Owners of rental properties are always on the lookout for that extra feature to give their property an edge in today’s fiercely competitive rental market. And when all landlords are doing the usual upgrades, like repainting and landscaping, some property owners may be forced to contemplate unusual property upgrades. One idea to consider is adding a swimming pool to your rental property.
But is it really a good idea to add a swimming pool to a rental property? Is there any guarantee that this upgrade will improve the value of the property and lead to higher quality tenants?
The idea of having a water feature within the premises sounds nice to both the landlord and tenants. Adding a swimming pool can be a huge attraction if properly done. However, unlike some other property upgrades, swimming pools require a ton of maintenance. Rule number 1: it is far better for the home to have no pool at all than to have one that is not properly managed.
Before installing a pool on your property, there are several things to think about. A swimming pool can have serious implications for the health and safety of the people on the property. It can also significantly inflate the maintenance cost of the rental. And it will complicate the landlord’s insurance policy due to the increased possibility of personal liability.
Before implementing a swimming pool in your rental property, you must fully understand the pros and cons of the decision. Here are some things to think about when asking whether or not a swimming pool will be a good addition to your rental home!
Pros of adding a pool to your rental
A swimming pool will make your rental feel more luxurious, increase its level of comfort, and attract tenants who can pay higher rents. Some specific benefits you can derive from these additions are:
- Happier tenants: A swimming pool definitely makes tenants happier because it provides a place where they can relax. Happier tenants treat your property better and will usually have a better relationship with one another and the landlord – win, win! Swimming pools also serve as a communal meeting place and tenants who are used to having this facility will find it hard to move away from the home. Thus, tenants are more likely to stay in your rental long-term.
- Higher rents: A swimming pool means luxury and additional comfort. But these extra benefits come at a cost; landlords have to maintain the pools and recoup the cost of building it. Tenants who want to live in a rental property with a pool recognize this and are prepared to pay higher rents for this additional comfort. Thus, as Lonnie Bush Management points out, a rental property with a swimming pool often attracts higher quality tenants who are able to pay the higher rents that the property owner ultimately will need to charge.
- Better ambiance and improved tenant health: Any type of water feature makes a property more alluring. And when that feature is a swimming pool, it is doubly attractive! Additionally, the proximity of the pool will make it easier for tenants to use the facility regularly. This results in tenants who are in overall healthier, from both a physical and emotional perspective. When tenants feel this way, the rental becomes a proxy home to them and in turn, the landlord’s rental business enjoys more stability.
Cons of adding a pool to your rental
- Swimming pools come with increased liability: The number one reason not to add a swimming pool to your rental property is because of the increased possibility of legal claims against you. Along with the potential of drowning, there is a constant risk of injuries from slips and falls.
Tenants, visitors, pets, and strangers who enter the premises are all at risk. Insurance companies recognize this threat and for that reason charge exorbitant premiums for rental properties with a swimming pool.
- Pool maintenance is costly: Maintaining a swimming pool is a lot of work and can cost hundreds of dollars every month. To keep the water clean and safe, there is a need to filter it, add pool chemicals, and change the water regularly. That’s why it’s important to employ professionals like Pool Scouts to do the work.
This investment in maintenance is in addition to money spent on heating and keeping pool walls, floor, equipment, and surrounding areas in good shape. A pool that is not properly maintained will quickly become an eyesore. Instead of attracting people, it will put them off. Nobody wants that!
- A pool is a financial risk: Spending $20,000-$30,000 to install a pool in your rental is a huge risk since you do not know if and when you will recoup the cost. This is especially pertinent as the swimming pool (and associated higher rents) naturally shrinks the number of prospective tenants you can market your property to.
Some tenants do not want to live in a home with a pool, even if they can afford it. And others are simply unable to afford the higher rents you will charge. This means that a swimming pool restricts you to a narrower segment of the market.
So, will a pool increase the value of your rental property? The answer depends on your marketing of the property and planned maintenance of the pool. Do you have enough space for such an addition? Are you prepared for the associated risks and costs that come with building and maintaining a swimming pool? Hopefully this article will help you make that decision. And for all of your pool care and maintenance needs, be sure to call Pool Scouts at 844-775-2742.