I have a chance to purchase a house with a nice pool in the back yard. The cost as a rental is about the same as without because I should be able to get an extra $100/month for the pool but I have to pay a pool guy to maintain it.
What do you all think?
Absolutely, positively NO WAY I would ever own a rental with a pool. Ask your insurance carrier why.
Thanks for the first response. :D
We actually did ask USAA and the representative said that there was no added liability and that it was the same as any other rental we had, regarding premiums. I was skeptical so I wanted to get it out to forum members for info/experience.
Also, he didn't know how it was affected in an LLC so I was even more skeptical of getting good info.
Wow, I'm suprised the USAA had that stance. It may not affect your PREMIUM but it sure affects your LIABILITY. I still wouldn't do it.
I am with all cash on this one. The pool is a huge liability that you don't need. What if the neighbor kid falls in and drowns. What if the tenants have a party and someone they have over to the party falls in and drowns. What if anyone falls in and drowns. You are in deep $H!^. Plus the maintenance could be a total pain.
Ok then. No advantage to having a pool in a rental. Only disadvantage. I guess a condo with a pool in the complex is ok if you want a condo rental.
There are plenty of properties without pools, why have the headache of extra maintenance and liability if you don't have to, right?