Have 2 young kids that would absolutely love a pool, and living in an area where it would get use at least 6 months a year. Have discussed with a real estate agent that in our area a pool does add to a home's appeal and value.
We got a quote for 61k for pool and 10 k for decking and electric which is a good price, but I have been stressing about the financial aspect.
We currently make 220k combined with 30k bonus each year. Have combined roth 75k, 401k 190k, investments 151k, HYSA 43k. We have a 6% mortgage and have about 200k in equity.
I am undecided about how we would finance. I have an offer for 4.9 percent fixed interest rate for 3 years, or 4.65 for 1 year. Other options would be using a 22 month of 16 month interest free credit card. We plan to save and pay it off in a year or two. In my head, financing makes more sense, so that money can stay invested and grow.
We have both always wanted a pool, and my husband has experience with the maintenance so we plan to do that ourselves, but I can't help, but feel like we will be behind in finances if we do this.
Any advice or suggestions welcome
Can I afford a pool / best suggestions for paying for it
byu/Decent_Pumpkin_5815 inpersonalfinance
Posted by Decent_Pumpkin_5815
3 Comments
Maybe I missed this, but how much money and time are left on your mortgage? If you aren’t close to paying it off, you’d just be getting deeper into debt with something truly optional (a want, not a need).
Also, if you are feeling stressed, there’s likely some wisdom in that. Pay attention to your own warning signs.
Maybe pay off the house first, then save up for the pool and pay with cash.
You didn’t mention how old both you and your husband are, which would help to determine your position in retirement savings.
> Have discussed with a real estate agent that in our area a pool does add to a home’s appeal and value.
Be careful with that advice. Yes, it might add to the appeal and value for SOME. Others might not want to deal with the hassle of having a pool, and with the potential accidents that might come with it. And remember, additions like this very rarely have a 1:1 ROI for resale purposes, in fact it’s usually nowhere close. If this agent didn’t mention those caveats, they’re not being very forthcoming.
We put an above ground pool in our yard. Could only be used three months.
Our kids loved it, the neighborhood kids loved it, my spouse and I loved it. I did not mind the neighborhood kids being over. I knew all the kids and I knew where my kids were, and I could monitor them.
Instead of buying expensive pool chemicals, I just added 1 gallon of bleach per 1000 gallons every four days.
Not one kid ever got an infection. The Moms did complain that the bleach ate the swimsuits though. I responded, “They are growing anyway.” I did not mention that I was adult monitoring their kids while they went shopping or whatever.
You will need to buy a pool cover, and you are the pool cleaner. Sure, your pump and filtering system does a lot of work, but those big things like leaves fall in. Maybe, you get a drowned squirrel. That was fun.
Pool toys do not last long.
As for financing, just do it. I would do the 3 year 4.9%