Installing a pool or hot tub will become a new on-going expense. Though you may see advertisements that speak of great deals, the initial installation will probably run much higher than that, due to parts such as pumps, filters, decking, ladders, chemicals, and other miscellaneous construction/installation expenses. Once the
spa or pool is complete, you will also be responsible for monthly costs related to maintenance and cleaning.
This is not to discourage you from buying a pool or hot tub. They make lovely additions to your home and can be both therapeutic and fun. Just make sure you plan ahead before taking that jump. We've listed a couple of places to consider getting the money from:
Personal Savings: If you have the money, this will save you from paying finance charges.
Loans: Some of the larger pool companies offer financing, or you may be able to go straight through your bank. These type of loans usually carry a high interest rate.
Home equity: You can either consider taking out a second mortgage on your house or you may qualify for refinancing your present mortgage (if the value of your property has appreciated since you purchased it). Mortgage rates are usually less than other loan rates, plus the interest you pay is tax deductible.
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