One of the things I love about working in real estate is finding such interesting properties and situations. Take this
wildlife habitat pool for example. While it may have initially cost multiple tens of thousands of dollars to install, it was really worth nothing to an investor who recently purchased the property to flip. Actually, let me clarify. Since the pool was a liability due to lower property values and a high cost for repairs, it was far more cost-effective to simply fill it in. This means more than anything the pool was viewed as a negative for value because of the cost to cure the problem. In short, while it may be normative to see appraisers recognize somewhere around $10K of value for a standard pool, there was no such boost in this case (Please note this figure can vary tremendously based on the market and the pool).
Questions: What would you have done with this pool? What other challenges might come up when purchasing a house like this? I’d be curious to hear from anyone in the comments below.
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