Swimming pools are permanent structures created for the purpose of enjoyment and personal value. But did you know that a pool may also increase the value of your home. Many lenders, credit unions, and banks view a pool as a “home improvement” which will increase your home’s value. Pools are typically financed on a long term mortgage such as a home improvement loan, home equity loan, or escrow holdback. With long term loans, the payments are spread over a longer period of time often making your payments small enough to make your dream pool attainable.
Because the pool loan is secured by your property, your interest may be tax deductible. Consult your tax professional.
Some lenders offer an unsecured loan or line of credit. These loans are consumer loans and therefore, typically, require a shorter payback term.