Owning a rental property with a pool can pose several perks for landlords and tenants. Pools can add value to your rental home, attract higher-paying tenants, and create a fun environment for families. On the other hand, renting with a pool requires extra maintenance and can increase the chances of liabilities. If you’re considering renting a property with a pool, check out some of the pros and cons.
Pros of Renting With a Pool
Every landlord is looking for ways to increase rental value while keeping quality tenants. Owning a rental property with a pool has several pros that can improve a rental business. Some of the top reasons landlords rent properties with pools include:
- Attract Quality Tenants
- Increased Rental Value
- Impressive Curb Appeal
- Reliable Investment Choice
Attract Quality Tenants
You can attract high-quality, higher-paying tenants when you have a pool at your rental property. After all, who doesn’t love having a pool? Whether you rent to families, couples, or a few trustworthy roommates, a pool can be a great way to attract long-term tenants.
Increased Rental Value
Any significant additions can add significant value to a rental property. For example, when you have large amenities like a pool, you can charge more for monthly rent and increase your overall ROI.
Impressive Curb Appeal
Pools are a great way to make your rental property stand out to people passing by. When most people drive past a home with a pool, it immediately stands out as a desired amenity. Additionally, a pool can add to the overall aesthetic of a backyard lawn or patio.
Reliable Investment Choice
Landlords try to make smart investments that will last for years to come. A pool can be a reliable, long-term investment choice for rental homeowners. However, it’s essential to keep up with the maintenance to avoid losing value.
Cons and Liabilities of Renting With a Pool
While there are several pros to renting with a pool, there are also a few cons and liabilities for landlords. Some of the more apparent disadvantages include:
- Chance of Injuries
- Increased Insurance
- Risk of Trespassers
- Higher Maintenance Costs
Chance of Injuries
Unfortunately, pools pose a severe risk for injuries and even death. If you’re not careful about providing warnings to tenants and creating lease rules for the pool, you could be responsible for medical bills or other fees.
Owning a pool with your rental property will likely cost you extra on insurance fees. Most rental business owners with a pool will add liability insurance to protect themselves if anything goes wrong.
Risk of Trespassers
Homes that have pools can increase the chances of trespassers. After all, everyone loves pools, including potential trespassers. Unfortunately, there are circumstances where landlords are responsible for trespassers’ injuries.
Higher Maintenance Costs
Maintaining a rental property is a considerable process as it is. Unfortunately, when you have a pool, the maintenance only increases, and so do the costs. After all, weekly and monthly tasks must be done to keep a pool in top-notch shape. Luckily, professional property management in Northern Virginia can help you with maintenance.
What Are Some Common Requirements for Renting With a Pool?
When you have a pool on your rental property, there are specific requirements that you must follow. For instance, there are insurance requirements, local ordinances, and lease addendums to consider when including a pool with your rental property.
Most landlords need extra insurance to cover liability, which is another expense to worry about. So, if you’re considering installing a pool or purchasing a property with a pool, check with your insurance company and see what coverages they have available for pools.
Most cities have specific local laws pertaining to large business or home additions, like pools. For example, in Northern Virginia, property owners have to install a fence or a gate around a pool area to keep everyone safe.
It’s imperative for property owners to research pool laws and comply with local ordinances. After all, compliance with pool laws ensures tenant safety and reduces landlord liability.
Considerations for Landlords Renting With a Pool
While landlords must follow specific laws and rules while renting with a pool, there are also additional considerations. Here are a few things landlords should think about before signing a lease that may pose liabilities.
- Install Security Features
- Post Warning Signs
- Lease Addendums
- Provide Rescue Equipment
Install Security Features
To protect your investment and increase the safety of your current tenants, consider installing security features. For example, you can install a motion light or a security camera near your pool area to keep trespassers away. Or, if trespassers do enter your property, you’ll have them on camera.
Post Warning Signs
To help minimize liabilities and increase safety around your rental property pool, put up warning signs along the fence of your pool area. For example, you can put up a “swim at your own risk” sign or a “no diving” sign to keep tenants and guests safe at your property.
Adding a swimming pool addendum to your lease agreement is another way for landlords to protect themselves against liability. Additionally, it’s an excellent opportunity to set out rules and tenant responsibilities regarding the pool. Some things to consider adding to your pool lease addendum include:
- Tenants must notify landlords or property managers of any necessary repairs immediately.
- The fence around the outdoor pool must remain secure, and gate locks must work at all times.
- Tenants and guests must use the pool per the manufacturer’s instructions.
- Everyday maintenance tasks are the tenant’s responsibility—for example, daily skimming of leaves and debris from the pool water. However, landlords or property managers are responsible for larger tasks.
Provide Rescue Equipment
Although it’s not completely necessary, landlords can consider providing rescue equipment to keep by the pool. After all, no matter how many safety features you install, accidents can still happen. Keeping floatation devices, a first aid kit, and other safety equipment can make a huge difference in an emergency.
Common Pool Maintenance Tips
Landlords and tenants both have several responsibilities for renting with a pool. As stated above, tenants are commonly responsible for smaller, everyday maintenance tasks. On the other hand, landlords are responsible for larger pool maintenance tasks and repairs. That said, it’s important to make a clear distinction of who is responsible for what tasks in the lease agreement.
Here are some common maintenance tips for tenants and property owners:
- Skim the pool surface regularly to get rid of leaves and other debris.
- Routinely clean the pool filter basket and pipes.
- Maintain proper chlorine levels by checking them each week.
- Ensure all pool features are working properly.
- Check and adjust water levels by draining excess water, if necessary.
- Finally, keep the pool deck clean and free of safety hazards.
Protect Your Rental Business With Property Management
Want to add a pool to your rental property but don’t want to worry about the added liability and maintenance? With a trusted property management team, you can get all the benefits of renting with a pool without the stress. Bay Property Management Group can help take care of the lease agreement, maintenance, and rental property compliance.
Contact us today if you need rental property management services in Baltimore, Philadelphia, Northern Virginia, Washington DC, or other surrounding counties!