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HSV Tigah
LSU Fan
Huntsville, AL
Member since Dec 2009
40 posts

Pool financing???

Closed on new house this year, regret I did not just put pool in when we built it. LTV was 65% so I have some equity. Thinking about a refinance or equity loan so I can put pool in now. Rates have ticked back up a little so I would likely go from 3.375 to 3.5, but I am thinking with interest deduction this might still be a better move than a separate note with higher rate. Could probably pay of pool in a couple years if needed. Any thoughts on refi vs home equity loan vs personal loan???

TIA


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32180 posts

re: Pool financing???
Seriously? You're willing to accept a worse rate so you can get some cash to buy an asset that itself is a money hole?

If you absolutely must get a pool I'd do a 2nd home equity loan or a HELOC, you don't have to refi.

But there's no way in hell I'd get a pool in the first place anyway unless I was well off enough that I could write a check for it and not miss the money.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13798 posts

re: Pool financing???
If you settled this year the mortgage isn't seasoned and refinancing isn't an option. You may be able to get a HELOC for the pool.


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Crimsonsaint24
Alabama Fan
Alabama
Member since Jul 2011
552 posts

re: Pool financing???
You could get a unsecured loan from your local credit union. I must say the interest rate will be a bit higher though depending on your score


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TyOconner
Troy Fan
NOLA
Member since Nov 2009
10270 posts

re: Pool financing???
Sounds to me like you can't afford a pool.


guttata
LSU Fan
prairieville
Member since Feb 2006
20383 posts

re: Pool financing???
Definitely is not worth going to a higher interest rate just cause you want a pool. It is a dumb financial decision. You are going to pay a higher interest rate on a pool that isn't worth anything close to what you payed to have it put in.


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Chad504boy
New Orleans Saints Fan
Greenbriar WV
Member since Feb 2005
91521 posts

re: Pool financing???
quote:

ny thoughts on refi vs home equity loan vs personal loan???


2nd loan. pay off sooner.


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tigerrocket
LSU Fan
Member since Aug 2008
102 posts

re: Pool financing???
If you are going to pay for the pool in 2 years, I would get a home equity line of credit to avoid any closing costs.

Also, keep in mind that you don't have to look at everything you do to your house as an investment for financial return. Some improvements are for quality of life, and my kids and their friends sure have enjoyed their pool. Just don't compromise your savings and investment plan so that you can put a pool in.


Chad504boy
New Orleans Saints Fan
Greenbriar WV
Member since Feb 2005
91521 posts

re: Pool financing???
some people enjoy having a camper or a boat in their life. Some people enjoy a pool. ONly thing different about a pool is it could minimize the number of potential buyers for your house. Doesn't really add value to it necessarily but may deter some people who absolutely don't want a pool. Could attract a family looking at a pool who may enjoy it over house that doesn't though.


yellowfin
Illinois Fan
Coastal Bar
Member since May 2006
78326 posts
Online

re: Pool financing???
Pool and a pond... Pond be good for you


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OFWHAP
LSU Fan
Member since Sep 2007
5416 posts

re: Pool financing???
quote:

Closed on new house this year, regret I did not just put pool in when we built it. LTV was 65% so I have some equity. Thinking about a refinance or equity loan so I can put pool in now. Rates have ticked back up a little so I would likely go from 3.375 to 3.5, but I am thinking with interest deduction this might still be a better move than a separate note with higher rate. Could probably pay of pool in a couple years if needed. Any thoughts on refi vs home equity loan vs personal loan???



Pools are a pain in the ass, and a lot of people involved in the installation/maintenance of pools are crooks or just overall shitty people to do business with. Once your pool is built, don't expect anything more out of them, as they will make all kinds of promises only to leave you hanging in the wind while your pool deteriorates (of course this is assuming they even finish the job).


I Love Bama
Alabama Fan
Alabama
Member since Nov 2007
34144 posts

re: Pool financing???
quote:

foshizzle


nailed it


HSV Tigah
LSU Fan
Huntsville, AL
Member since Dec 2009
40 posts

re: Pool financing???
Thanks for the feedback. Sounds like HELOC is the way to go if I do it now. Not overly concerned with the cost, just not sitting on a free 40k right now after putting close to 200 down on the home 6 months ago. Good points on the potential reduction of buyers but I will take that risk to see the kids enjoy themselves for the next 10 years.


foshizzle
LSU Fan
Washington DC metro
Member since Mar 2008
32180 posts

re: Pool financing???
Personally I would put the money in an education savings account for the kids and let them swim for free at some other guy's pool. If you want to watch the kids swim offer to help him grill steaks and you'll provide the steaks and the beer. It'll still cost much less than a pool.


nolanola
Member since Nov 2010
5204 posts

re: Pool financing???
I'm in the industry

quote:

Pools are a pain in the ass, and a lot of people involved in the installation/maintenance of pools are crooks or just overall shitty people to do business with. Once your pool is built, don't expect anything more out of them, as they will make all kinds of promises only to leave you hanging in the wind while your pool deteriorates (of course this is assuming they even finish the job).



and this statement is 100% accurate.


meldawg399
LSU Fan
nola
Member since Oct 2008
930 posts

re: Pool financing???
Or you can make a goal for yourself.....wait to put it in once you save up 25% or 20% of the pool cost. Any time I buy a luxury/quality of life item, I make a deal with myself that I'll buy it when I have X amount of cash or X amount of cash reserves.

If you must borrow HELOC is the better option and I think a second loan or LOC against your personal residence has tax deductibility too (subject to certain income limits).


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Rougarou4lsu
LSU Fan
New Orleans
Member since Oct 2003
1700 posts

re: Pool financing???
quote:

I'm in the industry


Are you in financial lending, pool building or pool maintenance?
This post was edited on 4/30 at 11:14 am


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TIGRLEE
LSU Fan
Northeast Louisiana
Member since Nov 2009
24554 posts

re: Pool financing???
YOu sound like a Debbie downer.
A poor one at that.
I'm getting ready to build a house and am putting in a pool.
40-45k is going to be the cost.
My kids are 2 and 4.
I assure you ill get my money's worth the next 20 yrs of my life.


VABuckeye
Ohio State Fan
Oak Hill, VA
Member since Dec 2007
13798 posts

re: Pool financing???
There are two kinds of worth with a residential property. The dollar value and the value of use. I'd say you'll probably get more than your investment in value of use in that pool.


Kingpenm3
McNeese State Fan
Xanadu
Member since Aug 2011
2555 posts

re: Pool financing???
Just got a 16' pool from Walmart for $350. No financing!



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