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How much does an inground pool actually cost?

30 July 2020 by National Bank
How much does an inground pool cost

Have these hot days got you dreaming of lazy afternoons by the pool with your family and friends? It's the perfect summer for staycations! 

The question you're probably asking yourself is: "How much does a swimming pool cost?" Typically, an inground pool can cost between $25,000 and $45,000 plus annual maintenance costs.

We have put together a complete guide to help you estimate the price of an inground pool. 

First, choose the type of pool you want     

Unfortunately, there's no magic formula. The price of a swimming pool depends on a number of things. Before you buy a pool, consider the following points and think about the type of pool you want. Psst: Don't forget about your budget!

  • Style: inground, semi inground or natural
  • Material: steel, concrete or fiberglass
  • Shape: round, oval, rectangular, etc. You should also consider the pool’s dimension. 

Then, check how much each feature costs

You should ask yourself some questions before buying a swimming pool. Here are a few numbers to help you determine the price of putting an inground pool in your backyard.

How much does a semi-inground pool cost?

  • A semi-inground pool costs $10,000 or more.
  • It's a good compromise between an above-ground and inground pool.
  • It requires more maintenance than an above-ground pool, especially if the skirting is made of wood.
  • It doesn't increase the value of your house.

How much does an inground pool cost?

  • This is the most expensive option, but also the most appealing.
  • You should expect to pay between $25,000 and $45,000, including basic installation fees.
  • This is the only type of pool that adds value to the price of your house at resale. 
  • The price of an inground pool varies based on the coating selected.

How much does a natural pool cost?

  • This option is eco-friendly, since it doesn't use chlorine or chemical products.
  • It costs between $100 and $150 per square foot, for a total of about $20,000.
  • However, you have to be comfortable swimming in a pool that has plants.
  • It has low maintenance costs.

How much does installing a pool cost?

Are you planning on installing the pool yourself or calling on professionals? Based on the type of pool chosen, amount of work needed on your property (excavation fees) and the distance between the pool and your house, you can be left with additional installation fees that weren't included in the price of the pool. This could increase your bill by $1,000 to $2,000. Don't forget to include the installation of gates or fences (from $15 to $400 per square feet depending on the material) in your budget, which is mandatory in some municipalities. Remember that you'll probably also want some patio furniture and plants for landscaping. Set aside some money for maintenance and cleaning materials, a solar cover for the summer (between $50 and $250) and a cover for the winter (between $150 and $1,000).

Saltwater or chlorine pool?

A chlorine pool costs around $120 in maintenance fees per year, while a saltwater pool only costs $50. However, a saltwater pool costs more to install because of the saltwater chlorine generator you need to purchase (between $800 and $1,500). Contrary to popular belief, it won't help you save in the long term since you have to replace this device every five years. The main advantage of a saltwater pool is that you don't need to check the pool's chlorine level every day.

How much does a swimming pool cost per year?

Here are the annual fees to add to your budget:

  • Home insurance will increase between $30 and $50 a month once your pool has been installed
  • Opening, maintenance and closing costs can rack up a significant bill (around $200) if you hire a professional
  • The material that you'll need to occasionally replace (filter, chlorine, thermometer)

How much does heating a pool cost?

If you want a heater, pool lights, a waterslide or any other features, expect additional installation and maintenance fees. For example, a basic water heater will cost you between $1500 and $4,000, depending on the type (solar or electric). Remember that your electric bills will increase up to $1,000 per year depending on the size of your pool.

Finally, assess your financing needs

Once you've determined the price of an inground pool that fits your needs, it's time to evaluate your financing options. You should consider the state of your personal finances and the number of years you plan on living in your home.

1) Mortgage refinancing

If you've added value to your property ("equity," as we call it), you could use some of it to finance your swimming pool. And since mortgage rates are generally lower than other financing options, you may be able to save on interest. Note that equity is the difference between the value of your home and the balance of your mortgage loan. 

For example, if your property is worth $300,000 and the balance of your mortgage loan is $210,000, you've accumulated $90,000 in equity. Refinancing your mortgage loan lets you borrow back up to 80% of your property's value. In our example, you could refinance up to $240,000, or 80% of the property's value. Since you have a $210,000 mortgage balance, you have $30,000 to use in your project.

Talk to one of our advisors to find out if this option works for you.

2) Line of credit

A line of credit is the perfect option if you need some flexibility when considering available funds and a repayment schedule. You can access a pre-authorized amount at any time. What's more, the interest rate is often lower than that of a personal loan or credit card. A line of credit generally lets you reuse the funds you've already repaid. You have the freedom to use it based on your needs, via your debit card, online, or at an ABM. Although the monthly repayment required on a line of credit is limited to the interest, you will need to make sure that you also plan to repay the borrowed capital in order to limit the interest paid to finance your pool.

3) Personal loan

A personal loan also offers a lower rate than a credit card. Unlike a line of credit, you will have to make regular payments according to a repayment schedule in order to repay the interest and principal borrowed within a predetermined time frame.

4) Financing from the retailer

Some retailers can offer financing at their store, allowing you to spread out the payments for your inground pool. Ask for National Bank financing from one of our partner merchants.

Make an appointment with a mortgage advisor to get answers to all your questions and make an informed decision. Have a great swim!

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