Pool in an IP?

Few places I've been looking at for an IP have a pool (fairly common in Brisbane). Supposedly fully fenced and compliant with current standard.

Agent suggested adding extra onto the rent to have it fully maintained, and the tenant doesn't have to do anything.

Anybody else have a pool in their IP and what are the pros and cons to be aware of? Are there extra liability issues the landlord needs to take into account?

Personally I'm not a huge fan, but tenants may see differently. If comes with the property, is it a net pro or con?

 

It can make it more leaseable in the warmer months

 

Plenty of IP's without a pool. Seems like a good idea until you look into liability, and issues if the tenant doesn't maintain the filter etc...

 

Whilst it could attract a tenant due to lifestyle perks.. There are a lot of maintenance costs associated with maintaining them properly... Which is fine if the tenants do the right things... But it is a risk.

 

Personally I wouldn't bother unless you intend to move into the property yourself at some time and want a pool. We have a house with a pool, has been an ip and now ppor until we go travelling. The previous tenants were crap at maintaining the pool and we had to pay for monthly maintenance to make sure the pool didn't get wrecked. We built the cost into the rent but it's an extra hassle unless you a) intend to move into it in the future b) there's some other compelling reason to buy that particular property.

 

Swim away.

See what I did there ....

 

Like walk away?
That was a good one geoff

 

Thanks for your thoughts.. Avoiding pool properties for time being. Could get one filled in, but looking anything up to $10k to do so. Problem is for owners they think its a plus, so unlikely to discount just for investor.

 

Good point about being more attractive during summer months but yeah if you find something else similar of value and return without a pool but similar land size I would rathe go for the one without a pool. My friends have a pool in their IP, used to be the PPOR. It is now filthy green and not looked after at all

 

I'm glad that I re-read the title of this thread...

"IP in a pool"

vs

"Pool in an IP"


(I couldn't stop laughing; )

 

One of my properties in the Logan area has a pool and is getting at least $30 a week more than standard market rent. It costs me exactly $18 a week to have it maintained professionally and admittedly have had to change the pool pump once which cost me $500 odd for an ebay puchase

I have also found whilst leasing this property the tenant 'pool' has been of a higher standard - a lot of young families with a couple of kids and working parents.

Adding to that, definitely increases the value and desirability of your property so all in all, satisfied with having a pool.

 

Just make sure it stays compliant, lots of liability issues otherwise.

 

My recent Moorooka purchase has a (fully compliant) pool.

I'm paying $70/month to have it maintained.

I would have strongly preferred a place without a pool but it was a great buy with development potential so the pool was an afterthought as the underlying asset was great.

I believe the pool actually helped generate interest in the property when listed for rent.

We ended up getting an excellent rent - the house was priced higher than any comparables in the suburb and we got even more rent than we asked.

I imagine I'd have achieved even higher rent were it advertised in summer.

So, it's not all bad.

Just have to ensure it remains compliant.

 

Good to hear Steven, congrats!

 

There are many pro's and con's for consideration, however there are many tenants that love the idea of pools just like tenants are drawn to other properties with different features.
I wouldn't let it be a deal breaker unless the pool yields significant issues that are simply too expensive to repair.

 

No no no! Don't get it!

I have a pool in my PPOR and it is a hassle to maintain especially my area is quite leafy.

That is one of my major principle of all my future house purchases, PPOR or IP.

 

Well Brisbane summer is different to Sydney it's much hotter and lasts much longer (I personally feel it's like summer from late Oct to early Apr) so I personally think a swimming pool is really a plus and attracts a family with kids.

 

Also does anyone know if you are purchasing a property, just imagine a same block of land and same house, one with pool and one doesn't, what would be the price difference?

 

Yeah, I would love to have a pool if I was renting.
But I would have to think about maintenance/liability if it was one I was considering as an IP.

 

Currently having the same dilemma. The extra rent the pool would get would pretty much go to the monthly maintenance. I am however attracted to a) the higher quality tenant it could possibly attract and b) resale value - as investors tend to avoid it, it will appeal to people that will wish to make it their PPOR and tend to make offers with their heart than their minds.. Knowing our luck though, our offer will be superseded by another.. the market has really moved in the last few months where we are looking,...