Financing for those building a home

If you are looking to build a home, then you probably should decide now if you want to have a pool or not. The reason is very simple – you can very easily include the cost of the pool contruction into the original home loan if you choose. After the home is built, you will have to refinance to include this (more on that below). Advantages of this include 1)getting everything done, 2) being able to write off the interest on the swimming pool financing, and 3) getting what you want now. The disadvantages include 1) having to work with your general contractor to build the pool, which could increase the cost if he or she has to bring in someone else (i.e. if he or she is a middle person in the deal).

Financing Options If You Already Own The Home

If you already own the home and simply need to add the swimming pool, your options will be slightly different. Options include:

1) Refinancing you home loan. This option can be great as long as interest rates are currently lower, and if you have equity in your home. In addition, the lender should take into account the additional added by the pool into the loan value.

2) Home equity line of creidt. This option can also be a good option, but it may be more difficult to deduct the interest for tax purposes, so consult your tax professional beforehand.