Hi
I have an option to buy a relative's house well below market value. The only thing is it comes with an inground pool and I know from reading all the books/articles on property investing that a pool is generally not a good idea.
Would value any thoughts/comments on this. Thanks in advance.
Hi Sheilsy,
I suggest you read my post if you are thinking of a property with a pool.
https://www.propertyinvesting.com/forums/property-investing/general-property/4320150
Hi Sheilsey,
Wow that last post would put you off insuring anything. What a nightmare! But….. more to do with insurance companies and slack rental managers than the pool.
The key element in your question is not the pool, but buying under value!. If you are getting this property at a great rate and have done a building report ( especially on the pool if it worries you) and it comes up OK then go for it!
Pools are great. Why or the doom and gloom? They can attract extra rent when marketing for tenants prior to summer. They should attract a better quality tenant, but that is up to your management of your rental manager. Specify applicants must show knowledge of pool maintanence for example and organise outside inspections every 2 months until you are sure this aspect is covered.
Alternatively, add $8000 to your under value purchase cost and get rid of it. Fill the buggar in and put a storage shed on the space. There are plenty of options for you, but remember the first and most important aspect as I see it, is the saving in the purchase price. Good luck, sounds like you are sitting on a mountain of gold and are worried about the dollar stuck up your bum. (Not the best analagy, but I did have a laugh)
All the best
Ian
PS: If you decide not to go ahead, my email is [email protected] If it's as good as opportunity as you say I'll buy it.
I saw on groundforce once (or one of those annoying heart-string pulling shows – have you ever seen anyone so "up" as those dudes? I want some of their drugs) that had a pool which they covered over with a really great deck. The pool was still underneath and could be converted back at any time. Can't remember the cost, but it may be an option.
Thanks C2 for sharing that info. I'll definitely be checking and re-checking all my insurance renewals from now on.
Sapphire, you definitely put a smile on my face with your reply. I've actually decided that I was getting worried about nothing and so I've gone ahead with the purchase. I settle in 6 weeks and because I'm family I have immediate access to the house to do a quick reno so hopefully I would get tenants in from day 1.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
