's assume the pool cost you 50K$, and let's assume you have 50K$ cash saved up over the years. do you want to use that money and pay for the pool? i would say no.
i can easily make between 5%-10% yearly return on that money so I would suggest you to invest the money and get a 401K loan or any other loan which the interest rate is below 5% if you can get such a loan the pool will cost you less to build if you can't it will cost you more.
This is true for every purchase you do, big or small, always try to use other peoples money first to buy something and only if you can't use yours.
So as you can see it is very personal and i am sure some people will agree with me and some will find issue(s) with my logic and would want to go a different way, that is OK everybody is making their own financial decision.
Good luck with your pool.
So I assume you are a billionaire? A 10% return is better than the historical S&P500 return.
I'm sure you meant it loosely... I agree with investing money vs dumping cash. That's another reason why I balanced the load with 60/40 cash to loan.
I had a fiberglass pool installed at my last house. They are without doubt my favorite kind of pool. It feels (and looks) like a big bath tub and is so smooth and easy to care for.
When I had the house built, I only had the builder do the things I couldn't do after the fact (cathedral ceilings, architectural shingles, etc.). Any other upgrades I wanted (tile, wainscoting, crown molding, fancy light fixtures, etc.) I did myself during the first couple of years there. So I saved a lot on those costs. I also did my own landscaping, so saved there. Built my own deck, so saved there. All these savings went toward the pool.
Even when it came to the fiberglass pool install, the pool guy put the pool in, and it had to be installed with a minimum of 3ft of concrete around it, so that it all I had them do. I built my own forms and contracted out the extra concrete I wanted and put up my own fence & gates. If you're willing to put the work in, you can really bring the total cost way down.
40% cash
60% secured loan against my savings at a very low interest rate. No prepayment penalty.. plan to have it paid off in less than two years so that I can move on to next home improvement project- master bath remodel
I hear a lot about waiting until you can pay cash for it- I could have paid cash but I really didn't want to drain my savings. And my argument for going ahead now is that my kids are at the age- especially the oldest- where I don't have that many years with them as kids. I want as many years to enjoy it with them as kids as possible. Agree with previous poster that only you can be the judge of when you are ready!!
60% secured loan against my savings at a very low interest rate. No prepayment penalty.. plan to have it paid off in less than two years so that I can move on to next home improvement project- master bath remodel
I hear a lot about waiting until you can pay cash for it- I could have paid cash but I really didn't want to drain my savings. And my argument for going ahead now is that my kids are at the age- especially the oldest- where I don't have that many years with them as kids. I want as many years to enjoy it with them as kids as possible. Agree with previous poster that only you can be the judge of when you are ready!!
I got a home equity loan when I installed my pool in 2004 and I have no regrets at all.
40% cash
60% secured loan against my savings at a very low interest rate. No prepayment penalty.. plan to have it paid off in less than two years so that I can move on to next home improvement project- master bath remodel
I hear a lot about waiting until you can pay cash for it- I could have paid cash but I really didn't want to drain my savings. And my argument for going ahead now is that my kids are at the age- especially the oldest- where I don't have that many years with them as kids. I want as many years to enjoy it with them as kids as possible. Agree with previous poster that only you can be the judge of when you are ready!!
I agree on this. In a way, I saved 40 years for my pool. My 31 and 32 year old have never had more fun here at home since the pool was put in. I can't help but wonder if getting it when they were younger would have been better. It sure brings people together. Things work out for the best, so I got a lot more on my pool than would have been available years ago or that I could have afforded. Still, it sure is fun to watch your kids having such a great time - at any age!
Whenever you get yours, will be the perfect time for you and your family. Let us know what you decide!!! If it's later, hang around until you decide to pull the trigger. You will be amazed at how much you learn and will probably do differently after sticking around.
Well said... my wife and I work hard, so we play hard. (or will be soon hopefully in 7 weeks)
We refinanced and took out some of our equity in the form of a construction loan attached to our mortgage. Mortgage went up but interest rate down, and if we sold tomorrow we wouldn't lose any money so we considered that worth it.
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We rolled it with the purchase of our house. We put down an equal amount to the pool loan and the pool is on a 15 year fixed at 3.75%
