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Home Improvement Loan - Page 2



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I love them too but the pool I would want would run me upwards of 30k and there is NO WAY I'm going in that much debt...   My sister has one, handly ever gets used and when they start having issues after several years you dish out lots of money...    Dont get me wrong, if I won the lottery I would have one other than that I can't justify that much money.   Good luck !!

Apr 24, 2012 - 04:45 pm
GoldenGirl
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Street money at around 13%....Most will loan you up to 35k, as long as you use his contractors.

Apr 24, 2012 - 06:31 pm
RockyIII
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You can't get a pool under 55K I don't think.  Unless you are going to do a lot of the work your self, like the landscaping.  Neighbors just had a smaller one put in, over Christmas.  And theirs was 65K.  Not a OMG pool either.   

It does add more taxes to your home for sure.  But it will not add more than 1/2 of its cost as value to your home.  You will never break even on a pool.  

So be ready for your taxes to increase.  And I would get salt for sure.  And I would get some paperwork drawn up that all the independent people your pool contractor brings in, has to sign.  It would basically say that they are not going to hold you responsible if your contractor does not pay them.  Otherwise you could end up with many liens on your property.  

Research your pool installer, and make sure they have been around at least 15 years and have a stand alone business.  See their insurance too.  

It is the busy time of year to get a pool installed.  So even if they are done before the end of the summer you still may not get to use it, until you can get the CIty Of Houston inspectors out.  ANd they are backed up out the wazoo at this time of year.  Usually you get the best deal by doing this during the Winter.  

But there is no way on earth I would go into debt for this until the student loans are paid off.  Too many local pools to enjoy in the meanwhile.  

Apr 24, 2012 - 06:59 pm
Fallon
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I moved into a home with a pool and have only personally used it once in the 3 years we've lived here.  My family has used it about maybe 10 times since I've moved in.  You have to think about monthly maintenance unless you know how to maintain it yourself, but the cost of supplies adds up too. 

Apr 28, 2012 - 12:45 am
BellaRN75
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There is some just crazy posted here. A pool does add value but nowhere near as much as it will cost to put one in. Entry on a decent pool will cost min of 40k - get the hot tub, led lights, rock water fall and salt water and you’re up into the 60 - 70k range. Neighbor just dropped 100k on pool and outdoor kitchen. If you can't pay cash then go to the community pool. If you could lose your house in less than 1 year of losing your job you don't need a pool you need an emergency fund. Last but not least if you have car notes and student loan debt you don't need a pool, you need a second job.

 

Hope this was helpful.


Apr 28, 2012 - 12:57 am
BEVO
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Last but not least if you have car notes and student loan debt you don't need a pool, you need a second job.


@BEVO:

I agree!

Apr 28, 2012 - 01:16 am
BellaRN75
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It is interesting how threads get hijacked on this site.  The original post was asking for a good lender and it ended up being an argument of whether or not to build a pool.
 
We used Frost, they specialize in secondary loans.  It was quick and easy.

Apr 28, 2012 - 07:58 am
BlackBart
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  I don't know how long you have had your home or your equity, but you  could consider re-financing your home and use the equity toward the pool.

  I was considering doing this to do some work to my pool.  But the closing costs were $5000 and the work was $7000. So it didn't seem worth the hassle. Probably would be for $50k though.

Apr 28, 2012 - 08:10 am
DiverDude
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Exactly @DiverDude, the closing costs are insane.  We have a low interest rate, set for 30 years.  But we recently wanted to refi for a 15 yr note.  The closing costs were insane.  I can take the closing costs and put toward my principle and pay it off in 15 yrs. by making extra payments.   

@Bevo, 100% agree, well said!



Apr 28, 2012 - 10:55 am
Fallon
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so many yeah and nahs,,, I had a pool when the kids were younger until teens, I loved the idea of always having my kids close at hand, their own back yard, I allowed friends, but limited how many at one time.  The pool was a lot of work, and yes costs a bit but ours was in ground and very easy to maintain.  So I think Wells Fargo is very good, but the bank where you bank at would probably give you as good a deal as anyone, try to keep it all in one place is always nice.  Good luck and Great swimming.

Apr 28, 2012 - 11:55 am
Pamaboop
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