As long as the pool and spa hold water (don't leak), there's not much harm in doing whatever you want to to that paint. That was a cheap and ultimately ineffective step to prolong the aging finish underneath (primarily just to make it look better). Casey is right, this is just the beginning of the end for that finish. You can decide to do more of the same (removing and repainting every few years), or you can bite the bullet and do it right and have a finish that can last up to 20 years or more without looking bad or falling apart.
Based on how pools generally affect home value, you likely just got a free pool. So in terms of $ you're way ahead. But the reality might be that you're going to have to pony up some to bring that pool and spa up to snuff. And that might be in the low five figures, to upgrade the finish and possibly some of the equipment. But that's a whole lot better than $50-100K for a new pool, right? You'll end up with a pool that is literally as good as new, for a fraction of the cost.
Sorry, you didn't actually get a free pool, but you got a heck of a good deal on one. And you mentioned the pool is fine, and maybe it is. You could conceivably just get the spa refinished. Do you know how old the pool/spa is?
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