Putting a Pool on a Rental Property
Do you want to attract more attention to your rental property? A pool can elevate your premises by providing aesthetic appeal and an attractive living environment. Investing in a swimming pool can benefit your tenants and net you an outstanding return on investment. However, installing a pool on your rental property or buying a property with an existing swimming pool requires careful consideration.
Does a Pool Add Value to Your Rental Property?
A pool can add value to your rental property by enhancing your building appeal and tenant experience. It can also expand your target market.
People associate pools with luxury, relaxation and entertainment. An attractive pool area will likely catch attention from passersby. As a result, more people may ask for a tour or informational packet. They might also recommend your property to friends or family looking for a new place to call home.
Vast Customer Base
You can use your pool as an excellent selling point for families who want a kid-friendly place to spend their weekends, or couples looking to entertain guests and enjoy quality time outdoors. A pool can offer a peaceful oasis or an excellent workout solution for older adults. Single people may also find a pool appealing for relaxation or meeting new people. Regardless of your target market, a pool is an incentive for many people.
A pool offers an additional rental amenity. You can tack pool maintenance and upkeep fees onto the monthly rent. These extra fees will help you quickly recoup your investment and cover upgrade and repair costs. Plus, many people appreciate the convenience of having a swimming pool outside their door. As a result, an attractive, well-maintained pool area can justify a higher rental price.
Pools offer numerous wellness benefits, like relieving stress and improving physical activity. It can enhance your tenants' living conditions and satisfaction. Happier renters will be more likely to recommend your property to their friends and family members. They may also want to continue renting your property longer, ensuring a stable, reliable income.
Adding a pool to your rental property can be a worthwhile, long-term investment. Tenants want convenience, luxury, comfort and added benefits like saving on gym fees — all of which a pool offers. A swimming pool can be an attractive selling point, especially in a popular neighborhood. Maintaining and modernizing your pool and facilities can increase your return on investment.
Factors to Consider With a Rental Property Pool
Like many investments, a rental property pool brings specific rewards and obstacles. Understanding the potential liabilities of having a pool on your rental site can help you determine if it is a suitable investment.
Ensuring your pool is safe for everyone will prevent liabilities like injuries and lawsuits. Implementing various safety measures like signs, rules, first aid and equipment can protect your tenants from harm.
Rules: You can create a list of regulations tenants must follow when using the pool area. Adding these rules to the lease agreement is an excellent way to ensure everyone acknowledges and agrees. Rules can cover drinking and eating in the pool, alcohol prohibitions, swimming hours, capacity, proper conduct and behavior, accident precautions and pet limitations.
Signs: Putting signs around the pool area like no running, diving or drinking is the best way to remind people of the pool rules and regulations. With visible signs, tenants are accountable for complying with the pool rules.
Supervision: Protecting minors or non-swimmers in the pool area is crucial. You can enforce rules about minor supervision and swimming limitation by having tenants sign a contract. You can also lock the pool area and provide self-service access systems. With personalized access, tenants control access to the pool. Consider hiring a lifeguard to maximize safety. A newly qualified lifeguard may be willing to volunteer to gain experience.
First-aid and rescue equipment: While preventing pool accidents can be challenging, you can minimize harm with a first-aid kit and rescue equipment. Keep a first-aid kit in or near the pool area to provide immediate attention for minor pool accidents. Safety tools like flotation devices can offer quick intervention in emergencies.
Maintaining your pool is essential for retaining its value and keeping your tenants happy. Tenants want their money's worth, and a poorly maintained and outdated pool can affect their experience. Keeping your pool in top condition requires regular cleaning, equipment, part replacements and pH balancing. While maintenance can be costly, it can prevent more expensive repairs and replacements. Here's how to reduce maintenance and repairs.
Remove debris: Removing debris like leaves and sticks every day will minimize deep-cleaning reponsibilities and prevent dirt and algae from building up.
Use cleaning equipment: A pool vacuum cleaner can keep your pool walls free from dirt and debris, while a chlorine floater can keep the water clean for longer.
Maintain your pool pump: Keeping your pool pump in excellent shape will preserve your water quality by circulating water and preventing it from stagnating.
A pool can attract a lot of attention, and you might have to deal with people trying to sneak in for a swim. Installing security measures like access control systems, cameras and fencing is vital for keeping trespassers out and protecting your tenants. Computer-aided control systems can provide secure and convenient pool access.
Consider giving tenants and staff digital PIN codes to access the pool area. Staff can also monitor and record entry and exit times with access control technology. Use cameras to surveil the pool area, identify trespassers and ensure tenant safety.
Requirements for Rental Properties With Pools
While rental property pools have some liabilities, you can mitigate them and prevent damages. Having a pool on your premises has various prerequisites you must comply with. While requirements like insurance, a lease addendum and local regulations may feel overwhelming, they offer liability protection.
A commercial pool comes with extra responsibilities. For instance, you must have fencing and other safety measures in place to avoid liability for accidents or injuries. You also need insurance to cover situations like your pool leaking and damaging tenants' homes. While pool accidents and damages may not be your fault, additional insurance can protect against legal action. Your insurer can recommend supplementary coverage to safeguard against these costs and liabilities.
