Dreaming of transforming your backyard into a decadent oasis without having an idea how to pay for your pool renovation? Mt. Lake Pool & Patios is here to guide you through your options, so your project costs you minimal hassle and dollars. Hire us for pool services in Lambertville, NJ.
Pool Renovation Prices
Pool renovation costs vary depending on how much work needs to be done.
For example:
- Resurfacing will cost a few thousand dollars, with water features or filtration system upgrades possibly costing more.
- Full pool rebuilding can be more than $30,000.
- Upgrading equipment can cost a few hundred to a few thousand dollars.
- Having these numbers in mind will enable you to have realistic expectations and decide on the most suitable financing for you.
Popular Financing Options
1. Home Equity Loans
Home equity loans allow you to take a lump sum against your home’s equity at a fixed interest rate. This is ideal for homeowners who prefer constant monthly installments and huge sums of cash for major renovations.
2. Home Equity Lines of Credit (HELOCs)
HELOCs are also versatile in the sense that they provide access to a line of credit that you can draw as needed. This is especially useful for staged remodeling or for projects with uncertain costs. HELOCs usually come with variable interest rates, though.
3. Cash-Out Refinancing
With a cash-out refinancing, you’ll refinance your existing mortgage at a larger mortgage and borrow the difference in cash. It may provide a huge amount of money, but it may extend the loan term and increase overall payments of interest.
4. Personal Loans
Personal loans are not secured and use no collateral as home equity loans do. Personal loans offer speedy approval and release but have relatively higher rates of interest.
5. Save Up
The most simple way to afford your pool renovation is to save up! Most people think about their pool renovation for a couple years before pulling the trigger on costly upgrades. Setting aside money each month leading up to the renovation will make paying a large sum feel a lot more comfortable when the bill is due. Also, many companies require deposits to begin construction which can also help lessen the blow and allow more time to budget the total cost.
Recommendations for Managing Financing
Create a comprehensive budget with a contingency fund for additional expenses that come up. Compare offers from multiple lenders to obtain the best terms in your situation. Save all the renovation receipts for tax or resale of your home in the future.
Look for potential tax rebates or credits on energy-efficient upgrades that pay for themselves in the long run. Make us your ideal pool cleaner in Lambertville, NJ.
With Mt. Lake Pool & Patios on your side, it’s easier than ever to pay for your backyard paradise. Contact us today and discuss your remodel plans with us, and discover the finest financing solutions tailored especially for you!