4 Reasons Why a Pool on Your Rental Property Isn’t Worth It
As a rental property owner, the maintenance of your property and its amenities is usually a sound investment, since it keeps your tenants happy, in their rental units, and paying their dues. However, certain amenities like swimming pools may be too much trouble for the time and money you spend in their maintenance. Consider some of the following reasons keeping a pool as part of your rental property isn’t worth the investment.
Investing in the maintenance of your rental property brings along numerous benefits that will keep both you and your tenants happy. However, a pool presents both high risks if it lacks proper maintenance and growing costs to keep it that way. Keeping a pool in top shape involves the maintenance of several mechanical systems, as well as the electronic system that controls the pump and offers lighting. You are also responsible for other tasks such as clearing debris, cleaning the filters, chlorinating the water, adjusting the chemicals and more. Some of the consequences of a poorly maintained pool include:
· Drowning accidents from improper or unauthorized use
· Health hazards from dirty or contaminated water
· Lack of aesthetic appeal that brings down the property value
While it sounds tempting to let an experienced tenant care for the pool, your best bet is to call professionals to handle it, even it adds more expense.
As the property owner, you are responsible for any incident and injury that occurs due to swimming pool use. Pools, in general, present a great number of hazards compared to other amenities, including drowning, falling, exposure to toxic materials, and more. Even a properly maintained pool increases the chances for accidents to occur. You are also liable for injury if it happens to a guest or an unauthorized user. In general, a landlord is liable under three conditions:
· Landlord knows about the dangerous condition
· Landlord fails to repair the condition within a reasonable amount of time
· The accident is a direct result of said condition
Your general liability insurance policy should already cover you when it comes to swimming pools. If not, you will need to purchase additional insurance. Since your insurance will likely consider your pool an attractive nuisance, you will have to comply with certain safety requirements in order to keep your coverage. You must use protective measures such as safety covers, fences, gates, and locks to keep children and uninvited guests away from the pool, something that also adds to your expenses.
One of the few incentives in adding or maintaining a pool in your rental property is to entice future tenants. Millennials, for example, see pools as one of the top features they seek when looking for a home. However, the appeal is not for everyone. While small children may enjoy pools, their parents may avoid them to prevent injury. Older tenants may also show disinterest in them.
One of the many services that Home365 provides is efficient property maintenance. Schedule a free demo today to find out what we can do for you and your property.