Sharing the obligations associated with a pool can be challenging. For example, paying for repairs can be your responsibility if the pool or fencing becomes damaged. But what if a tenant is at fault for pool damage or poor maintenance?
Write a lease addendum that sets out pool rules, duties and regulations like splitting daily care. It should also include liability protection in case of damages and safety hazards that may not be your fault. When tenants sign their rental agreement, they consent to be accountable for any contract breaches. Your lease addendum can explain the following.
Daily maintenance: Outline who's responsible for removing debris and fixing damages.
Fencing and pool access rules: Detail rules about locking the pool gate when people leave the area.
Rules for using the pool: List the manufacturer's instructions for using the pool, like no diving or how to clean a skimmer or remove the pool cover.
Local Laws and Regulations
Depending on your region, you must comply with various laws and regulations. Following local pool regulations is necessary to keep your tenants safe and protect you from penalties and fines. Laws can cover pool safety requirements like fencing and barricade height. You can research local rules and regulations to keep up to date with safety requirements.
Should I Buy a Rental Property With a Pool?
Buying a property with a pool or installing one depends on your budget and goals. Weighing the costs maintenance, insurance, repairs, design and upgrades can help you decide on a suitable option.
Costs of Buying a Rental Property With a Pool
What variables should you weigh when buying a rental property with a pool?
When determining the costs associated with the pool, factor in the initial property price. Depending on the area, you may expect to pay more for a rental property. Decide if the property value justifies these expenses.
You want to ensure you'll get an excellent return on investment. Consider the area's popularity and if there is a demand for rentals with a pool. Does the demographic fit your target market? Can they afford your rental value?
Depending on the condition of the pool, you may need to modernize the design or install upgrades like lighting and heating. You can upgrade the fence or deck or add water features to enhance the appeal. How much will it cost to improve the pool or tailor it to your vision?
How old is the pool? Does it need remodeling? An outdated pool can require more costly repairs, like resurfacing and retiling. If the pool is near the end of its life span, factor in rebuilding costs.
If the pool is in poor condition, you should probably buy additional chemicals and equipment to rehabilitate the water. Add up maintenance costs like professional cleaning, inspections, chemical balancing and replacing parts like a vacuum and heater.
Insurance and Liabilities
Contact your insurer to request quotes for additional liability coverage. You might also have to install safety and security elements like fencing, access controls and cameras.
Costs of Building a Pool on a Rental Property
Here's what to analyze when building a pool on a rental property.
Area and Size
The property area and size can determine the kind of pool you want to install and the construction costs. Is the space big enough to build a pool? How much will it cost to renovate the area? Then, you must choose between an inground or aboveground pool. Building an inground pool can initially be more expensive due to costs like excavation, materials and water features. However, it will likely offer a better long-term investment.
While aboveground pools take less time to install and are more convenient to remove, they also require additional upkeep and have a shorter life span.
Maintenance costs can vary depending on your pool size. Consider daily cleaning services and equipment like a pool pump, vacuum and chemicals. You may need a pool cover and seasonal maintenance like winterizing your swimming pool.
Enhancing your pool with features like waterfalls, decking and greenery can increase the appeal and costs. Lighting and fencing can also be necessary additions.
Additional insurance and liability coverage can add to the costs of building a pool. Protect your new investment from harm like cracks, leaks, wind and rainstorms.
Benefits of a Rental Property Pool
A rental property pool can offer multiple benefits, making it an excellent investment. Enhance your tenants' living conditions and your rate of return.
Extended Lease Duration
Adding a pool to your rental property is a way to invest in your tenants by providing an enjoyable experience that makes their living space more comfortable. When tenants have a place to entertain and relax, they might be more willing to extend their lease, providing you with better financial security.
A well-maintained pool looks enticing year-round, piquing potential renter interest. Add lights and water features to elevate your pool area and provide a luxurious feel. Creating a tranquil and appealing outdoor environment will add to tenant satisfaction.
Attracting High-Income Tenants
A pool can be a valuable attraction that enhances your rental property's design and provides an opulent exterior, attracting high-income clients. Many people are willing to pay extra monthly rent for access to a swimming pool, allowing you to make more money. You can also build an excellent reputation, attracting favorable tenants.
Increased Return on Investment
Investing in a pool can enhance your asset value. Attracting and retaining tenants ensures a steady income. You can increase your rental prices and put more money back into maintaining your pool and improving your property's appeal.
Partner With Quantus Pools for Expert Pool Services
Whether you buy rental premises with a pool or want to install one, you need quality maintenance to improve your renters' experience.
Trust Quantus Pools for comprehensive and reliable pool services. We know the value a pool can add to your property. That's why we provide premium-quality maintenance and repairs. Our team of professionals has years of industry experience and offers expert advice. We can help you every step of the way in caring for your pool with opening and closing services, inspections, water sanitization and chemical checks.
Contact us today to request your free quote.