hi- I just bought a sfr4/2 in Tempe,az. The goal is to rent itthere for 2 yearsrehab it and then Sell it. The house has a fairly narrow backyard that is basically all patio and pool. The pool pump is shot and the concrete around pool is cracked. Looking at $2,500 in repairs to bring up to speed. I've thought about filling in the pool and having a useable backyard, cost is $5,000
I've gotten 50/50 response from friends and family and wanted to see if I could get some feedback from folks here....fix the pool and keep for $2,500 or so ....or fill in and have a yard for $5,000?
Well if the house has a pool I would think you are in an ok neighborhood and the pool is an extra which should get you better rents. However it would depend on the conditions too. You say the area around the pool is small so maybe you can consider about liability to you and what your insurance will cost you. Still to me a pool is a feature which I would think to capitalize on in regards to rents. Somethings we over think , over analyze things.
If you decide to fill in the pool, you will lose the value that pool provides - that could easily be $20k - $50k, depending on the condition of the pool and the neighborhood you bought in. With that being said, I personally would not want a pool at a rental property due to liability, but sounds like you plan to sell in a few years anyhow, so may be worth keeping.
@Gilbert and Christopher...thanks for your feedback. I've decided to get a new pump and fix the cracks in the pool. After talking to my realtor a bit more, she said an average pool in the area increases value between $10,000 and $15,000 (all other things being equal of course)... Since we don't plan to hold on to house for more than a couple of years at most it makes more financial sense to keep the pool. The insurance is only an extra $10 a month...Will make sure pool area is safe and secure with fencing and have tenants sign a pool waiver. Thanks again. Roman
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