5 Ways to Save $$$
Swimming pool financing can be difficult to come by these days for those persons serious about swimming pool ownership. The reason for this is quite simple. Since the economy sputtered in late 2008, home values have gone done drastically, meaning that many people who had equity at one time to borrow against (for such items as a swimming pool) now find themselves without the ability to apply for a second mortgage or home equity line.
For these people, often times the only answer to swimming pool ownership is via an unsecured loan, or some other type of ‘home improvement’ style loan. The problem with unsecured swimming pool loans, that we have noticed in 2010, is the fact that most financial institutions do not lend more than $30,000. And as many people are well aware, purchasing a fiberglass swimming pool, with concrete patio and electrical hook up, is almost always going to cost more than $30,000.
So what’s a person to do that has a 30k budget but wants a fiberglass pool? Understanding that this is a dilemma for many of our customers, we at Cherry Hill Pool & Spa set up packages this year to accommodate this type of consumer – The Recession Buster Package. This is a complete turn-key swimming pool and patio installation for around $30K.
However, if these offerings aren’t to your liking, here are my suggestions on saving money:
1. Pool Size: Sizes are determined by width (small = 12′, medium = 14′ and large = 16′) With a $30K budget you will need to choose a pool that is less than 16′ wide.
2. Minimal Patio: Patio can always be added later to a swimming pool. There are cases where we have poured the concrete footing around the pool and then a year or two down the road the homeowner added their finish patio.
3. Minimize Options: Things like salt water systems, waterline tile, heaters and covers can always be added later. The only options that MUST be done with the initial installation are the in-floor cleaning system and lights.
4. Do Your Own Fencing: In-ground swimming pools are required by law to have fences. This being said, fences can be somewhat expensive installed. The average pool customer will spend 5-6k on a fence, with powder-coated aluminum being the most common choice. Because fences are not terribly difficult to install, I’ve suggested to many, many homeowners over the years that they consider buying and installing their own fence. By so doing, most people only end up spending 2-3k in materials, which can be a big help when trying to stick with a tight budget.
However, if DIY is not your thing, then let me suggest contacting our sister company Townsend Fence which specializes in pool fencing.
5. Dirt Hauling: Although this doesn’t apply to many jobs, hauling dirt from a job can be expensive, costing the homeowner anywhere from $500-$2000 depending on the amount of dirt as well as other variables. Obviously, if the dirt can stay on the property this is better off for everyone. My suggestion: As your drive around your neighborhood and town, look for a sign, “CLEAN FILL WANTED.” The less distance the materials have be hauled, the less expensive it will be.
So there are five suggestions that may help you purchase an in-ground swimming pool for around $30,000 in 2011. Although there are other means of saving money, the key is that people who don’t have enough equity in their homes simply don’t give up on the idea of swimming pool ownership. We’ve had many customers that have received 30k unsecured loans already this year and I’m sure these types of loans will be an important part of financing in the swimming pool industry for at least 2 or 3 more years until the housing market has time to recover.
HAPPY SWIMMING!
