Step 1: Choose the most suitable inground pool for you
Unfortunately, there’s no magic formula. The price of a pool depends on a number of factors. Before you buy, consider the following variables and your preferences (don’t forget about your budget) to determine the price of your inground pool.
The cost of your pool will vary based on:
- Style: Inground, semi inground, or natural
- Surface: Steel, concrete, or fibreglass
- Size and shape (round, oval, rectangular)
Step 2: Estimate how much the inground pool you want will cost
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?
- Semi-inground pools start at around $10,000
- A good compromise between an above-ground and inground pool
- Requires more maintenance than an above-ground pool, especially if the skirting is made of wood
- Doesn't increase the value of your house
How much does an inground pool cost?
- Prices can vary between $20,000 and $50,000 (includes installation costs, but excludes landscaping costs)
- Most expensive option, but also the most appealing
- Cost can vary depending on the surface you choose
- · The only type of pool that adds to the resale value of your house
How much does a natural pool cost?
- The cost varies between $100 and $150 per square foot for an average price of about $20,000
- Eco-friendly option because it doesn’t use chlorine or chemical products
- You must be comfortable swimming in a pool that has plants
- Low maintenance costs
How much does installing an inground pool cost?
Are you planning on installing the pool yourself or calling on professionals? Be aware that the type of pool you choose, the layout of your property (excavation fees), and the distance between the pool and your house can mean additional installation costs that can add several thousand dollars to the bill.
Don’t forget to budget for the installation of a fence around your inground pool (from $15 to $400 per square foot depending on the material you choose). Fences are mandatory in most municipalities in Canada and everywhere in Quebec. You’ll also want poolside patio furniture and/or plants for landscaping. Finally, consider the basic costs for maintenance and cleaning equipment, a solar cover for the summer (between $50 and $250), and a cover for the winter (between $150 and $1,000).
Maintenance: Inground saltwater or chlorine pool?
An inground chlorine pool will cost about $120 per year to maintain, while a saltwater pool will cost about $50 per year. A saltwater pool costs more to install, however, because of the saltwater chlorinator you need to purchase (between $800 and $1,500). Contrary to popular belief, it won’t help you save in the long term because this device must be replaced every five years. The major advantage of a saltwater pool is that you don’t have to check its chlorine levels every day.
How much does a water heater cost?
If you want a heater, pool lights, a waterslide for the kids, or any other extras, expect additional installation and maintenance fees. A water heater can cost between $2,000 and $4,000 depending on the model (solar or electric) and the size of the pool.
Step 3: Estimate the annual expenses related to your inground pool
Here are the annual fees to budget for:
- Home insurance will increase by $30 to $60 a month once your pool has been installed
- Opening, maintenance, and closing costs can reach about $200 if you hire a professional
- Electricity for the water heater can add as much as $1,000 to your hydro bill each year, depending on the size of your pool (and the weather!)
- Equipment that needs to be replaced occasionally (filter, chlorine, thermometer)
Step 4: Explore ways to finance your inground pool
Once you’ve determined how much an inground pool will cost with all the added fees, it’s time to explore your financing options. Consider the state of your personal finances and the number of years you plan on living in your home.
Refinancing your mortgage for an inground pool
Have you built up some equity in your home? By refinancing your mortgage, you can leverage your equity to finance your inground pool. And because mortgage rates are usually lower than other financing options, you can save on interest.
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 your mortgage balance
is $210,000, you’d have $30,000 to use for your inground pool.
Line of credit for an inground pool
A personal line of credit is a great option for your inground pool if you want flexibility regarding how you use and repay your available funds. In fact, 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. In addition, you can reuse the money you repay. You have the freedom to use it based on your needs, whether via your debit card, online, or at an ABM.
Good to know: Each month, you only have to pay the interest on
your outstanding balance, but you should plan to repay the principal
borrowed as well, so you don’t pay too much interest while financing
your inground pool.
Personal loan for an inground pool
loan for your inground pool is another option that offers a
lower interest rate than a credit card. Unlike a line of credit,
however, you’ll have to make regular, scheduled payments.
You’ll have a pre-determined period of time to repay the principal you
borrow and the interest.
Financing from a retailer for an inground pool
Some retailers offer financing for inground pools, which allows
you to spread out your payments. But is this the most
advantageous option for you? It’s best to compare all the types of
financing available and do some calculations before choosing a pool
retailer for your financing.
In summary, the price of an inground pool depends on all sorts of
factors. You understood right—it’s best to plan well for this
significant purchase before diving in head first. Do your research and
set a realistic budget for your project. Then, find the financing
solution that best suits your financial situation. We're here to
answer your questions.
* All prices indicated in this article are from June 2022 and are
provided for information purposes only. The cost of swimming pools can
change quickly. Ask for estimates from different retailers to learn
the exact prices applicable to your purchase.