Building a house with a swimming pool is no longer a luxury nowadays. With its feasible function as well as its financial advantage, swimming pools are now considered as hot portion of a house.
Experts say that the presence of swimming pools in homes create a higher market value, bringing homes at a greater perspective. No wonder why homes with swimming pools that are on resell have higher resale values compared to those that do not have pools.
For this reason, more and more people are now opting to build or refurbish swimming pools in their homes. In a survey, 8 out of 10 respondents have stated their desire to build or renovate swimming pools.
However, the process could be very tricky and the financing ability of the homeowner is such a big issue. Building a swimming pool is not such an easy task and requires a lot of tools, materials, and labor force. Hence, there is usually a big amount of money involved.
If you cannot afford to pay the expenses in building or renovating a swimming pool, it is best that you get swimming pool loans.
Swimming pool loans fall under the category of home improvement loans. These loans are usually used to add value to a certain house. Hence, the resale value becomes higher and more profitable for resell.
However, getting a swimming pool loan is not that easy. Loans are one of the most sensitive money matters and must be dealt with accordingly. Hence, it is important to know the basic rules and tips in getting swimming pool loans to avoid financial problems.
Here is what you need to do:
1. Do your homework
Remember that not all swimming pool loans are created equal. Most of all, loan quotes are not provided in the same context in all situations and in all companies. It is imperative that you personally get in touch with your contractor and ask them the possible quotes for the construction or renovation of swimming pools.
The point here is to get as many quotes as possible. This will make your budgeting easier to deal with. It gives you a generalized scenario of the market. In this way, you will be able to deal with the matters as professionally as possible.
Also, it is imperative that you know the lending institution that you will approach. Check on the background information of the company. How long have they been on the business? Are they worth your time and effort?
2. Look for lower interest rates
Most private lenders that can provide you swimming pool loans, their interest rates can be astronomical. When opting for lower interest rates, financial experts suggest that you compare the interest rate and swimming pool loan tenure offered by your lending company.
The concept is that if your loan is extended over a longer period in years, then your monthly amortization is lower, but the interest is higher.
3. Collateral matters
Most lending companies are particular with three main factors … Read More