Building a new structure on a residential property could increase the total value of the property. A swimming pool increases the market value of any home by as much as 35%, but when they add a pool house, it becomes an impressive property that is highly coveted by the neighbors. Reviewing financing options and the benefits of a pool house show the owner why it is a sound investment.
Getting a Comprehensive Estimate
When planning a pool house construction, the homeowner must work with a contractor and choose their preferred design for the pool house. The contractor assesses the construction project, plans it, and gives the property owner a comprehensive estimate for the new construction project. This includes the cost of permits and building code inspections for the new structure. Adding a little extra to the estimate creates a safety net just in case the construction project exceeds the budget because of unexpected circumstances.
Should You Use A Second Mortgage?
A second mortgage is a new lien against the homeowner’s existing mortgage. It is a method of using equity to finance the pool house construction. However, there are some major drawbacks when taking on a second mortgage. Since it is a separate loan, the homeowner might lose some of their equity on their existing mortgage. It’s necessary to compare financing choices before making a final decision. If they need private mortgage insurance for the second mortgage, it increases the homeowner’s costs dramatically.
Home Equity Loans and HELOC
As an alternative to a second mortgage, homeowners could tap into their equity by taking out a home equity loan or a line of credit. In comparison, the owner chooses the loan if they know exactly how much they’ll need for the pool house project, or they can use the line of credit and get access to their equity for up to ten years. The loan keeps costs restricted to a specific amount, but the line of credit helps them pay more if needed. Property owners can learn more about financing a pool house by visiting linkedin.com/in/ddimisa now.
Extra Space for Guests
When assessing the benefits of constructing the pool house, the owner will gain extra space for guests visiting out of town. The right design offers a living space, a bathroom, and at least one bedroom. The quaint quarters are a superb choice for housing in-laws, friends, or family members that want to stay with the owners. It could also prevent their guests from facing the cost of hotel fees.
A Better Entertainment Area
With the right design, the pool house could present them with an excellent place to entertain. The right mortgage offers enough funds to install a kitchen and bar that is extraordinary for summer nights with friends. Finding the right mortgage helps property owners add a pool house next to their exterior spaces and get the most out of their investments.
A pool house is a wonderful addition for any property with a swimming pool. The family could use the pool house for all their summer supplies and prevent the items from cluttering the primary home. It is a terrific space for entertaining, too. Homeowners can get funding for their pool house project by contacting a lender now.