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Adding a pool with a finance application – Is it worth it?

Everyone loves having access to a swimming pool – especially in the hot Queensland summer! So, when you’re looking to build a new home, it might be worth tacking a pool to your finance application – and here is why!

Pools are expensive; they’re probably going to be the second most costly part of any new build; however, if you don’t put one in when you’re building, you may regret it down the track if you change your mind.

We regularly talk to our clients about what things they should consider adding to their finance application, and a pool is always at the top of the list. On many occasions, when they start seeing a quote or two, they suddenly change tact and decide to push it further down the line.

There are many risks if you do want a pool but decide to push it out – one of the major ones we see is not having the financial capability to afford it a few years down the track when you’re ready. Or maybe your financial circumstances have changed, and a bank simply won’t sign off on extra expenditure (unless you have equity in your home).

The other issue with delaying it is the additional costs you might incur with a harder to access site. When you have a vacant block, constructing a pool is much easier to get the people, equipment, and gear into the site, excavating, spraying, and finishing.

As soon as you have a house on there, costs are likely to be substantially more – especially if you must go down a fibreglass pool route where a crane might be required. This also applies to prefabricated concrete. Excavation costs would also be much higher as any diggers would be much smaller if unable to access a tight site.

Even if you begin saving now, can you afford the $50,000 plus for a pool with finishes? It’s a massive financial hit – maybe you can cop it or can’t – but you’ll lose your chance once that house is built.

Delaying your decision could mean paying 25% more for your pool down the track. By doing it now and adding it to your mortgage, you’re enjoying the benefits of lower costs through easier site access and only paying a negligible amount per month.

When applying for finance, we always recommend thinking about the big-ticket items you could potentially add to your mortgage, so you do not need to draw out of your savings or take out higher interest personal loans.

This could include solar panels, fencing, and landscaping, for example.

Get in touch with us today to learn more.

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