Years ago, having an in-ground swimming pool was a liability rather than an asset and made selling a home more difficult. That was the case because not many people wanted swimming pools due to the enormous cleaning and maintenance headaches involved. In addition, many swimming pools were not beautifully designed, with unsightly rectangles being most common. And this meant that once constructed, a swimming pool would not contribute to a property’s selling value.

But these days things are very different. Technology has made swimming pool maintenance much easier and construction cheaper. And in addition, new tasteful pool designs are available. Consequently, more people want swimming pools on their property, and this makes an in-ground poll an asset, as it’s most likely to increase the property value. (Note that the increase in property value is only applicable to an in-ground swimming pool.)

This is great new for someone seeking swimming pool financing. Because of the increase in property value a swimming pool brings, financial lenders will often be sympathetic toward swimming pool financing and view it as a home improvement loan. And that’s why financing a pool can typically be done with a long-term mortgage-like loan that is secured by the property.

The costs of putting in a swimming pool on your property can quickly add up. And while swimming pool financing from a lending institution is an option for many people, it still involves monthly payments and interest. And therefore, it may not be the best option.

If you do have some cash saved up (or have the means to save it within a reasonable period of time) to cover a portion of your swimming pool project, a good alternative is to self finance by implementing the project in phases.

Unlike an expensive item such as a new car that is only functional and can be purchased as a whole, a swimming pool can still be enjoyed and constructed in stages. Build the pool first with just the necessary plumbing and electrical systems. Then as more financial resources become available, upgrade your pool by adding heaters, automatic cleaners, patios, decks, lighting, landscaping, and a pool house.

Before you go ahead and look to finance your swimming pool, it’s important you consider all the ongoing costs of owning and operating one. It’s not enough to be able to afford to build one, but you also must make sure you can maintain it. Here are some of the most important factors you should consider:

1. Operating Costs – These include the fuel and electricity costs of operating a pool, as well as the costs of filling it with water. As energy costs vary from area to area, one of the best ways to estimate your pool’s operating costs is to ask pool owners and builders in your area.
2. Maintenance Costs – These are the costs incurred for keeping the water clean and chemically balanced and the costs of maintaining the heating and filtration equipment in good operating order. Many swimming pool owners opt to hire a pool maintenance service rather than spend the time maintaining the pool themselves. But even if you use your own labor to clean the pool, you’ll have to pay for chemicals and the occasional professional repair.
3. Insurance Costs – No matter how we look at it, a swimming pool adds an extra hazard to a property, and therefore the price of the liability coverage of your home owner’s insurance policy may go up.
4. Property Taxes – An in-ground swimming pool is likely to increase the value of your property. This is great, however, the downside is an increase in the property taxes that comes with it.

Totaling all these costs together will give you an estimate of your increased ongoing expenses. Before you go ahead with your project or seek swimming pool financing, make sure you can afford them in the long run, since an abandoned pool is a sight for sore eyes.