hot tub on a budget

When you are thinking about installing a hot tub, you probably have all sorts of ideas in your head about how wonderful it will be to use it. Maybe you have already taken a look at the options out there, chosen the perfect spot for installation, and even investigated the energy efficiency you can expect— and what that might mean for your utility bills. That ongoing cost is certainly a consideration, as is the initial price of the hot tub. When creating a hot tub budget, expect something along these lines for the purchase:

  •   Entry-level tubs: $1,500 to $4,000
  •   Mid-level tubs: $4,000 to $8,000
  •   Premium tubs: $8,000 to $18,000 or more.

Most of us don’t have that kind of cash lying around, so creating a hot tub budget is essential. Creating a budget might seem daunting, but by taking careful and sure steps along the way, you can take the mystery out of budgeting and come up with a comfortable dollar amount to spend on a hot tub.

Budgeting for Your Hot Tub

When creating a budget for your hot tub, it’s important to keep the average prices in mind. A simple, straightforward hot tub can set you back by a few thousand, but if you’re going for all the bells and whistles, expect to pay much more.

This price can also go up if you choose to go with some custom work, like a dedicated deck or patio for the hot tub, a pergola or gazebo over the tub for more energy efficiency and ambiance, or even a custom cabinet that matches the color of your home. Since a hot tub must have a level surface to operate properly, even the most affordable tub will have a higher price if a professional must pour a concrete slab before installation.

As you think about what you want in a hot tub, run the numbers with a sales representative. Speak to contractors about what it might take to install the hot tub of your dreams. Then look at that bottom line. Will your hot tub budget meet the price of all the things you want?

To be sure, let’s look at figuring out how much you can actually afford.

How Much Can You Afford?

Deciding what you can afford requires you to focus on your income, expenses, what you need versus what you want, and find a number you’re comfortable with spending. Look at what’s coming in, what’s going out, and what disposable income you have to spend on the hot tub of your dreams. Start with the big ideas and then lower your expectations if the dollar amount available to you doesn’t meet those high-dollar plans.

There are many ways to tap into more money than you might have on hand in your checking account. Ideally, money in a savings account that is earmarked for home repairs and improvements is best. But many homeowners simply don’t have that kind of cash lying around, so they turn to loans – specifically, to home equity loans.

What Is Your Home Equity?

You’ve probably heard of a home equity line of credit. That’s a line of credit offered by the bank that holds the mortgage on your home. It’s essentially a loan that borrows against the equity you hold in your home. What’s home equity? That’s the difference between what you owe on your home and the appraised market value of that home. For instance, if you owe $100,000 on a home that is appraised at $200,000, your home equity is $100,000. That’s how much of a true investment of cash you have in your home at that point in time.

The more equity you hold in your home, the more likely your bank will offer you a line of credit. Your home equity gives you power over your finances, allowing you to borrow against your home to purchase items or improve the property – such as with the addition of a hot tub.

What Is Your Credit Rating?

In addition to the equity in your home, your credit rating is one of the factors your bank will consider in deciding whether to give you a loan, and how much that loan will be. A credit score is often considered a barometer of overall financial health; the Consumer Financial Protection Bureau says a credit score “predicts how likely you are to pay back a loan on time.”

But it’s not just the bottom line of that credit score that matters. Banks will also look at your credit reports. Those reports provide a clear breakdown of the activity on your credit cards, how current you are on payments, the amount of credit you have available to you, and much more.

Before diving into the options for loans, check your credit report yourself to make sure there’s no incorrect information. There are three companies that provide credit reports: TransUnion, Equifax, and Experian. You can get a free copy of your credit report every year from each company by requesting them through

Be Real About Your Hot Tub Needs

Anyone who starts thinking about adding something to their home will often go overboard with their first spate of ideas, which is actually a good thing – it’s advantageous to make a list of all the things you want, because you can then evaluate what matters most and gradually narrow that list down to what you actually need in a hot tub.

For instance, you might really want that sound system, but do you want to install that if it means you can’t afford the number of seats you want or the extra jets? Give a good look at what you really need in your new investment before you get in touch with the contractor.

Speaking of contractors, you’ll need a good one to help guide you through the process of figuring out how to handle the installation and any new construction while still keeping the price under your hot tub budget.

