Should I keep the pool???

[Fisho]

I have an investment property which has a pool.
The pool is in desperate need of repair. It needs new/reconditioned pool pump and filter. The pool fence and gate also need to be replaced.
The estimated cost to bring the pool back up to a standard is $1500 - $1800.
The cost to have the pool removed is $3000-$3500.
What would you do? Spend the money fixing the pool or remove it altogether?

 

[nhg]

What's your plan for the block?
Will you be adding a granny flat or leaving it as is?
Do you need the extra space?

What will be the extra rent for the area?
Will it add value to the house?
Increased maintenance cost?

 

[gottabespotless]

Where is the property located?

 

[Fisho]

What's your plan for the block?
Will you be adding a granny flat or leaving it as is?
Do you need the extra space?

What will be the extra rent for the area?
Will it add value to the house?
Increased maintenance cost?

I dont intend to extend or build on the block. It has a large back yard.
Do pools always add value?
Unfortunately there are always costs associated with pools. Electricity chemicals etc.
It is in the south west of Sydney so people would certainly appreicate having a pool in summer.

 

[Fisho]

Where is the property located?

South Western sub of Sydney

 

[tobe]

Fill it in and plant it to grass while the property is tenanted. remove the fence, or repair it. While some pools may add value in some areas, they generally dont add anything to rental yield after maintanence costs are accouted for.

 

[gottabespotless]

A rental property with a pool usually attracts an extra $20 (or so) a week where I'm from (sub tropical climate) and there is a big call for them - and depending on their relationship to the house/position in yard, it's been my experience that they also add value when it comes to selling. Not so sure about western Sydney though. Might be better to fill it in...

 

[Brady]

A rental property with a pool usually attracts an extra $20 (or so) a week where I'm from (sub tropical climate) and there is a big call for them - and depending on their relationship to the house/position in yard, it's been my experience that they also add value when it comes to selling. Not so sure about western Sydney though. Might be better to fill it in...

Also on the note of extra rent...

Is the property currently tenanted? If it is then if you filled in the pool you could possibily have to reduce the rent for current tenants...

If they agreed on property with a pool, then thats what they are paying for. If you take it away the would have the right to pay less.

 

[Fisho]

Also on the note of extra rent...

Is the property currently tenanted? If it is then if you filled in the pool you could possibily have to reduce the rent for current tenants...

If they agreed on property with a pool, then thats what they are paying for. If you take it away the would have the right to pay less.

There are no tenants in the property at the moment.

 

[Brady]

There are no tenants in the property at the moment.

Will it change the rental potential having a pool?

If it will have an effect what is the cost of that compared to the cost of ongoing repairs.

It's an investment, do the maths then decided.

 

[thepeoplesagent]

In summertime, its not unheard of to achieve an extra $50 a week for a pool. On the other hand its an extra thing that can break and cost you money.

 

[somer_hut]

I am in similar position as you. but I have a working pool. I am thinking of removing the pool for two reasons.

going to have 2 kids under two, and see a lot more use with backyard and space for them to play/run around in next few years... yes they will learn swimming but still feel a bit riskier with it.

if even I need to rent this prop/home, in western sydney suburbs I have seem more tenants not wanting a pool. on my street a home with a pool was not rented and eventually given to young (19/20) year old and they might not take care of the home/prop


eventually plan to use the area to built a GF, I am very close to major shopping, hospital, trains.. so can enjoy double income.


still its emotional and hard to take the thing out.

somer_hut

 

[jim1964]

Do it at the start of WINTER.No body will notice as much.

 

[wylie]

The pool is in desperate need of repair. It needs new/reconditioned pool pump and filter. The pool fence and gate also need to be replaced.
The estimated cost to bring the pool back up to a standard is $1500 - $1800.
The cost to have the pool removed is $3000-$3500.
What would you do? Spend the money fixing the pool or remove it altogether?

I would ask a local property manager what the house is worth for rent with the pool and without.

Depending on what the answer is, I would rather spend $1800 on repairing it than spend $3500 on filling it in. As long as the property manager can write up the lease so that you are not continually paying for chemicals, and as long as your extra rent covers the $1800 to get it up and swimmable, then I would go that way.

I would never buy an IP with a pool, but it would be a hard decision to actually fill one in, unless there was extra rent in doing so.