How did you pay for your pool?

thisisjason

Active member
Feb 8, 2018
28
Cincinnati OH
Paying cash from work bonus... I am grateful to be able to do this. Because we didn't want to go into debt for a pleasure expense like this we didn't go crazy... will be spending about $35k by time everything is said and done.

EDIT: Also, after negotiating price... PB took an additional 5% off by offering to pay cash... as in stacks of cash, no checks
 

hollywoodfrodo

Silver Supporter
Feb 20, 2018
202
Lakewood, CA
For all of you guys who paid for your pool by working as male dancers, I'm sensing the need for a new thread with video - we can title it "How I Paid for my Pool"! lol

I WISH I could pay off my pool that way - I might have better luck charging people to NOT have to watch me dance... or strip. haha

Our pool is costing us a fortune, but a big part of that is due to the fact that we are not just installing a pool - we are completely renovating our backyard area and converting the entire thing into our own little Oasis which is involving a lot of things in addition to the pool. The other part is due to living in SoCal and not feeling confident with Owner Builder so we're definitely on the higher end of costs. That's why we had no choice but to borrow money... or wait 5 years. But fingers crossed, we're hoping we can make extra payments on the loan to get it paid off faster and reduce the amount of interest we're paying.
 

tampatommy

Well-known member
May 2, 2017
258
Tampa, FL
At the end of the day, we almost have to look at it as "whats it worth to us". Some are ok with a hole in the ground that water can stay in, others have a vision and a dream. So far the quotes that I have gotten for the existing pool and deck demolition have not been affected by trying to bribe them with dead presidents as opposed to checks. We are meeting with the builder tomorrow to finalize the design and total up how many kilos of Oregano and powdered sugar im going to have to sell to pay for it.
 

propjetprop

Gold Supporter
Jan 5, 2018
103
Douglasville Georgia
Our pool decision was not for reinvestment, but rather quality of life... When I want a good steak, I go buy one and eat it and know that it will end up in the septic system... Same with a pool/back yard reno.... You will enjoy your investment for years... maybe the rest of your life, but you will never see that kobe beef marbled steak again after you eat it..
 

jerryk1234

Bronze Supporter
Jan 22, 2018
99
Hayward, CA
We took out a $200K 1st mortgage on our house - which before this was free & clear. If the project goes over this budget, we also have a $200K HELOC we can draw on.

Note: The SF Bay Area is ex-pen-SIVE. And the pool is on a hill. And it's a big ( 60-foot x 12-foot ) pool.
 

djust

Silver Supporter
Jun 22, 2016
82
Edmond, Oklahoma
We have no debt other than a 70 GTO i bought a couple months ago so I used my truck as collateral to buy the GTO, now with a new pool on the horizon we have the money to pay for the pool project but it would severely deplete our savings so again we are going to use the Infinity we have to finance half the pool for a year then pay it off. Auto loans are a really low interest right now so that seems like the best bang for he buck for us.
Granted we are only spending about 35k on the whole project, pool, cover, fence etc.
 

neosolace

Active member
Jul 23, 2015
28
Verbena, AL
We just finished up setting everything up with Lyon ourselves, and so far no issues. We were looking at doing a HELOC, but ran into issues with our house appraisal (100 y/o farmhouse in a rural area, comps consisted of nothing close to what our house is like, etc). That's a whole other fiasco in itself. Now we're just waiting a couple weeks for the builder to get started.
 

jaymantx

Silver Supporter
Apr 3, 2018
146
Houston/TX
Even though I can pay cash for my pool build, I got the HELOC from a credit union. Fixed 4.25% for 15 years.

Here is my logic for doing this. 1. I’d rather make my home equity work for me since I still have 30 years before I retire. 2. HELOC interest you pay for home improvement is a tax write off. 3. with the current stock market doing fairly well, I can easily get 10%-15%+ return. So, Instead of paying cash for the pool, I take out a loan for the pool build. Then, I invest the same amount of cash in stock. If my investment yields 10% return, I pay 30%-40% income tax on that earning. So my earning after tax (40%) is 6%. Then subtract 4.25% interest I paid for the pool loan. I still made 1.75% + tax return I mentioned in 2 above...

Obviously, an underlying assumption for doing this is that you have a very stable job/income coming in for a long term, and stock market does well.