Nothing excites people (well me anyway) as much as heading to a holiday villa somewhere with a pool!
You can just picture yourself floating lazily in the sunshine on a giant inflatable pink flamingo, margarita in hand.
Having a pool in the backyard in a sunny state then is surely a dream? It’s something that could only make your rental more valuable, more in demand, right?
There’s a difference though between holidaying with a pool and living with one. And when it comes to renting out a house with a pool, it’s not all golden sunshine and Vegas-style parties.
So, what is the catch?
Here’s a list of five things you may want to consider when renting out a house with a pool
The dream of holidaying with a pool is one thing, living with one is another matter entirely. And whilst many people fantasize about having a pool in the backyard, there’s a reason that many houses don’t have them.
Families with small children are often uncomfortable with the idea of letting their beloved toddlers anywhere near a house with a pool - if you’ve got children you will likely understand that fear. People with pets often have a very similar thought process.
On top of that, for older people, this romanticized idea of swimming pools is typical, well not romanticized in their eyes.
So, you’ll quite likely find it harder to rent out to those groups of people.
What if someone drowns? The person who drowns may be a tenant, or they could be a guest. If there’s a pool there’s bound to be pool parties (think about that giant inflatable flamingo we mentioned earlier). Alcohol + large body of water...
So, now you need to consider safety measures - a fence with a locking gate - pool cover with latches, and a security alarm with a motion detector.
Speak with a legal liability professional and to understand the best ways to protect yourself and learn everything you need to know about local and federal laws regarding pool safety.
There’s nothing worse than a gross pool - well maybe a gross shower… But in all seriousness, without maintenance, your glistening beautiful blue swimming hole is going to go all sorts of strange colors. It will become quite the eyesore.
Maintaining pools requires lots of work: skimming, vacuuming, adjusting chemicals, cleaning the filters, and chlorinating.
You can do this regular weekly chore yourself, or you can hire someone to do it for you, but this is an additional expense that you will have to factor into the bottom line.
If your tenant is experienced in maintaining pools, you might want to consider letting them maintain it, but make sure you’re satisfied that they know what they're doing and that they'll keep up with the job. It can be expensive to clean, but it's more expensive to fix a neglected pool.
Make sure you have the right insurance. Your premiums will go up when you have a pool. Different regions have different rules, but in general, you will need at least $1 million worth of liability coverage if your rental property has a pool.
You will also want to ensure that your liability actually covers pools (as not all do).
Get on the phone with your current insurance agent and see what they advise. They should be able to let you know what safety equipment is required, without which you may not actually be covered.
This really comes down to protecting yourself in terms of liability. As well as determining whose responsibility it is to maintain the pool, ensure the tenant notifies you immediately if something goes wrong. For example, the fence breaks and needs fixing or the cover breaks etc.
Specify to the tenant in the lease what is their responsibility regarding the pool.
Do you have a pool at your rental property? Let us know in the comments section below.
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