Moderators Youthman Posted October 8, 2016 Moderators Share Posted October 8, 2016 NOTE: Initially in this thread we were only looking at a pool but after seeking advice from the forum members, my wife and I have decided AGAINST the pool and are now looking for ideas / advice on an outdoor living area. To skip past the Pool Advice in this thread and jump into the Outdoor Living Area discussion, click here. -------------------------------------------------------------------- Should we get a pool discussion begins below: My wife and 4 children (ages 10 - 17) want us to buy a pool. For a long time I thought it was a dumb idea but I'm warming up to it. My dilemma is simple....I'm ok with buying a pool as long as we can pay cash for it. We do not have $30,000 cash in the bank so that would mean us saving for a few years. My wife feels that "Life Happens" and if we don't finance it, we will never get the pool. My struggle is we spent too many years in debt and struggled the first 12years of our marriage because we had accumulated $50,000 in consumer debt and did not own a home. We were broke as a goat and we hated it. Even though we make quite a bit more than we did the first 12 years of our life and we are much more financially stable, I really have no desire to go back to making payments. The only thing we have financed now is our home and we are paying a lot extra each month to pay it off early. We need to meet with a pool builder to see what it would even cost. We would like to have cobblestone around the pool, a small fire pit and maybe down the road we will add an above ground Hot Tub. I'm estimating it will cost around $30,000 without the Hot Tub but I could be way off and it be much more. We currently have 24yrs left on our mortgage. My wife's idea is to finance the pool, then refinance our house for a 20 year mortgage with a lower interest rate. Also in January, we will not be paying $350/month for our daughter's competitive cheer so we will have some income saved there. I realize a pool isn't an investment...if anything, we might break even on it if we sell the home down the road. The "Investment" would be in our family time. I see both sides....it's just the financing that is holding me back. To most people, financing isn't a big deal. To me, it is. I enjoy having extra money to do what we want, when we want it. I have too many friends that if they needed to come up with $500 right now, they couldn't, mostly because they drive two fancy cars, have credit card debt, student loans etc (that was us too many years ago). I told her I would reach out to my other family to get your thoughts. I would love to hear your advice, especially from those that have owned pools. Some people that I've spoken to that have owned pools say they are definitely expensive to upkeep. I took my Phantom 4 above our house and took a picture and then Photoshoped sketched out a possible layout for a pool and firepit just to give us an idea of what it might look like. It probably will not be that large, but if I'm going to build a pool, I don't want it to be super tiny as we have a family of 6 and we always have a house full of our kid's friends. Today, my son invited 10 of his friends over early before homecoming. Thanks in advance for the advice, Michael Quote Link to comment Share on other sites More sharing options...
oldtimer Posted October 8, 2016 Share Posted October 8, 2016 I only have indirect experience but for one you will not break even. It can only be viewed as an expense, and a chore unless you pay someone else to maintain it for you. You are right to be hesitant to pay interest on something that will not provide a return, and will limit the potential buyers if you wish to sell to those who also want to take on a pool. A pool will also figure into your insurance bill. That being said, if the family will enjoy and use it often this may offset the financial negatives, it is a luxury item. Just remember that financially it is all negative, and even more so if you finance it. 3 Quote Link to comment Share on other sites More sharing options...
teaman Posted October 8, 2016 Share Posted October 8, 2016 Youthman, we were actually considering something similar. If we did it we were going to roll it into our mortgage. Since rates are as low as they are you could probably refinance your home with the pool wrapped into it and your monthly payments may not even rise much. Like you, I would never go $30k into debt for a pool on it's own. Of course this will depend a lot on what your urrent rate is and if any savings in a refinance are available to you. We have put this off now since we are thinking that in three years my daughters will be off to college and when that happens we are most likely building a new house on acreage. Good luck. Tim Quote Link to comment Share on other sites More sharing options...
