Imagine living inside a 70s house, it would be a horrendous experience, right? So, what about your outdated swimming pool? Just like everything else, a backyard pool needs to be renovated once in a while to ensure maximum performance and up to the mark looks. Whether it is a small upgrade or a complete remodeling, the procedure is mandatory to keep your pool working at its best. But even a small pool renovation project calls for a good deal of investment. Now, the question is how much does it actually cost? Read on to find more about the swimming pool remodeling cost and understand the ways of financing a pool.
What Are You Remodeling?
From basic upgrades such as decking to massive reconstruction projects, there are a plethora of ways you can upgrade a swimming pool. Each repair or upgrade costs different, which is why your budget and the pool’s needs are the decision regulators for choosing and financing a pool remodeling task.
Since there are so many options out there, it is hard to determine the exact price for a remodel. For instance, you can spend $400 on a simple replacement, or many thousand bucks on resurfacing, depending on your requirements and exigencies.
Resurfacing the plaster is, without a doubt, one of the most expensive projects. A swimming pool usually needs a replacement once every decade — sooner if cracks appear and enough plaster is chipped off. Every time you can throw in something fancy that lives up to the current trends to make your pool interesting all over again.
Another common upgrade is replacing the leaky pipe system and clogged filters. If a better and more functional option has emerged in the market, it would be better to opt for the newest technology, which ultimately costs extra. Before financing a pool project, make sure you have not only thought over everything you need but also devised a budget to prevent on-time emergencies.
How Much Does A Pool Remodeling Cost?
Agreeably, it is challenging to determine pool remodeling cost, especially when so many price-regulating elements are involved — the extent of the pool, location, geometry, the needs of the client, current market stand, season, and the condition of the swimming pool. That is exactly why it is best to research first before heading to the market and get multiple price quotes from various renovators.
Having said that, the average cost for a pool renovation ranges from $4,500 to $15,000. Simple repairs, basic upgrades, and replacements lie towards the lower end of the price spectrum, whereas high-end resurfacing is more towards the higher edge. Not to forget, complete transformation or luxurious additions such as a spa area could cost way more than that.
The following are some average expenditure on each pool remodeling task:
- Pump and filter replacement usually cost between $500 to $1500.
- From minor decorations to basic repairs you must have at least a thousand bucks in your pocket. However, it could be less, depending on your demands.
- Installation of a new liner costs between $3000 to $5000
- Concrete resurfacing without fancy additions ranges from %5000 to $10,000.
- You would be needing $2000 to $10,000 for redoing the patio. For decking, on the other hand, you might need another $15,000.
Remember that all these aforesaid price ranges are average values, and they may differ from the actual ones. Therefore, getting multiple price quotes might help you see clearer.
What Are the Best Ways for Financing A Pool?
After deciding what are you remodeling and how much you are willing to invest, it is time to talk about the ways of financing a pool. There are plenty of “pool loans” you can apply for — some are quicker, inexpensive, while others may provide some additional benefits such as low-interest rates. The following are some financing options you might come across in the industry:
1. Personal Loan
All you need is a good credit card score to get a promising personal loan. Although you can still qualify for the loan with a bad score, it may come with incredibly steep interest rates.
For a personal loan, the borrower doesn’t rely on the home’s equity, but on the credit card history, allowing one to withdraw a good amount in one lump sum for financing a pool.
On the con side, financing a pool through a personal loan might come with an additional penalty — the processing fee, which is almost 1% to 6% of the total amount borrowed. Since different lenders put up different charges, make sure you are not getting robbed.
2. Home Equity Loan
Relatively lower interest rates are the reason millions of pool owners prioritize home equity loan. However, it comes with mammoth risk — the borrower must present his home as collateral. Failed to repay the debt in time could cost you your precious house, making this a huge gamble.
The amount you can draw out is calculated using your home’s equity, meaning the current worth of your property determines the loan amount. However, you are presented with less than 90% of the estimated price, which might come short for financing a pool that includes huge luxuries.
3. Home Equity Line of Credit (HELOC)
Just like a credit card, the lender lends a defined sum for an agreed period, which you can use for all types of pool renovations. The sum is determined by the home’s equity or the market worth of your property.
Compared to the popular home equity loan, HELOC comes with extremely low-interest rates. However, they are not fixed, so you might get a surprise every month.
Wrapping Up
It may feel like a prodigious investment, but once remodeled, your backyard will turn into a fascinating paradise. The best way to oversee and ensure that everything works out smoothly, you should start with estimating the budget and erecting a list of your needs. Next comes deciding the ways for financing a pool, for which you can get help from what we have rounded up above.
