There are many homes for sale on the market with pools. In certain regions such as the South, for example, pools are very prevalent. Buyers that purchase properties for the sole intent to rent them out for a profit, are generally hesitant to purchase a house with a pool and many wonder if it is a good idea or not. Many of them are inclined to run, not walk away from the house.
On the other hand, if the property is in a hot climate, you could actually earn even more money in rent than you would without a pool. Here are some good thoughts to consider when deciding if you should rent a house with a pool.
Surveys have been done that show swimming pools are one of the top features that a Millennial looks for in a home. In this sense, a pool can be a major renting point for renters. On the other hand, families with toddlers might not want to rent a house that has a pool, and older people generally do not care for one. So, while a millennial may be willing to pay more in rent for the house, and older person probably will not, and will walk away as they don’t want to pay a higher rent for a pool they don’t care to use.
This is a major concern. If someone drowns in your pool, no matter who it is, you can be held responsible; even if it is a trespasser. If you have a rental property that includes a pool, it is essential that you have a fence around the pool with a gate that locks. You can also install sensors that let you know when someone is near the pool. Speak with a legal liability professional who can let you know what the pool safety laws are, so that you are armed with the information before you decide to purchase the house.
Maintenance and repairs
Maintaining a swimming pool is a lot of work. It involves skimming, vacuuming, adjusting chemicals, cleaning the filters, and chlorinating, weekly. You can do it yourself, or you can hire someone. Letting the pool be neglected will result in spending a lot more money later, as it is very expensive to clean a pool that has not been taken care of.
Before purchasing a house with a pool, call an insurance agent, as you’ll need an absolute minimum of one million dollars if you have one; you must make sure that your general liability coverage will cover the pool. Consider setting up an LLC, as this type of coverage will protect your personal assets.
Add-on to your lease.
Put an addendum on your lease detailing pool rules. Include whether or not the tenant will be responsible for maintenance duties, and also, a demand of notification if they notice any problems arising with the pool. Let the tenant know that she’s responsible for repairing or replacing anything she might have damaged.