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Ahhh.. the blissful image of a cool, refreshing pool to dip into, entertain around and watch the kids enjoy. Here on the Sunshine Coast, Queensland, a pool is an enjoyable addition to most properties. Every year when the temperature hits 40°C the installation of a pool is considered by property owners everywhere! But if you are considering a pool for a property that will be rented out down the track, you may want to take into consideration the pro’s and con’s of installing a pool in an investment property.
- If the property is a high-end, waterfront home, a pool may be expected as buyers and renters at the top end of the market will be living the luxurious lifestyle that a pool can offer.
- As long as the property is properly fenced and secure from any pool access, it will be appealing to families or couples who enjoy swimming and entertaining by the pool.
- If the situation is one of Owner/Occupier, then the owners will obviously reap the rewards of having a pool- and the lifestyle it brings- a place to cool off, to sunbake and relax, to entertain and barbeque around with friends and family.
- The extra insurance required is an excessive amount on top of annual rates and other fees. Worse still, is the thought of an unfortunate accident or even death at your property.
- Maintenance costs. Although there may be stipulations in place that the tenants are required to pay for their own pool chemicals, there may still be occasions where the pool is neglected (and turns green!!) After all- tenants can and will make mistakes. Therefore, the Owner should factor in maintenance and repair costs.
- Safety checks. An Independent Safety Check may be carried out on the property, at any time, and if any aspect of your fencing doesn’t meet standard regulations, you will (rightly so!) be issued with a hefty fine. Keeping an eye on the pool fence, trees or growth around it, or even furniture, can become a nightmare to continually be aware of during routine inspections.
- A pool can be an instant turn off for families with young children (who would rather live without the constant worry of drowning) or tenants who don’t want the cost or maintenance of a pool. Installing a pool will narrow your rental market.
- The space a pool occupies cuts into yard space, which is a factor for some people who would prefer a lawn for their kids or pets to enjoy. This is particularly true for those in the Southern, cooler climates, where it’s cooler year round, and a pool would only be used a handful of months in the year.
To conclude, we believe the con’s outweigh the pro’s when it comes to installing a pool in your investment property. For the expense (in installation, upkeep and increased insurance) and that they can be off-putting to potential tenants who don’t want the maintenance or worry, we would advise against it.
Image Via www.allcastprecast.com.au