Planning to refinance to improve your home with the addition of a swimming pool to while away hot summer days?
Be sure to take the time to research what swimming pool is right for you to ensure your investment is rewarded with years of happy use.
Planning Your Pool
Before you take the plunge? Consider this…
Installing a swimming pool is a significant investment.
And it’s not just your finances – a pool in your yard takes up time, space and maintenance dollars too.
Before you book your appointment with the swimming pool specialists, ask yourself some key questions.
- What size pool do I want?
- What size pool can I afford?
- Does my garden have room for a pool?
- Are there zoning restrictions?
- What do I need to know about safety and insurance?
- Will a swimming pool add value to my home?
- Why is adding value to my home important to me?
Above-ground pools are a lot more affordable but they still require installation, landscaping, maintenance and safety checks.
The most basic above-ground model pools don’t use filtration equipment. But that does mean adding fresh water regularly and keeping the pool clean.
Expect to pay anywhere from a few hundred dollars to $1000 or more.
For a more substantial above-ground pool, with its own filtration equipment, expect to pay between $1,000-$10,000 – and that doesn’t include landscaping and accessories.
Don’t expect it to add value to your home.
The reality is that, without some lovely landscaping and quality materials, a cheap looking above-ground pool might even detract from your property. To know if it’s the right move for you, ask yourself why you want the pool and if the level of your enjoyment will outweigh the potential hassle of owning it.
Go professional with an in-ground pool and the costs can soar.
Begin with the most low-key landscaping surrounds and basic safety fencing and that alone can cost around $20,000.
The more design elements you add, the more the costs increase. A stunning pool with gorgeous landscaping can definitely add value to your home but be sure to choose a well-known pool company to ensure a great job.
You might get into the market at around $40,000, but be aware that some pools cost more than $100,000 – and beyond.
The extra costs of landscaping, accessories, lighting and building materials all add up. Be realistic about what you need/want and can afford. If you have young children, make sure you plan a pool design that can carry you through their teenage years too.
The more difficult your property is to access, or if the property has sloping ground or rocky soil, the installation of your dream swimming pool will be more difficult.
Difficult conditions can also mean a longer construction time.
Pool Safety Is Key
Be aware of the laws around pool fencing – they are rigorous and must be adhered to prevent accidental drownings, even if you don’t have children of your own. Always check with your local council and pool contractor to be sure that your swimming pool fencing meets Australian safety standards.
Once your budget is set, that’s the ideal time to talk to your mortgage broker about the best deal to refinance and improve your property.
By next summer, you could be enjoying your home in a whole new way.