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The search continues for a new investment house. As soon as my wife and I identify & purchase our next fixer-upper, we will move into it and rent out the one we are in now.
A lingering question related to our present house that we haven't resolved yet is, what do we do with the swimming pool in the back yard? When we bought the house, the pool had already been installed, but it was missing a pump, it doesn't have a guard fence, and it probably needs to be painted. We have put off the decision of what to do with the pool until last.
Initially, the plan was fix the pool and sell the house. Now that it will become a rental, the question arises "what if a tenant falls in the pool and drowns?". Wouldn't it be better to just put a cover over it and not fill it with water? My inclination is the later.
Watch this space for further developments . . .
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Thanks for that link.
I wonder if anyplace makes like a roof or a lid for a swimming pool so that it can but turned into a storage area.
I have rentals in the Phoenix area with pools. I do not like the idea of covering the pool. Some tenant will get the bright idea of removing the cover and filling the pool. Or, a kid will figure out how to slip under the cover. You really can't get rid of the liability issue by covering the pool.
I have considered permanently filling in the pools as one solution. That can be very expensive. For now, I fence the pools, provide pool service (tenants will not care for a pool, no matter what they tell you), carry commercial umbrella liability insurance, and charge a higher rent.
At some point, I will probably exchange out of the houses with pools, but the transaction costs have stopped me so far.
Another Investor,
Thanks for that comment.
I'm in the same boat in that I also plan to sell my pool house once the market turns around.
But, I heard through a friend that he saw a house that had turned their pool into a big storage area. For me, that would turn a negative situation into a positive one.
I should mention that, so far, I have found no one who builds such roof/cover. I am thinking of building it myself.
In my mind I can picture an A-frame type roof that sits over the pool and extends 3 to 4 feet past the edges so that no water can get in.
When it's done, viola, I have a spacious storage area. Maybe it will even be a good selling point.
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