Are you considering investing in a custom pool to get more value from your outdoor lifestyle? Fortunately, there are multiple options for financing your new pool in St. Petersburg, Florida. At WinWay Pools, we work with lenders who specialize in pool financing options to fit your specific needs.
In this blog, we’ll look at important considerations you should know before approaching a lender to apply for financing for your new pool. We’ll also share some tips for a more stress-free financing experience.
Understanding the Cost of a Custom Pool Before Financing
The cost to build a custom inground pool can range widely, because “custom” means that each pool will have a different cost. The starting point for a standard, rectangular pool is usually around $60,000. Whereas custom pool prices vary widely, depending on the type of pool and features you choose to fit your lifestyle.
However, a new pool can dramatically increase the value of a home, especially for coastal areas such as St. Petersburg, Clearwater, Parrish, and Palmetto, Florida. In fact, a custom luxury pool can increase your home’s value by as much as 40% to 50%. This potential return on your investment means custom pool financing is worth pursuing.
Before you explore your financing options, it’s important to get transparent pricing from a reputable pool builder, including a detailed quote. At WinWay Pools, we can discuss design options for your custom pool, to give you a more accurate price quote. It’s important to understand that lenders won’t “pre-approve” you for a loan until they know you’ve been quoted.
Factors That Impact Pool Cost Before Financing
Typically, luxury pool costs are based on several factors, including your pool type and custom design features. Key pool cost factors may include:
- Custom pool design and complexity: Custom pool layouts can increase costs that vary by design, from geometric pools to freeform shapes to pools with infinity edges.
- Pool types: Each pool style has a different price range, from health-conscious lap pools to more “natural” resort-style pools that can transform your outdoor space into a backyard lagoon.
- Extra features: Extra pool features and add-ons such as spas and hot tubs, LED lighting, waterfalls, and automation for these features can increase the value of your pool experience, as well as the price.
- Custom pool materials: Gunite/concrete pools last longer than less durable vinyl pools. Yet concrete pools can be surprisingly affordable and can last up to 50 years or more with proper maintenance. Custom materials like glass tile and tile mosaics will add to pool costs, but can create a more luxurious look and feel.
- Site prep and permitting: Your pool’s cost will also depend on your home and yard’s geographical layout, such as sloped yards and rocky soil, which can add excavation and labor expenses. Pool permitting and local building codes can also influence your budget and timeline.
Pool pro tip: There’s no one-size-fits-all when it comes to pool permitting in Florida, because pool permitting requirements are different in every city and municipality in Manatee County and Pinellas County (each has their own forms, requirements, and review processes for site reviews). Fortunately, the experts at WinWay Pools can make navigating this process as seamless as possible.
Pool Financing Options
As we noted earlier, WinWay Pools works with lenders experienced in custom pools financing. This takes the guesswork out of searching for a lender and makes the entire financing process more straightforward and less stressful.
You can also visit websites such as Business Insider and NerdWallet to review different types of loans such as HELOCs and personal loans, each of which has different pros and cons.
If you have questions, our preferred lenders can walk you through the various types of financing options available.
Steps for Luxury Pool Financing in Florida
No matter which option you choose to finance your Florida custom pool, it’s important that you review the terms and conditions carefully, including interest rates and any associated lending fees.
Here are some key steps normally involved in custom pool financing.
- Review and assess your financial situation: This includes checking your credit score. You also need to realistically look at how much you can afford for each monthly payment.
- Get a detailed estimate of your pool’s cost: It’s important to work with a reputable, custom pool builder who will offer transparent pricing, from your pool materials to custom water features and add-ons. This provides a more accurate pool quote, so you will know how much money to borrow.
- Compare your pool financing options: No matter which lender you choose, you want to explore all your financing options. See what rates you qualify for and check for special benefits, such as no fees or reduced overall loan cost, which can vary depending on your credit score.
- Evaluate your terms and conditions: Make sure to review available interest rates, repayment periods, fees, and any prepayment penalties. Some lenders will help you pre-qualify online to see prospective rates and monthly payments.
- Apply for your custom pool loan: Now it is time to submit your application, which you can often do online. Be prepared to provide proof of income, credit information, and a copy of your custom pool quote or estimate from your pool builder.
Special Considerations for St. Petersburg Homeowners
As we mentioned earlier, there are many considerations that impact the cost of a custom pool in St. Petersburg, so it’s important to understand how these come into play before you begin financing. These include specific regulations around the pool’s construction that could impact cost and the size of your pool loan. This is especially important for custom pools that may require region-based features, such as beach access with a gradual descending slope.
Fortunately, at WinWay Pools, we are well-versed in all the local codes and permits around custom pool construction in St. Petersburg and across Pinellas County and Manatee County. We are a licensed and insured pool builder with more than two decades of experience in handling all the code and permitting logistics in order to protect your pool investment.
WinWay Pools Can Help You With a Smooth Pool Financing Experience in St. Petersburg, Florida
A reputable, custom pool builder can make your pool financing experience a stress-free one. At WinWay Pools, we work with leading financial institutions to help you get financing for your luxury pool in St. Petersburg. We also want to help you get the best value from your custom pool investment, which is why we are committed to transparent pricing, from your pool materials to custom water features and add-ons.
After all, you are not just hiring someone to dig a hole and fill it with water. A custom luxury pool is a significant investment that will transform your backyard into a beautiful oasis for you and your family. Contact WinWay Pools today to schedule a consultation for a free quote. We’re also ready to put you in touch with a full-service pool lender who can make your financing experience a smooth one.