Budman Posted October 8, 2016 Share Posted October 8, 2016 don't get a 16x32 at the least 18x36 and better yet 20x40 size of the shallow end was very important when we were looking Quote Link to comment Share on other sites More sharing options...
Moderators dtel Posted October 8, 2016 Moderators Share Posted October 8, 2016 I completely understand the not wanting to fiance idea, don't blame you, it may also change your insurance cost and you may have to put up a fence on the right side. The refinance could possibly pay for the pool, depending on your current interest rate ? But if you do build check out saltwater, it's much easier to keep up. imo Also get a price from someone who installs the fiberglass pools to see it that's less expensive ? Quote Link to comment Share on other sites More sharing options...
Moderators Youthman Posted October 8, 2016 Author Moderators Share Posted October 8, 2016 Appreciate all of the advice guys. Keep them coming. Quote Link to comment Share on other sites More sharing options...
jimjimbo Posted October 8, 2016 Share Posted October 8, 2016 Any gators around you? Quote Link to comment Share on other sites More sharing options...
Moderators Youthman Posted October 8, 2016 Author Moderators Share Posted October 8, 2016 I recently took my youth group to a church members home. Their pool is 8-10' deep. No gators in our community. Quote Link to comment Share on other sites More sharing options...
Moderators Youthman Posted October 8, 2016 Author Moderators Share Posted October 8, 2016 But yes there definitely could be gators in our area just never seen any in our neighborhood Quote Link to comment Share on other sites More sharing options...
derrickdj1 Posted October 8, 2016 Share Posted October 8, 2016 Everything with your home, like this hobby should not be looked at as an investment. Sure pool mainteance cost but, you live in Florida and will use it a lot more than people further North. Family fun and memories is also an investment. At least where I live, a pool is not something you need to think about getting rid of when saling. Just like this hobby, I don't expect to buy an avr, or speakers and use them for 4 or 5 years and sell them for the same price. It's nice if the market supports that but, I can't make my purchases on that way of thinking. It's a personal thing, just like getting a car. All you need is a Yugo to get around but, there are other things to look at also. I don't think you will get a right answer to this question. This is something you and the wife should come to a mutual agreement. Your only live once. Quote Link to comment Share on other sites More sharing options...
JJkizak Posted October 8, 2016 Share Posted October 8, 2016 Well if you have to have a pool you have to have a pool. Most of the people that I knew with in ground heated and filtered water pools compared them to having a boat---a pain in the butt. JJK 1 Quote Link to comment Share on other sites More sharing options...
JL Sargent Posted October 8, 2016 Share Posted October 8, 2016 41 minutes ago, oldtimer said: and a chore This aspect of it, which you did not even mention in your first post, is the biggest reason I won't be putting one it. It takes work every single day in some way or another. My ex-inlaws had one and it was always WORK! They said they would never have another one and I have to agree. Quote Link to comment Share on other sites More sharing options...
derrickdj1 Posted October 8, 2016 Share Posted October 8, 2016 Our pool does not take work everyday once you lear how to do the chemicals and mainteance. You can alway hire someone for a bit and learn from them. Quote Link to comment Share on other sites More sharing options...
Moderators Youthman Posted October 8, 2016 Author Moderators Share Posted October 8, 2016 I'm definitely not looking at this as a financial investment. I only mention that because a lot of first time pool buyers think that a pool will increase the value of their home and they'll get the money back when they sell which that's not true most of the time. I would see this as an investment in our family if we chose to get one . I started this thread not for an answer, but for perspective I want to see the big picture of what we are getting into if we choose to go this route. from never owning a pool, I'm sure there are things that we have not thought of such as the cost of maintenance, cost of insurance, the labor it will take to keep the pool maintain, or hire someone to do it for us. i'm just doing my do research so that I know exactly what we are getting into so that we as a family can make the best decision for us Quote Link to comment Share on other sites More sharing options...
jimjimbo Posted October 8, 2016 Share Posted October 8, 2016 Hot tub!! Quote Link to comment Share on other sites More sharing options...
