Does a swimming pool add value to an IP?

[The Project Mgr]

Hi folks,

My house in a north Brisbane suburb, has a swimming pool. It has been a bit of a hassle to maintain. It has been leaking, the water is green with algae despite the fact we filter it daily, and the chlorine & other chemicals is a cost that we don't neccessarily want to incur. It is currently costing us around $1500 p.a to keep the pool going.

We won't be staying here long term and plan to rent it out as an IP in 5 years time. I am thinking of filling it in but before I do that, I would like to know people's opinion whether having a swimming pool will increase a property's value here in Brisbane.

Secondly, questions for the property managers, do tenants prefer/care about having a pool? And does having a pool increases the rent?

Does anybody know the cost of filling in a pool? The size is roughly 40sqm.

Thanks for your feedback

P.M

 

[Fudge]

Hi folks,

My house in a north Brisbane suburb, has a swimming pool. It has been a bit of a hassle to maintain. It has been leaking, the water is green with algae despite the fact we filter it daily, and the chlorine & other chemicals is a cost that we don't neccessarily want to incur. It is currently costing us around $1500 p.a to keep the pool going.

We won't be staying here long term and plan to rent it out as an IP in 5 years time. I am thinking of filling it in but before I do that, I would like to know people's opinion whether having a swimming pool will increase a property's value here in Brisbane.

Secondly, questions for the property managers, do tenants prefer/care about having a pool? And does having a pool increases the rent?

Does anybody know the cost of filling in a pool? The size is roughly 40sqm.

Thanks for your feedback

P.M

If you are doing this youself, that is a bit steep. I am paying around $800pa for it to be serviced monthly, and it is crystal clear all year round. (it is about 60m2)

I wouldn't buy an IP with a pool, as it is just another thing that could go wrong with it. Also regulations around pool fencing. Maybe for an upper end property I would consider, but not an average property.

It does add value, but you have to calculate what the extra rent would need to be in the area to compensate for the extra maintenace required to the pool. (As I said mine is $80, so is about an extra $15 / week. Your rates would be an extra $30 / week you will need to charge, before you at least break even!!

By asking an extra $30 for rent, do you think that your property would be snapped up by tenants, or left sitting on the market?

Get in contact with real estate agents in your area to find out what they say.

Cheers,

F

 

[Simon]

Generally a pool is considered a lifestyle choice in that it doesn't really add value to a home for both capital or rental. In fact it can give a lot of hassle in an IP.

My gut tells me that this might not be the case in a particularly hot climate such as Qld or the NT where people would pay the premium for a pool.

I have had staff in Melb who rented places with pools and because they didn't value them they didn't look after them so they became a real eyesore.

 

[wylie]

If you are doing this yourself, that is a bit steep. I am paying around $800pa for it to be serviced monthly, and it is crystal clear all year round. (it is about 60m2)

Until I read your comments, I have always thought it extremely lazy/decadent to have a pool serviced regularly when I do it for the cost of the chemicals. Part of that is due to a family we know who outsource EVERYTHING (even contemplated having someone come into their yard to scoop the dog poop for them ).

I look after the pool and generally things go swimmingly but if we get a lot of rain or if I get a bit slack, then it costs more to bring the pool back to scratch because we need extra chemicals.

I am going to have a look at what chemicals have cost us over the past year, and if it is more than around $800 (cannot imagine it would be anything like that, but it is amazing how it adds up) then I reckon I will look into letting someone service our pool monthly.

Through winter, I generally don't touch the pool. It stays crystal clear (obviously partly due to nobody swimming) so I suppose during winter we could give the regular servicing a miss and just do it through summer.

Still seems very decadent but it might not cost any more than we are paying anyway (especially when I am too lazy to take the water for testing).

Food for thought.....

 

[topcropper]

but if we get a lot of rain or if I get a bit slack, then it costs more to bring the pool back to scratch because we need extra chemicals.
.....

That's weird. My pool stays great if it gets topped up all the time from rain. But if I have to top it up with bore water it goes off and we have to add stuff. Maybe there really is something wrong with rain in the city? Is that why yas all won't drink it?

So I try to keep the pool cover on it to reduce evaporation.

Our pool certainly doesn't take much time to look after, and if you do things right it's always crystal clear.


See ya's.

 

[marg4000]

If the water is green then the chemical balance is incorrect, probably the PH level. Filtering won't help until you get the balance correct.

We have an IP on the Sunshine Coast with a pool. We didn't want a pool, but at the time it was the best buy. We have found it very popular with tenants. Obviously we have all leases expire in January when it is at its most inviting and maximum rental can be obtained.

The normal arrangement with IP pools is that the owner pays for the pool service and the tenant pays for chemicals.

We give the tenant the option to care for the pool themselves. The pool is at the front of the property so is easy to check from the road. The PM drives past several times a week to or from other properties so it is easy to keep an eye on it.

At present we have the pool serviced every second month to ensure no ongoing problems. This is because the present tenant let it go last winter and it cost over $600 to restore it (tenant paid). This pool service costs us $44 per visit, so the total cost is less than $300pa. Even monthly visits would only cost $600 pa.

When the tenants leave we have the pool serviced and the chemicals to get the water right billed to the departing tenant. This means the pool is in top condition for the new tenant.

On the whole the tenants love it. I would estimate we are getting an extra $30 - $50 per week because of the pool.
Marg

 

[Propertunity]

I look after the pool and generally things go swimmingly

Ooooooooooooh wylie, that was b a d

 

[Jacque]

But Wylie's allowed... because she's nice

Pools can be a huge PITA with tenants- my advice would be to add rent on top for maintenance and get a company like Swimart out to service regularly.

I do think they can add value, depending on where you buy. Brissy, for example, would be a city I'd only buy with pool included. It's such a hot place to live!!

 

[The Project Mgr]

At present we have the pool serviced every second month to ensure no ongoing problems. This is because the present tenant let it go last winter and it cost over $600 to restore it (tenant paid). This pool service costs us $44 per visit, so the total cost is less than $300pa. Even monthly visits would only cost $600 pa.

When the tenants leave we have the pool serviced and the chemicals to get the water right billed to the departing tenant. This means the pool is in top condition for the new tenant.

On the whole the tenants love it. I would estimate we are getting an extra $30 - $50 per week because of the pool.
Marg

Hi Marg,
$600 for pool service is good value. May I ask who you are using?

Regarding the maintenance of the pool, do you include in the lease clauses to indicate that the pool will be maintained by them, and also it is their responsiblity to service the pool upon vacating the property?

Cheers
PM