Looking at purchasing a duplex that has a shared pool in the backyard. Trying to see what added expenses to be prepared for outside of normal management costs. Thanks!
You should never purchase a property with a pool for a rental. Liability issues are far too high. If you have a pool remove it if it is above ground, fill it in if it is a in ground pool.
You never want the risk of a tenant drowning or a irresponsible tenant allowing a neighbour to drown. Maintenance and up keep will never be performed by tenants adding additional work for landlords. Insurance companies may refuse to insure or will charge high rates where rentals have pools.
Never invest in a rental with a pool.
Liability and umbrella insurance policy expense.
Does the deal still workout if you remove the pool? Get a quote to remove the pool
Pool requires weekly maintenance, additional utility expenses, additional insurance expense and liability
Can tell the Floridians on here.
I would not rent a house down here that did not have a pool. But I want Class A tenants down here and I buy class A properties in Fl.
My Midwest rentals, no pools (I’m a native Hoosier, pools only work 3 months out of the year, FL, almost all year).
I pass through the $85 monthly pool service fee. Occasionally you have to buy a cell, rarely a pump. But generally adds $200-400 a month (on top of the service fee). Then adds in $350 on the high side for insurance.
Then again go to a nice neighborhood in Fl 8 out of 10 houses have pools. Nice neighborhood in Indy, 1 out of 10.
Thanks everyone for your feedback!
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