Moderators Youthman Posted October 8, 2016 Author Moderators Share Posted October 8, 2016 That's pretty funny. Haven't seen that one before. He started laughing himself. Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted October 8, 2016 Share Posted October 8, 2016 We put one in when my oldest kids were small. We used the heck out of it over the years. At this point it's just the wife and I with our 18 year old daughter. We still use it but not nearly as much as we did in the past. We still have the expense of chemicals and electricity. Your pool is the largest user of electricity next to hvac. After a few years all your warranty will he gone and you'll be solely responsible for upkeep which can include pump motors and filter media. You always seem to be wearing out skimmer baskets and pole skimmer nets as well. You'll need to teach yourself how to service all these things yourself because pool companes know they have you over a barrel and charge through the nose. Even if you get a salt water system there are still chemicals you'll need to buy. Holler if you have specific questions. I've been keeping mine up and running for over 20 years. Quote Link to comment Share on other sites More sharing options...
CECAA850 Posted October 8, 2016 Share Posted October 8, 2016 Homeowners insurance goes up if they find out you have a pool as well. Diving boards spike premiums too so we never put one in. Quote Link to comment Share on other sites More sharing options...
dirtmudd Posted October 8, 2016 Share Posted October 8, 2016 2 hours ago, Youthman said: My wife and 4 children (ages 10 - 17) want us to buy a pool. For a long time I thought it was a dumb idea but I'm warming up to it. My dilemma is simple....I'm ok with buying a pool as long as we can pay cash for it. We do not have $30,000 cash in the bank so that would mean us saving for a few years. My wife feels that "Life Happens" and if we don't finance it, we will never get the pool. My struggle is we spent too many years in debt and struggled the first 12years of our marriage because we had accumulated $50,000 in consumer debt and did not own a home. We were broke as a goat and we hated it. Even though we make quite a bit more than we did the first 12 years of our life and we are much more financially stable, I really have no desire to go back to making payments. The only thing we have financed now is our home and we are paying a lot extra each month to pay it off early. We need to meet with a pool builder to see what it would even cost. We would like to have cobblestone around the pool, a small fire pit and maybe down the road we will add an above ground Hot Tub. I'm estimating it will cost around $30,000 without the Hot Tub but I could be way off and it be much more. We currently have 24yrs left on our mortgage. My wife's idea is to finance the pool, then refinance our house for a 20 year mortgage with a lower interest rate. Also in January, we will not be paying $350/month for our daughter's competitive cheer so we will have some income saved there. I realize a pool isn't an investment...if anything, we might break even on it if we sell the home down the road. The "Investment" would be in our family time. I see both sides....it's just the financing that is holding me back. To most people, financing isn't a big deal. To me, it is. I enjoy having extra money to do what we want, when we want it. I have too many friends that if they needed to come up with $500 right now, they couldn't, mostly because they drive two fancy cars, have credit card debt, student loans etc (that was us too many years ago). I told her I would reach out to my other family to get your thoughts. I would love to hear your advice, especially from those that have owned pools. Some people that I've spoken to that have owned pools say they are definitely expensive to upkeep. I took my Phantom 4 above our house and took a picture and then Photoshoped sketched out a possible layout for a pool and firepit just to give us an idea of what it might look like. It probably will not be that large, but if I'm going to build a pool, I don't want it to be super tiny as we have a family of 6 and we always have a house full of our kid's friends. Today, my son invited 10 of his friends over early before homecoming. Thanks in advance for the advice, Michael $100.00 problem solved . Save your money don't go to the show.. Quote Link to comment Share on other sites More sharing options...
Budman Posted October 8, 2016 Share Posted October 8, 2016 taking care of a pool is as simple as taking a water sample to your local pool supply 1 Quote Link to comment Share on other sites More sharing options...
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