Outdoor Space Counts Too
Today’s trend toward outdoor living – think outdoor kitchens, posh patio furniture, covered verandas wired for TV & speakers, firepits and other little luxuries- encourages us to think of the outdoor environment of the home hand-in-hand with the house itself. Especially during hot Texas summers, many buyers of luxury homes consider swimming pools a necessity, not an option.
Yet if you’re building a new home, it’s likely your builder won’t be thrilled if you suggest adding a swimming pool or outdoor kitchen as a part of your initial construction. Many buyers resort to completing the construction of the home, and later get a home improvement loan to build their pool or other outdoor additions. This subjects the buyer to yet another round of loan applications and paperwork, not to mention the higher rates of a home improvement loan. And it’s certainly more pleasant to move into your home when it’s complete, inside and out.
There is an alternative, however: a pool escrow. With a pool escrow, you can include swimming pool construction in your mortgage – with a single closing. Funds for the completion of the pool are escrowed at closing and disbursed to the pool company by the title company after installation of your pool or at defined benchmarks. With a pool escrow, you benefit from a lower interest rate on your pool, a single mortgage loan payment, and a beautiful outdoor oasis in your new backyard.
Contact Hurst Lending for more details.