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Answers (4)
- kulvishal
- Contributions:31
Thanks to all of you for your advice.
I close in 4 weeks and have quotes from contractors to fix the house - both With the pool getting filled in and with fixing it.
So now I am going to take the points you all have mentioned and sit with my Insurance agent before deciding.
One thing I am surely going to do is remove the diving board (if I do decide to leave in the Pool ) - from what I hear .. that is a big concern for Insurance Companies.
Thanks and Regards,
VK
I close in 4 weeks and have quotes from contractors to fix the house - both With the pool getting filled in and with fixing it.
So now I am going to take the points you all have mentioned and sit with my Insurance agent before deciding.
One thing I am surely going to do is remove the diving board (if I do decide to leave in the Pool ) - from what I hear .. that is a big concern for Insurance Companies.
Thanks and Regards,
VK
- sunnyview
- Contributions:25139
Pools are a liability for the landlord and can be money pit too. If you buy a rental with a pool you need to add an extra liability waiver to your rental agreement, make sure that all fencing is up to code, consider a 1 million dollar umbrella policy in addition to your regular insurance and consider installing self closing gates.
You may get more money when you sell a house with a pool down the line, but you could just as easily have significant costs associated with repair and maintenance that would cancel out any additional equity.
You may get more money when you sell a house with a pool down the line, but you could just as easily have significant costs associated with repair and maintenance that would cancel out any additional equity.
- Adrian Diaz-Sieckel, "emh3"
- Contributions:11
Hi VK.
Here are my thoughts.
Depending on the area where your investment property is located will be a first test of what value a pool would add.
HomeSand.net gave a pretty clear assessment of value in terms of appraisal value. I am thinking more of the intangible value such as would your home be less desirable or not on the same footing relative to other homes within your specific sub-market or area.
In very broad terms a pool ads value.
Now, in terms of liability, I would advise you to consult an insurance expert on this matter. Typically, if you are treating this as an investment there is a very good likelihood that you will rent the property to cover your costs during the time you hold your investment.
What I have advised my clients that hold these types of invesment properties is to obtain an owners liability policy and if your rent the property require your tenants to carry a renters policy. Both should cover contents, acts of god, slip and fall and similar types of coverage. The cost of these policies are reasonable for both owner and tenant and give you the measure of security that you might need to help you feel more comfortable.
Lastly, there are certain pool requirements in SoFla that also help mitigate accidents and liability.
Hope that was helpful.
Sincerely,
Here are my thoughts.
Depending on the area where your investment property is located will be a first test of what value a pool would add.
HomeSand.net gave a pretty clear assessment of value in terms of appraisal value. I am thinking more of the intangible value such as would your home be less desirable or not on the same footing relative to other homes within your specific sub-market or area.
In very broad terms a pool ads value.
Now, in terms of liability, I would advise you to consult an insurance expert on this matter. Typically, if you are treating this as an investment there is a very good likelihood that you will rent the property to cover your costs during the time you hold your investment.
What I have advised my clients that hold these types of invesment properties is to obtain an owners liability policy and if your rent the property require your tenants to carry a renters policy. Both should cover contents, acts of god, slip and fall and similar types of coverage. The cost of these policies are reasonable for both owner and tenant and give you the measure of security that you might need to help you feel more comfortable.
Lastly, there are certain pool requirements in SoFla that also help mitigate accidents and liability.
Hope that was helpful.
Sincerely,
- HomeSand.net, "White Picture"
- Contributions:4396
'Getting it filled' costs about $15K, the different value between pool home and non-pool home is $15K per appraisers, total of $30K, seem like better fixed it up then 'filled in', however $30K is not enough to buy the peace in your mind and the liability will be greater $30K, if I were you, I am going to fill it up.
Pool in SF Rental home - Need Advice
But there is a Pool in the back yard which is leaving me on a 2-way decision of getting it filled in or fixed up.
Going by first principles, a pool is too much of a liability and but there are also exceptions.
Pros:
-higher rent ( even after deducting the pool maintenance)
-higher equity ( if reselling 3-5 years down the line)
-save $ in the break-in and refill of the pool
Cons:
-Liability
-spend some $ in fixing up the pool/pump etc
I am willing to speak to a lawyer, but I need advice on what I should be my expectations. Obviously - I am keen on having myself fully covered from any liability and would like to do my homework on adding additional clauses etc. to my rental agreement.
Appreciate advice from real estate professionals and investors in similar situations.
Thanks,
VK
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