One of the most expensive home improvements you can make, installing a swimming pool, is so popular in some areas that entire financial companies now concentrate only one providing swimming pool financing and loans to homeowners. Sure, it’s the end of summer and it’s too late to install a pool now, but that’s why it’s a perfect time to start thinking about next summer.

The swimming pool construction business is very seasonal and is almost always slowing down around the end of summer and early autumn months. Swimming pool financing and construction companies are always the most eager to cut deals and offer good pricing around this time because it’s when sales are the slowest. Late summer and early fall is almost always the best time to go shopping for a swimming pool loan, though many lending institutions will offer special deal all year now. Swimming pool sales, planning and even some preliminary construction almost always begins to put up again after the Christmas and New Years holidays.

Financing a swimming pool is a little harder now than it has been in the past, partially because swimming pools do not significantly raise the value of a home but primarily because of the drop in overall home values around the country. In the past most homeowners were able to get a home equity line of credit or a home equity loan based on the growing value of their house to pay for a swimming pool in advance. Lower home values means that not as many people can borrow the money required for a swimming pool, which can be anywhere from $15,000 to $50,000 for larger pools.

That means that the people who are putting swimming pools in at their homes have often been living in their homes for a long time and have significant equity built up over the years. You can still buy a home and then immediately turn around and borrow money to put in a new pool, but that’s generally only done now when you’re able to buy a home below market value so that the moment you move in you have plenty of equity available.

While it may be harder to borrow the money to build a swimming pool, it certainly isn’t impossible. There are still plenty of swimming pool financing options. Many local banks and lending institutions do still want to give out swimming pool loans because it does help raise the value around the neighborhood moderately and people who buy swimming pools are likely to stay with the same bank for years to come. It should be noted that you cannot use a HUD or FHA Title I loan to pay for a swimming pool, but in some cases building a pool is a valid home improvement that is may make you eligible for a tax deduction. Here are some tips to getting a good deal on a loan for a swimming pool’s construction:

Compare loan options first: Before looking at swimming pools, first go shopping for a loan. Try local banks first and work up to larger institutions. You’ll most likely have to know the value of your home, the amount of money you still owe on it and have proof of income. Even if you don’t have any home equity there are still lots of things you can do to improve your chances of getting an unsecured loan from a bank. Buying a pool, like buying a new house, is much easier if you are pre-approved for a specific loan amount in advance. This also helps you set a budget and prevents you from overspending on your swimming pool. The more quotes for loans you have, the better, because it means you’ll be able to compare and contrast each loan offer and even go back to financial institutions and ask if they can be more competitive in their rates.

Consider a partial swimming pool loan: One of the most obvious ways to make a swimming pool more affordable is to have some of the money available. You can try saving up the money or you can think about selling something to raise the money needed to pay for a swimming pool. Swimming pools require maintenance and tend to take up a lot of time, so you may want to consider selling something that you won’t be using as much once you get a swimming pool. Lots of people choose to sell boats, motorcycles and even cars to help pay for a new swimming pool. Some families postpone or cancel family vacations for years in order to pay for a new swimming pool.

Watch the fine print: When you’re financing a swimming pool you’ll likely have lots of different contracts and agreements to look at, from the loan agreement to the construction agreement to the excavation agreement, all of which could be from different companies. Watch for hidden fees based on unforeseen delays, balloon payments and other contract riders which could increase the amount you are paying for your swimming pool unfairly. It may be worthwhile to pay a contract lawyer to look over all your agreements and contracts before you sign.

Plan for added swimming pool maintenance costs: While the price of a swimming pool might be $20,000 on paper, the true cost may be much more. You’ll have to maintain your swimming pool throughout the year with special services, chemicals, upgraded pool equipment and more, so be sure to include that in your budgeting. One good way to handle this is to build the initial swimming pool loan with some extra cash available for pool maintenance for the first year. That way you can discover how much money you’ll need each year to maintain your pool without going bankrupt the first summer you have it.

Consider swimming pool construction company financing: Swimming pool companies know that their products are expensive, so they often offer their own financing deals. Most swimming pool companies have special arrangements with local banks that can loan you the money to pay for a swimming pool. The percentage rate is usually a little higher than a straight bank loan but they can be a good way to borrow money for a swimming pool if you have nothing else available. Some swimming pool construction companies can offer both unsecured and secured home improvement loans. These should usually be your last resort, simply because they are almost always the most expensive.

Adding a swimming pool to an existing home is a great way to relax during the summer and improve your home’s comfort. And while an inground swimming pool may slightly increase the value of a home, an above ground swimming pool almost has no effect at all on a home’s overall selling price. That being said, you should not plan to put in a swimming pool and recuperate all your costs in your home’s value.

Applying for a swimming pool loan should be a personal decision that is made for the sake of you and your family’s desires and not for the express purpose of selling your home to someone else. Yes, swimming pool financing is sometimes difficult to get, but you’ll forget that when you’re lying in the hot summer sun lazily drifing around your pool of clear cool water with a drink in your hand!