Quality of Life in 94025>Question Details

Jimmythec, Home Seller in 92024

Me and my siblings just inherited a house in Encinitas California 92024 worth about $700,000.00. I has a pool/jacuuzi which is in need of reapairs

Asked by Jimmythec, 92024 Mon Dec 7, 2009

(approx $20,000. Should we fix the pool or fill it in? We plan to sell the house.
Jim

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Answers

7
A big question arises regarding the $700,000 - Is that the "Estate Value", generally retroactive to the date of death of the owner of the property for Estate Tax purposes, or is it the "Distribution Value", generally after all estate matters have been taken care of and the value as of a specific date for determining distribution portions of assets to the heirs, which may or may not reflect "Current Market Value"?

If the $700,000 value is not a value determined within the past month or two, it may be wise to contact a local appraiser to determine both the "as is" current market value, and the "as repaired" current market value before putting the property on the market. Thereby, allowing you and your siblings the ability to better determine if the repairs may be more advantageous and/or beneficial overall when selling - or not.

I would not recommend filling in the pool. As others have stated, the cost and liability involved in the long run may not be in your best interest. In addition, doing so may bring up some tax issues with the assessor's office at a later date when being re-assessed.
1 vote Thank Flag Link Mon Dec 7, 2009
If it is not too late, my partner recently sold a home in Encinitas that also was an inherited property and an older home, no repairs made. Encinitas is very unique in that some buyers move into the area due to the school scores and location so the pool idea can become secondary and temperatures are so moderate a pool becomes more of a cost than an enjoyed luxury, depending on what part of Encinitas of course. We can discuss the pricing with you if you are still entertaining the idea. Let us know if we can be further assistance.
Web Reference: http://www.beachbunch.com
0 votes Thank Flag Link Wed Aug 4, 2010
To ascertain the market value of the home with the pool or without the pool talk to local Realtors. They can give you market analysis on the added value of the pool and whether or not it should be fixed before hitting the market.
0 votes Thank Flag Link Tue Dec 8, 2009
Jed Lane; Fog…, Real Estate Pro in San Francisco, CA
MVP'08
Contact
Contact an agent active in Encinitas, Ca.....or close by and see what the recommendations are...there are
probably other issues you should be asking about as well.......you can go to http://www.realtor.com and find out
who the active agents are in and around that area and contact them. Donna Black, Broker Associate
Cashin Company
Web Reference: http://www.donnablack.com
0 votes Thank Flag Link Mon Dec 7, 2009
Jimmy, good for you for taking the time to write and find out which is the best way to go. I cannot give you legal advice, but if it's a trust sale and you just inherited the house, you probably don't have any liability when you sell because you are not required to fill out the transfer disclosures statments (TDS).

Once you start to do work on the home, you could be liable for any work. What I mean by liable, is that you will now have to fill out disclosures. If it were me, I would include the bid you got to repair the pool, and also get a quote for how much it would cost to fill in the pool and sell it AS-IS. Let the buyers decide what they want to do. You never know, one buyer might see value in the pool, where another may not.

After talking with the estate, the person you need talk with is a Realtor who specializes in the area where you are selling.

If you need a referral, please feel free to ask.

Good luck,

Dave Tap Tapper
Cashin Company
http://www.DavidTapper.com
http://www.TeamTapper.com
650-403-6252
0 votes Thank Flag Link Mon Dec 7, 2009
Hello Jimmy:

Thanks for your email. Deciding to remove a pool or not should be a decision made, as Marcy noted below, with an eye toward the desires of the general real estate buying public in your local area. Sometimes a pool adds value to a home, and sometimes, as up here in No. California, a pool can be perceived more as a liability and nuisance than a benefit.

Having removed pools from homes in the past, I do want to caution that you will not be able to simply "fill in" the pool, but must remove the pool equipment, concrete (if older) or fiberglass liner, and all of the plumbing lines leading to and from the pool. The cost can be almost as expensive as repairing the pool, so the trade-off between pool and no-pool may not result in any cost savings.

Speak with a pool company in your area or with a qualified Realtor to determine if pools add value to homes in the warmer climes of Encinatas.

Sincerely,
Grace Morioka, SRES, e-Pro
Area Pro Realty
0 votes Thank Flag Link Mon Dec 7, 2009
Jimmy,
If the house were in Menlo Park I would suggest you fill it in, however pools may be be more desireable in Encinitas than here. I can not answer that question. But, and I can not emphasize this enough, the person you need to ask is the attorney for the estate. There are legal implications in repairing homes that are going to be sold by an estate, whether through probate or in a trust. Unless the home is now in the name of you and your siblings and not as just beneficiaries of the estate, you should not do anything without asking the lawyer.
Marcy
Web Reference: http://www.marcymoyer.com
0 votes Thank Flag Link Mon Dec 7, 2009
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