The financing of the pool is an important subject, depending on the type of loan, namely consumption or real estate, the rates will not be the same. Here are the terms of subscription for a mortgage with a pool project. 123web-directory.com for further clarification
Build a swimming pool, what financing?
The construction of a pool within a home is a major project, it is necessary to define the budget and choose the type of pool, with all the necessary installation to ensure proper operation. In terms of financing, various solutions are possible depending on the situation of the buyer. For a pool project below 75,000 USD, we will naturally focus on a consumer loan, either in the form of a personal loan or in the form of an assigned loan.
For projects over 75,000 USD, it is the mortgage that is the solution to fund the pool. The mortgage can indeed be used to finance an acquisition but also to finance work, to improve the housing concerned but also to add additional equipment such as a pool. This financing can also be put in place at the time of the acquisition, it is necessary to provide the amount of the pool in the home loan.
Include the pool in the mortgage
A purchaser wishing to buy a house and finance the construction of a swimming pool can all combine the two projects in a single mortgage. It should be noted that banks offer real estate loans that may have the objective of financing the acquisition and works. As the construction of the pool is part of the work and brings some value to the home, it is appropriate to include this project in the mortgage to enjoy a more interesting rate and especially not to have to take out a loan later.
The repayment capacity is the only obstacle to the implementation of this project, that is to say that the borrower must be able to repay his monthly payments corresponding to the amount of the property acquisition and construction work of the swimming pool. The bank can play on the repayment period to allow the borrower to realize his pool project. It will obviously justify the sums with official documents, namely a quote or a purchase order of a pool.
Evaluate the feasibility of the project before launching
An acquisition coupled with a pool construction involves firstly inquiring about the feasibility of financing, namely to be informed of the rates charged but also terms of repayment in terms of duration, warranty or fees. To validate this first step, it is advisable to carry out a mortgage simulation by specifying the amount of the property to be purchased and the pool project.
It is therefore necessary to have a fairly precise idea of the amount of construction to be able to undertake financing. If the justification documents are not necessary at the simulation stage, they will be essential to validate the mortgage file.