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Having a backyard pool is a luxury that, in itself, is very sought after. Once you have the pool in place, tasteful poolside landscaping will take that experience to the next level. However, the biggest problem with an outdoor pool is that you can only enjoy your pool on warm and sunny days. The solution? Get a pool enclosure. While pool enclosures may not be cheap, there are loans to help you pay for these luxury home upgrades. Here’s all you need to know about pool enclosure financing.
Why pool enclosures are a good home addition
There are a number of reasons pool enclosures are a great idea for any home that has a pool. Let us look at some of these reasons.
- Pool enclosures will allow you to enjoy your pool in any weather. Even if it’s raining, you can enjoy a swim without bothering about the rain playing spoilsport. During the winter months, the water in the pool will be warm and you will be protected from the snow.
- Cleaning a pool with an enclosure is less of a task as compared to an open one. A pool enclosure will ensure your pool is protected from twigs, branches, animal droppings, and other debris. This will make cleaning easier and less frequent. There will be fewer chemicals needed to clean the water, and since the pump will be run less frequently, you will also be saving money.
- A pool enclosure will prevent water from evaporating as much as it does with open pools. This means that your swimming pool will have to be filled less frequently.
- Pool enclosures will also help you save on your energy bills, especially during the colder months. Thanks to the enclosure, your swimming pool will remain warm even during the winter, needing less energy to maintain the temperature of the water.
- Pool enclosures are also great for security reasons. For one, you won’t have to worry about pesky neighbors sneaking in and using your pool in your absence. It will also make sure unaccompanied children cannot access the pool and injure themselves or even drown. In fact, some insurance companies have made pool enclosures mandatory for residences with swimming pools.
- Most importantly, both swimming pools and pool enclosures add to the value of your property. This makes investing in a swimming pool enclosure a worthy investment.
Read more: Pool inside house
Pool enclosure costs
On average, homeowners spend between $5,349 and $14,841 on pool enclosures. The average cost of a 700 square foot pool enclosure is around $10,020. However, how much you will actually spend depends on the materials and features you choose. Let’s take a look at some options.
- A 700 square foot pool screen enclosure will cost you between $5,225 and $14,280, with the average cost being $9,750.
- Retractable pool enclosures of the same size could cost anywhere from $70,000 all the way to a staggering $140,000.
- Glass pool enclosures will put you down between $31,500 to $45,000 for a 700 square foot enclosure.
- A pool lanai will put you down between $1,200 and $1,600.
- An inground or above ground dome averages around $1,200.
Breaking these down to a per square foot cost will tell us that on average, screen enclosures cost around $14 a square foot, glass ones around $55 a square foot while retractable pool enclosures can cost you upwards of $100 a square foot.
Financing your pool enclosure
To finance your pool enclosure, you can choose from two loan types: unsecured loans or secured loans. Let’s walk you through your options with both of them.
As the name suggests, unsecured loans do not require collateral. Very often, applying for an unsecured loan is an easy process, and lenders transfer the money relatively fast. However, the amount of loans given out as unsecured loans is generally smaller than secured loans, and the interest rates are higher. You will also have a smaller window of time to pay back the loan.
There are a couple of options for you to choose from. Considering you will, on average, spend at least around $10,000 on the pool enclosure, using a credit card may not be the best option for you. However, you could check with your mortgage company if they have a loan product specific to home improvements like adding a pool enclosure. Considering you will already have a working relationship with them, they may be able to offer you a loan at an attractive rate of interest.
If that option doesn’t work out, apply for a personal loan from the bank you have your debit account with. With some lenders willing to transfer the approved loan amount to your account within a day, personal loans are ideal for small home improvement projects like adding an affordable pool enclosure.
And while lenders are willing to work with those with less than perfect credit, the lower your credit score, the less loan amount you will be eligible for and the higher the interest rate.
Not being able to adhere to the repayment schedule can lead to negatively affecting your credit score, higher rates of interest and will also negatively affect your credit score.
Secured loans are more attractive than unsecured loans for a lot of reasons. They offer larger loan amounts, lower interest rates, and bigger time windows for repayment. However, as the name suggests, secured loans require collateral for you to qualify for the loan. In most cases, your home is that collateral. This means if you fail to repay the loan as per the repayment schedule, your home could be foreclosed upon, even if your mortgage payments are as per schedule. However, if you’re someone who’s got a good credit score and is timely with payments, this should not bother you much.
Secured loans are ideal if you’re looking at one of the more expensive upgrades, like the glass enclosures or the retractable enclosure. One of the options you could look at is a home equity loan. This is a great option if you’ve lived in the home for a few years and built a decent amount of equity in your home. If you’re lucky, you may be able to get more than just the cost of the project and may be able to refinance the entire home at a lower interest rate than your original mortgage. Home equity loans have a single, large payout and offer flat interest rates over a large repayment period.
Read more: Share secured loan