Hi, General question, but anyone with advice on buying an IP that already has a in ground pool? Just don't or what are the consideration's? Thanks
Remove it, fill it in, have tenants maintain it, hire someone to maintain it. Is the property in an area where a pool will add value?
I'd avoid IPs with pools unless its in an area where it's expected to have one. Maintenance issues with cleaning it, keeping ph levels ok, keeping filter operational etc. Liability issues with fences, kids drowning etc
I have an ip with a pool and tenants love it. Let them maintain it cleaning wise I have had to fix the pump once. Adds extra rent I believe.. In some cases
I'd avoid purchasing an IP with a pool and if I did I would include a monthly pool servicing in the rental price to avoid any dramas.
This. +1 <rant> I've spent $1500 fixing up the outside fence to stop, wait for it, intruders from having access to my pool too easily and drown themselves. This whole nanny state/cotton wooling everyone has got to stop. If they jumped my fence and managed to drown themselves in the process, suck **** you deserve it. </rant>
I would also strongly agree with having a pool in a IP. 1) Who will be responsible for the maintenance or repairs? 2) Legal.. what if some one drowned or got hurt in the pool, would you be liable for any damages?
If you're not getting extra rent or the same yield as you would without a pool, why bother? (Unless vacancy rates or quality of tenant improves with a pool)
Pool is a slam dunk no for me for an IP. I look for the least complicated house as possible. Just more stuff for tenants to break and neglect. I've hardly ever had much in the way of vacancies so I must be doing something right.
I think it's a good idea having an pool. It can be used to settle rent arrears ie tenant held upside over the pool by the ankles.
Personally I dont touch houses with pools fpr the abovementioned reasons. Really, the only properties where a pool provides evidenced capital growth and rental return that exceeds the abovementioned maintainence costs, are the ones in the top end of town (in other words, typically the $800k+ houses that most investors dont buy due to the net returns being poorer)
As stated, there are plenty of negatives with having an IP with a pool but there are some positives as well. I have an IP with an Inground pool and there have been some maintenance costs with it over the years but it has actually worked pretty well for me overall. My property has always been very popular with renters because of the pool and this has always ensured lots of applications whenever it has become available and actually increased bids over the asking price. It is a point of difference.
How about buying an IP that had pool before but had been removed, filled and planted with grass? Will I expect any future issues such as, change in landscape, sinkhole, uneven land, etc?
As per @Inov8ive I have an IP with a pool. I though it would a hard. As this was out first with a pool. 3 years on no issues. $55 per months care 50:50% split with tenant so $27.5 cost to us Chemicals paid by tenant. So far in 3 years I had spent $60 on skimmer basket and $120 on filter cartridge The tenant loves it they have kids and told us the pool is an attraction and why they will not move while kids are young.
PS cost of filling in a pool is well. free. Most will happily dump a load in your pool than $600 TOP SOIL AND GRASS 1 Day job.
Depends if the soil was adequately compacted when filled. If it wasn't done too long ago tou could ask for an engineering certificate or compaction certificate.
I have a pool in an i.p. first time. Tenants were in for 6 weeks before they turned off the pool pump for 4 weeks in the middle of summer. Pool turned green of course. Nightmare. The pool is being inspected and tested every month, do they turned off the pump the day after the inspection