Should You Finance A Pool? 5 Things You Need to Know Before You Decide

Let’s go to the pool, pool, let’s go get away. These semi-edited lyrics are what we all think once the calendar gets to May/June, right?

Well yes – if you have a pool or access to one. If you’re looking to put one in your backyard, make sure you ask yourself these questions first.

Learn if you should finance a pool below.

1. Are You Planning On Taking Care of it Yourself?

When you get a pool, or you have a pool, there’s a lot of care that goes into it. You not only have to buy the chemicals or solution it needs to keep it blue/safe, but you need to clean it, too.

A pool company can come and clean your pool for between $70 and $100 a month. So when you’re financing your pool, calculate that in.

The cheapest thing, of course, is to clean and take care of it yourself. But that’s easier said than done.

That means you’ll have to buy a pool vacuum and whatever other tools you need. You’ll have to spend dedicated time each week cleaning the pool.

And if you forget, the grime builds up, fast. Have you ever been in one of those soft-vinyl lined pools and seen the ring of grime or pollen at the water’s edge on the wall?

Yeah, that’s what we’re talking about.

Before you decide to go all in and dig a giant hole in your backyard, get some quotes from a local pool company. That will give you a better idea of what the pool will cost to maintain, not just to install.

2. Do You Have Kids?

If you had a pool in your backyard when you were growing up, you most likely have awesome summer memories. The words “I’m bored” were usually met with, “why don’t you go swimming?”

That’s the good part about having a pool when you have kids. If you have a babysitter and it’s not late at night, they can take the kids into the pool to get them off your hands.

Once your kids are old enough, they can have pool parties and entertain each other in the pool.

It’s kind of like having a big arcade in your yard, except instead of screens, it’s exercise.

But then there’s the downside: drowning.

Obviously, any body of water around small children is a drowning risk. But backyard pools are where many small-child drowning accidents happen.

You know that saying that silence is golden, except if you have a toddler, then it’s suspicious? Part of the truth in that is how fast toddlers are.

Imagine that you didn’t close your back door all the way and didn’t notice. Your kid sees the door open and wanders outside, only to trip and fall into the pool.

You think they’re in the other room watching PJ Masks and keep making dinner. The child drowns and you’re devastated.

And if you’re saying “won’t I hear them yelling?” the answer is no. There’s a bad misrepresentation of what drowning really looks like thanks to movies and shows.

If someone’s truly drowning, they won’t have enough oxygen or energy to yell. Or really to splash around violently at all. To learn what drowning actually looks like, please read this life-saving article.

Kid-Friendly Accessories

Now, just because you have young kids and a pool doesn’t mean they’re going to drown. There are things like covers and fences that you can put up to keep them from falling in the water.

Pool fences are probably the most common solution that parents put in place to protect their kids. These are stakes that the installation company installs for you, connected by strong mesh netting.

There’s a hook that opens and closes one or two panels to allow entrance into the pool. That hook is at the very top of the panel, so only tall people with great hand strength can open them.

Those work to keep kids safe 95% of the time, but obviously, nothing replaces adult supervision.

Those fences can run you anywhere from $200-500, so that’s another expense to keep in mind.

3. Is Your Lender Reasonable?

If you wanted more of a -should I finance a pool – financial advice article, here’s what you were looking for. Your lender makes a lot of difference on whether you should get a pool or not.

Just like you want to find the best mortgage, you want to find the best loan to get the pool of your dreams. Bonsai Finance has such great rates, it’ll feel like you’re swimming in money – not water (without the papercuts).

Shop around for your loans before you decide on one. The installation company can wait. They’re there to serve you, not the other way around.

4. Is a Pool a Good ROI?

If you live in a good place for a pool, houses with pools usually sell for a slightly higher price. But if you live somewhere with a shorter swimming season, you may not get good attention for your asset.

When the pool has to be closed the majority of the year, it becomes more of a hassle. So if you live somewhere north of the Mason Dixon line, check with your neighbors and call a realtor or two before you go for it.

Should I Finance a Pool? Time to Jump In

If you’ve checked all these boxes and are okay with whatever extra expenses apply to you, great. Then you should finance a pool!

But if you’re still not sure, look into a membership at a fancy health club with a kids pool or even a country club. That’s a lot more worth your money than something you may not use (or clean) often.

For more advice on all things interesting, click over to our other articles. 

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