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How much does a pool cost? A short guide for beginners

May 16, 2022

The summer heat calls for vacations and swimming! What a joy it is to cool off by splashing around in a pool. And why not have your own swimming pool? Many have taken the dive, and pools have reached unprecedented levels of popularity. Check out our tips to make sure your oasis is calculated and planned for carefully.

The whole family will definitely be thrilled to have a pool! But to avoid it becoming a sinkhole, it’s important to look at the main issues.

What should I plan before getting started?

Installation permit and regulations

You may need to obtain a permit and will need to comply with regulations prior to installation. Find out whether you need a permit to install the pool, whether it’s in-ground, semi in-ground, above-ground or demountable. The cost of permits is determined by your municipality and may represent a fixed amount or a percentage of the cost of the work. Contact your municipality for more details.

It’s also important to check the servitudes on your property and the municipal zoning by-laws, as well as the general by-laws, particularly when it comes to the safety of the fence, the requirements regarding the pool deck and the standard for noise.

How to make a realistic budget

After determining your needs and the space available in your yard for the pool, it’s important to make a realistic budget. In addition to the initial purchase of the pool, a range of additional expenses increase the total cost, such as installation and maintenance costs. The pool budget must be long term and include related costs such as obtaining permits, landscaping, installing protective fencing, opening and closing equipment, maintenance (products and equipment), electricity costs and insurance.

Hydro-Québec points out that the installation of a swimming pool has a significant impact on your electricity bill. Water filtration and heating can account for additional annual electricity costs. To minimize the impact, Hydro-Québec suggests various solutions like installing a timer or a solar blanket and states the importance of having an efficient pump.

Notify your insurer before work begins

Your insurer will inform you of the proper coverage for the new pool on your property. Harsh winters and spring thaws are factors that can cause significant damage to these installations, and repairs can be costly. Whether you’re choosing an above-ground, semi in-ground or in-ground pool or spa, you can add additional coverage to your basic insurance. Expect a premium increase.

By notifying your insurer in advance, you’ll ensure that the site is properly covered during the work. Your insurer can help you and ask important questions to make sure your coverage is adjusted based on your new needs.

How much should I expect to pay?

When you go to the store to pick out your dream pool, it’s sometimes tempting to stretch the budget elastic beyond what has been planned. Don’t give in to temptation and stick to the original plan from your budget exercise!

The current market offers above-ground pools that cost between $4,000 and $12,000 depending on size and options. An in-ground pool will be more expensive, averaging $20,000 to $45,000 for a standard installation with a vinyl liner. Choosing a fibreglass or concrete pool can quickly jack up the purchase cost. Be sure to do your research and weigh the benefits of each option.

How do I pay for my new pool?

Using your savings

Now that you understand the costs of installing and maintaining a pool, it’s time to fine-tune your budget, assess your cash flow and determine how long it will take you to save the difference. Think of all the happy moments to come, and keep this goal in mind to motivate you. Why not set up automatic transfers? Discover 4 great reasons to set up automatic transfers to reach your savings goal without even thinking about it.

By financing the purchase

The Versatile Line of Credit1 could be the financing solution for you. This home equity line of credit lets you finance your projects, such as renovations or a swimming pool, with your home as collateral.

You can apply for a Versatile Line of Credit at any time: during your mortgage application, at renewal or even mid-term. In addition, thanks to the new feature allowing you to transfer money from the line of credit to your account, you can now manage borrowed funds from the line of credit directly in AccèsD. It’s even easier to use!

If you’re considering financing as a payment method, contact your advisor to find financing that meets your needs. You can also use the Financing product selector to get an idea of your options.

What details do I need to look at when shopping?

Carefully consider what’s included in and excluded from the purchase contract. Next, there are the costs of electrical installation, various accessories, landscaping and fencing. These costs quickly drive up the bill. Request a complete quote, ask questions and find out how long it will take to install. Take the opportunity to discuss the costs involved with the sales clerk and ask for their tips.

Don’t forget that installing a pool also involves considerable obligations, particularly in terms of safety and installation compliance. You have to ensure that the pool is well maintained and properly manage safety risks for those who use it.

If all these warnings don’t put you off, you’re ready to dive in. Have a great summer!

1. Subject to credit approval by the Fédération des caisses Desjardins du Québec. Certain conditions, limitations and exclusions may apply.