How do you pay for your pool install?

[Poolnerdgrandma]

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 think your time frame plus the current demand may be the cause of the fee. I'd go back to them and ask how far ahead of your desired swim date you should get back to them for a detailed quote. Once you can say "here's our budget, here's when we want it, and here's how we're paying for it," they may be more flexible on that planning fee. Also, given current demand, it seems like almost everyone who has been thinking of a pool has pulled the trigger this year. Once the PBs work through their backlogs, demand may slow, and they may be hungrier in a couple of years.

 

[JoyfulNoise]

Don’t pay any design fees this far out, that’s ridiculous. There’s design and planning software that you can purchase (Pool Studio) that will let you do the mock up designs yourself. That’s what I would recommend you do. That way you can play around conceptually and see what works for you. It’s not that hard to figure out what your setback and easement requirements are, so you should be able to do a very decent job of conceptualizing your pool layout all on your own.

 

[sarahgelatinano]

That's a great idea Joyful Noise!!!! I will certainly do that and you're right, I should be able to find set backs etc. Online. We had an official survey done recently for a fence purpose so I can use that too.

 

[Homebrewale]

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

Dave Ramsey's investor advising services are a financial ripoff. He believes in front loaded mutual funds that also carry higher expense ratios.

 

[Riddler0520]

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.

The Ramsey approach actually teaches and shows how to build generational wealth, the focus on debt is just the initial steps

sounds like you have a good plan which is great, for most - the principles he teaches set people up to change their generational trajectory

By following his principles we have zero debt, cash flow everything, own our home and have a 7 figure retirement and can focus on giving and our legacies.

most people just need the guidance and support so they can maintain the discipline needed vs living how most of society tells you you should.

enjoy your pool and summer !!!

 

[Riddler0520]

Dave Ramsey's investor advising services are a financial ripoff. He believes in front loaded mutual funds that also carry higher expense ratios.

I wouldn’t go as far as saying it is a ripoff - I have a different portfolio than what is suggested by Ramsey but what I think you are missing is that most are not maxing out their 401k-‘s and most are not supplementing $ in a brokerage account.

if those mutual funds are what it takes for people to start vs no action at all, then I don’t think “rip off” is the right description. The rip off is paying CC interest and carrying other debt and not building wealth to live differently

my $.02

 

[jamjam]

DR’s advice is oversimplified and designed to apply to as many people as possible as simply as possible by changing behavior. However, a more sophisticated approach can better maximize your net results. For instance Dave would have had me forgo taking a 5 year 0% apr loan on my car when I had the cash to pay in full. I paid for my pool in cash while simultaneously straight refi-ing my house (no cash out or pay down) to 2.5% apr. Dave would have me focusing on paying down that mortgage early, instead of building cash reserves beyond an emergency fund. But the money I didn’t pay for my car up front or pay toward principal on my home loan I used to pay for a pool without financing. That money “cost me“ between 0% and 2.5% considering it would have otherwise gone to the only outstanding loans I have. He rejects the concept of “smart debt.” Which I think is silly.

 

[Homebrewale]

I wouldn’t go as far as saying it is a ripoff - I have a different portfolio than what is suggested by Ramsey but what I think you are missing is that most are not maxing out their 401k-‘s and most are not supplementing $ in a brokerage account.

if those mutual funds are what it takes for people to start vs no action at all, then I don’t think “rip off” is the right description. The rip off is paying CC interest and carrying other debt and not building wealth to live differently

my $.02

There is no reason to be using Ramsey's investing service with high fee mutual funds. If someone is motivated enough to invest through Ramsey's advisors, they have sufficient motivation to open an account through a discount broker and just invest in the S&P 500 index through either mutual funds or ETFs. Ramsey's advisors are not adding any simplification to the process and you're just paying higher costs than needed.

There are better forums that a pool forum to argue financial matters. I'll just let you continue without me since I've already stated I have no use for his investment services.

 

[Riddler0520]

DR’s advice is oversimplified and designed to apply to as many people as possible as simply as possible by changing behavior. However, a more sophisticated approach can better maximize your net results. For instance Dave would have had me forgo taking a 5 year 0% apr loan on my car when I had the cash to pay in full. I paid for my pool in cash while simultaneously straight refi-ing my house (no cash out or pay down) to 2.5% apr. Dave would have me focusing on paying down that mortgage early, instead of building cash reserves beyond an emergency fund. But the money I didn’t pay for my car up front or pay toward principal on my home loan I used to pay for a pool without financing. That money “cost me“ between 0% and 2.5% considering it would have otherwise gone to the only outstanding loans I have. He rejects the concept of “smart debt.” Which I think is silly.

