There are many pros and cons to having rental property with a pool. While a pool can be an attractive
amenity to many renters, an experienced landlord
might also tell you they come with a big cost.
So, if you are real estate investor who is weighing to pros and cons of a property with a pool,
here are some things to consider:
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| Rental properties with pools come with a cost |
1.
Knowing the
Rules There are federal, state, and local laws pertaining to pool safety ,
such as minimal fence height requirements and required inspections. It is your
job to know the rules for your area and comply.
2.
Liability Even
if you follow all of the proper safety precautions, you s
hould know that if
someone is injured or drowns in your pool, it is likely a claim can be filed
against you. Ultimately, the pool owner is responsible for the safety of those
using it. You should make sure there is extra coverage to your homeowner’s
insurance policy that specifically covers incidents related to the pool.
Also, you should also have specific
pool safety rules added to your lease
agreement, and review it with tenant
signing.
3. Maintenance Pool maintenance can be
costly and time consuming. You have to make sure all of the chemicals are
balanced properly and that the mechanical features of the pool are in working
order.
Make sure you know beforehand what the
maintenance will entail and how you plan to address it. Will you be checking
the chlorine levels regularly? Do you have a trusted property manager or pool servicing company to use? It’s important to have a plan in place before
you invest and also set aside extra funds for the services.
A pool can bring added value to a home for the right renter,
especially in warmer climates. It it’s important to make sure you know what you
are getting into and have the diligence to deal with the responsibility if you
plan to invest in a rental that comes equipped with one.
Visit ATS Inc's homepage to find out more about our tenant screening services!
