Leasing a Property With a Pool
Although it is common for short-term rentals in vacation areas to have pools, it is less common to have them in properties with traditional leases. This is because there are a number of things that landlords really need to think about in order to determine if having a pool is worth their while in this type of rental property.
If you are an investor thinking about purchasing a property with a pool, make sure you think about the following first:
- The cost of liability insurance – when you own a home with a pool, there is increased liability that can increase the cost of your monthly insurance policy. Make sure that you factor this in when determining your rental cost to ensure that you are able to still turn a profit. Also ask yourself if you’re willing to take on the personal sense of responsibility that you may feel if there is ever an incident with the pool. The financial aspect may not come into play, but if this occurs, there is certainly an emotional element.
- The care of the pool – you can require your tenant to take care of the pool, but you have to be realistic. Pool care requires some skill or attention to detail, and you want someone to be willing to invest the time and energy in caring for your pool properly. If you are not going to trust your tenant to take care of the pool effectively, you either have to arrange to take care of the pool maintenance yourself, or hire a pool company to stop by. The latter, of course, comes with an added expense you’ve got to factor into your costs.
- Will it increase the rent you can charge? – If your rental is located in an area or climate where a pool is highly desirable, you can expect that the presence of a pool will increase the amount of rent you can charge. In an area with a short pool season, however, it may not have a bearing on your rental price. If this is the case, you may find that the pool is not worth the extra time and expense that it automatically involves.
A pool can be a lot of work, whether it’s on your own personal property or the property you’re planning on leasing out. Weigh the pros and cons before deciding to purchase a property with a swimming pool!
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