Modernize is happy to connect you with contractors in your local area who can look at your needs, your wants, and your hot tub budget, and help you find the sweet spot that makes you feel good about your investment. Let us connect you today and you can begin working toward your dreams of a hot tub as soon as possible.

Photo of author

Author S Krone

A lawyer never retires. So I would just say that I am not as active as I used to be. Now I simply dedicate myself to fishing, my hobby, and my grandchildren. For Business Finance News I write about legal aspects of mortgage policies, mostly regarding the rights of policyholders. I also have articles about personal injuries.

Thank you for visiting

Leave a Comment

Business Finance

About Us

Business Finance News is a brand oriented to business owners and dedicated to analyzing and comparing the cost and conditions of B2B procurement of goods and services through free quotes delivered by business partners.


Address 5050 Quorum Drive, (75254) Dallas TX

telephone 844-368-6072


A personal loan is a medium term loan with a fixed interest rate that is repaid in equal monthly payments and it's usually limited to 24 months. Loan offers and eligibility depend on your individual credit profile. Our lenders can help you obtain as much as $3,000 depending on the lender, your state and your financial situation.

The owner and operator of is not a lender and is not involved into making credit decisions associated with lending or making loan offers. Instead, the website is designed only for a matching service, which enables the users contact with the lenders and third parties. The website does not charge any fees for its service, nor does it oblige any user to initiate contact with any of the lenders or third parties or accept any loan product or service offered by the lenders. All the data concerning personal loan products and the industry is presented on the website for information purposes only. does not endorse any particular lender, nor does it represent or is responsible for the actions or inactions of the lenders. does not collect, store or has access to the information regarding the fees and charges associated with the contacting lenders and/or any loan products. Online personal loans are not available in all the states. Not all the lenders in the network can provide the loans up to $3,000. cannot guarantee that the user of the website will be approved by any lender or for any loan product, will be matched with a lender, or if matched, will receive a personal loan offer on the terms requested in the online form. The lenders may need to perform credit check via one or more credit bureaus, including but not limited to major credit bureaus in order to determine credit reliability and the scopes of credit products to offer. The lenders in the network may need to perform additional verifications, including but not limited to social security number, driver license number, national ID or other identification documents. The terms and scopes of loan products vary from lender to lender and can depend on numerous factors, including but not limited to the state of residence and credit standing of the applicant, as well as the terms determined by each lender individually. 


APR (Annual Percentage Rate) is the loan rate calculated for the annual term. Since is not a lender and has no information regarding the terms and other details of personal loan products offered by lenders individually, cannot provide the exact APR charged for any loan product offered by the lenders. The APRs greatly vary from lender to lender, state to state and depend on numerous factors, including but not limited to the credit standing of an applicant. Additional charges associated with the loan offer, including but not limited to origination fees, late payment, non-payment charges and penalties, as well as non-financial actions, such as late payment reporting and debt collection actions, may be applied by the lenders. These financial and non-financial actions have nothing to do with, and has no information regaining whatsoever actions may be taken by the lenders. All the financial and non-financial charges and actions are to be disclosed in any particular loan agreement in a clear and transparent manner. The APR is calculated as the annual charge and is not a financial charge for a personal loan product. 

Late Payment Implications

It is highly recommended to contact the lender if late payment is expected or considered possible. In this case, late payment fees and charges may be implied. Federal and state regulations are determined for the cases of late payment and may vary from case to case. All the details concerning the procedures and costs associated with late payment are disclosed in loan agreement and should be reviewed prior to signing any related document. 

Non-payment Implications

Financial and non-financial penalties may be implied in cases of non-payment or missed payment. Fees and other financial charges for late payment are to be disclosed in loan agreement. Additional actions related to non-payment, such as renewals, may be implied upon given consent. The terms of renewal are to be disclosed in each loan agreement individually. Additional charges and fees associated with renewal may be applied. 

Debt collection practices and other related procedures may be performed. All the actions related to these practices are adjusted to Fair Debt Collection Practices Act regulations and other applicable federal and state laws in order to protect consumers from unfair lending and negative borrowing experience. The majority of lenders do not refer to outside collection agencies and attempt to collect the debt via in-house means. 

Non-payment and late payment may have negative impact on the borrowers’ credit standing and downgrade their credit scores, as the lenders may report delinquency to credit bureaus, including but not limited to Equifax, Transunion, and Experian. In this case the results of non-payment and late payment may be recorded and remain in credit reports for the determined amount of time.