I have no mortgage and can just speak from experience - it is 100% liberating as I am much more aggressive investing as I have very little risk.

sounds like you’ve got a good plan which works well - it’s all about taking action and being intentional as there are different ways to skin the cat.

Bottom line for most - most US consumers are overwhelmed with debt as it helps people think differently vs being 3 paychecks away from being broke.

 

[jamjam]

every calculation I could make using the most conservative historical returns says investing my money vs paying off my mortgage nets me more. Plus I am less likely to need a loan to unlock my own equity. Either way you are correct, if you have a plan and decide any approach in managing your money you are ahead of the game and primed for success. A plan and discipline will lead to bigger and betters pools down the road.

 

[Jgc88]

We saved and paid cash for our pool. We don't like financing anything aside from our mortgage which has a low balance.

 

[JerseyPool2021]

Thanks to everyone on here for all their insight and stories. I have been lurking, reading, learning. We are maybe 2-3 years out from a build.

Just wondering how most people pay for their pool installation? I suppose much of it has to do with the builder, I've seen some advertise that they accept financing type pool loans.

I got 3 quotes this summer, nothing set in stone or itemized list but general ballpark (all required a non refundable design fee of either $1000 to 5% of the pool cost to get specifics, which I was not ready to fork out) ranged for FG pool 80g to gunite at 90-120. This is for "standard" pools as the builders said.

But just wondering what is common/what others do. Home equity line of credit? Save cash the good old fashioned way? Regular personal bank loan? Pool loan? A little of each?

We did a cash out refi. Because rates dropped so much the cash was almost free. We actually reduced the length of time also with a 15 year mortgage. It didn’t hurt that home values in my area significant increased to all time highs.

 

[jark87]

it is 100% liberating

Amen! We paid off our mortgage when most of the balance was principal. Sounds dumb, but it was the only debt we had and had already paid for kids’ tuition. But it was absolutely liberating and we’ve never looked back!

 

[markayash]

every calculation I could make using the most conservative historical returns says investing my money vs paying off my mortgage nets me more. Plus I am less likely to need a loan to unlock my own equity. Either way you are correct, if you have a plan and decide any approach in managing your money you are ahead of the game and primed for success. A plan and discipline will lead to bigger and betters pools down the road.

I am debating that issue now, just sold a property and have enough to pay off 2 other properties. Will invest some for rainy days fmd and debate what to pay off.

 

[jamjam]

I am debating that issue now, just sold a property and have enough to pay off 2 other properties. Will invest some for rainy days fmd and debate what to pay off.

If you never plan on borrowing money again it is worth the peace of mind. But if you anticipate wanting to take a loan in the future I think it’s best to remain liquid. Heck, you can invest in I-Bonds up to $10k per SSN per tax return at a guaranteed no risk return which is currently 1% higher than my mortgage rate. I have 4 people in my family. That’s $40k. Hypothetically, would you throw the $40k at your bank and see zero return or at a minimum figure out the date that $40k hurries up your loan payoff date and invest that $40k until that date, then give them the $40k on that date and keep the gains. Anyway, this isn’t a money management forum unless we are talking pools filled with gold coins.

 

[markayash]

If you never plan on borrowing money again it is worth the peace of mind. But if you anticipate wanting to take a loan in the future I think it’s best to remain liquid. Heck, you can invest in I-Bonds up to $10k per SSN per tax return at a guaranteed no risk return which is currently 1% higher than my mortgage rate. I have 4 people in my family. That’s $40k. Hypothetically, would you throw the $40k at your bank and see zero return or at a minimum figure out the date that $40k hurries up your loan payoff date and invest that $40k until that date, then give them the $40k on that date and keep the gains. Anyway, this isn’t a money management forum unless we are talking pools filled with gold coins.

One quick question, what are Ibonds paying now. I stuck 10k in probably 20’years ago with the mentality leave it until I need it I need to see how much is in there

 

[jamjam]

3.54% - but a SP500 fund over 10-20 is a safe enough bet.