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Started By
Message
Any good way to finance a pool?
Posted on 5/10/15 at 12:57 pm
Posted on 5/10/15 at 12:57 pm
Situation:
$312,000 mortgage on a $400,000 property.
That means we only have $8,000 equity beyond PMI requirement.
We own our vehicles, and have little debt. Our only significant savings outside of rainy day fund are 401k's & 429's for kids college.
We "need" a pool!
$312,000 mortgage on a $400,000 property.
That means we only have $8,000 equity beyond PMI requirement.
We own our vehicles, and have little debt. Our only significant savings outside of rainy day fund are 401k's & 429's for kids college.
We "need" a pool!
14
Posted on 5/10/15 at 12:59 pm to GusMcRae
Go get a home equity loan while you hang your head in shame.
Posted on 5/10/15 at 1:04 pm to GusMcRae
quote:
We "need" a pool!
You'll save money and be less frustrated if you just light a stack of Benjamins on fire.
Posted on 5/10/15 at 1:05 pm to GusMcRae
If you're dead set on getting a pool, home equity is your best bet.
Posted on 5/10/15 at 1:22 pm to foshizzle
We had one at our last house in TX. I know it's not an investment, but huge quality of life thing for us.
Posted on 5/10/15 at 1:33 pm to GusMcRae
Why not just put a couple hundo away a month for a year or so and buy it then?
Posted on 5/10/15 at 2:02 pm to Jcorye1
Cuz it's gonna take $50k.
Posted on 5/10/15 at 2:03 pm to GusMcRae
quote:
Any good way to finance a pool?
With cash that you have accumulated.
Posted on 5/10/15 at 2:08 pm to GusMcRae
You're going to drop 50k on a pool? Go get a country club membership.
Posted on 5/10/15 at 2:33 pm to I Love Bama
Not defending his decision but thats how much they cost.
Posted on 5/10/15 at 2:34 pm to Jcorye1
quote:
by Jcorye1
Why not just put a couple hundo away a month for a year or so and buy it then?
And get a plastic pool from Walmart?
Posted on 5/10/15 at 2:35 pm to GusMcRae
You can get one of these for about $2,000
Posted on 5/10/15 at 2:42 pm to yellowfin
Apparently I have no idea how much pools cost
Posted on 5/10/15 at 2:58 pm to Jcorye1
As others have suggested a HELOC is likely your best bet. I do not think that will affect your PMI as it is a second mortgage.
I had a pool and loved it.
I had a pool and loved it.
Posted on 5/10/15 at 3:26 pm to GusMcRae
Join a neighborhood pool.
Posted on 5/10/15 at 4:33 pm to Jcorye1
I was surprised myself. Plan to put one in when I build next year
Posted on 5/10/15 at 5:32 pm to GusMcRae
We used a home equity line of credit to build ours and then re-financed the house and paid out the HELOC, rolling it into the re-fincance. This was 3 years ago. We got a 2.79% APR, which was lower that our existing. That worked out well for us. But, our HELOC max was $50,000. We ended up spending close to $60,000 and paid cash for the extra.
Posted on 5/10/15 at 5:48 pm to TigerAlum1982
quote:
We ended up spending close to $60,000 and paid cash for the extra.
Assuming a 20 year useful life, that's $250 a month for 20 years assuming zero cost of capital. I'd rather re-up with Netflix.
Posted on 5/10/15 at 6:01 pm to GusMcRae
quote:
We "need" a pool!
You don't need a pool with all that debt.
Posted on 5/10/15 at 6:30 pm to foshizzle
It wasn't only a pool....whole re-do of the back yard, including outdoor kitchen area. We love it. Pool is used just about every day in the summer instead of being a couch potato and watching Netflix!
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