Swimming pools are nice to have, but they can be expensive. Therefore, investing in a swimming pool is a significant financial decision. If you are interested in swimming pool finance in Brisbane, then you might want to consider the best time of year to make the investment, as it can make a difference.
Generally speaking, nobody likes to swim in winter, unless you have an indoor heated pool. This means that typically, the demand for swimming pools is at its peak during the warm spring and summer months, ranging from September to about March.
During this time of year, contractors and swimming pool supply companies tend to be overwhelmed with business and will likely charge premium prices for their services. Thus, having your swimming pool built during the winter could save you a significant amount of money, as pool contractors might be more available and more willing to offer discounts and other incentives to secure your business during the slower months.
Therefore, the seasonal demand for swimming pools should be taken into account, as building a swimming pool when demand is at its peak can potentially not only delay the project but also lead to an increased cost.
Taking out a loan for a swimming pool should be considered in conjunction with the amount of time that it could take. To strategically plan your investment and minimise the amount that you will have to borrow, you might want to consider the construction timeline, which typically takes several weeks or even months, depending on the type of pool and the weather conditions at the time of building.
Generally, building your swimming pool during rainy periods will cause project overruns and delays and potentially increase the cost, meaning that you will have to take out a larger loan to finance it.
Therefore, starting your full construction project during the dryer autumn and winter months will ensure that your swimming pool is ready in time for the summer.
Interest rates fluctuate year-round, depending on a variety of economic factors, and this has a significant impact on the cost of financing. Therefore, it is worthwhile to monitor interest rate trends and consult with lenders, such as iCREDIT, to help you figure out when rates are at their most favourable to ensure you get a good deal on your loan.
A lower interest rate will lead to a lower-cost pool, which is what you want to achieve. However, it should be understood that swimming pool loans might have higher interest rates than traditional mortgage loans or vehicle loans because they are usually unsecured. Unsecured loans have higher interest rates because there is no collateral involved to secure them, making them a riskier prospect for the lender, which can drive up the loan rate owing to the increased risk.
This might seem obvious, but budget considerations are extremely important when taking out a loan for anything, especially for something that is considered a luxury purchase.
Swimming pools are expensive items to maintain, so factors such as maintenance costs need to be factored into your financial planning when you are considering purchasing a swimming pool. This will help you ensure that you can honour the loan agreement.
Factors such as your current savings, cash flow availability and other financial commitments and debts should be carefully weighed. If you have other debts, it might be a good idea to wait until those are paid off before taking on additional debt.
Moreover, the time of year can also be a factor, as you will want to plan the investment for a time when your other expenses are at their lowest. For example, you might want to avoid taking on additional costs during the Christmas period or perhaps during months when your family has several birthdays to celebrate or you have a vacation planned.