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Pool owner for 19 years...... Posted by MI-Roger [Email]  (#882) [Profile/Gallery]
(more from MI-Roger) on Sun, 4 Jun 2006 09:10:45
In Reply to: best method of swimming pool financing?, Martin E, Sun, 4 Jun 2006 04:41:19 Members do not see ads below this line. - Help Keep This Site Online - Signup |
and I financed ours with a Home Equity Line of Credit. How is that for a confusing answer? Our loan was a Line of Credit secured by a Second Mortgage, effectively a Home Equity Loan.
I am against using Home Equity loans for anything other than improvements to the home or property securing the loan. Your new pool would fit MY definition of allowable Home Equity purchases. However; Swimming Pools typically only return 35% of their purchase cost to the value of the property. In your case, the house/property value will increase roughly $10,000 in exchange for the additional $14,000 loan. Not a bad thing but something to ponder.
How soon can your Pool Builder get the pool installed, operating, and your yard returned to acceptable condition? We signed our contract in March and the pool was not swimmable until July 4th, our yard not repaired until September. If the pool can not be installed and completed in time for this summer's use, another option is signing a contract during winter - for early construction in 2007, and maybe no loan at all.
posted by 68.40.14...
_______________________________________ Saabs owned: 2008 9-5 Aero Sedan, sold at 227K miles 2006 9-3SC 2.0T - Wife's daily driver 2000 Viggen Convertible - Sold May, 2022 1964 Quantum IV Formula Car - Retirement project 2000 9-5lpt Sedan, sold at 318K miles
, Sun, 4 Jun 2006 09:10:45 <-- Viewing This Message, Sun, 4 Jun 2006 09:52:41
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