Renting out a property is always challenging, but when it comes to putting a pool house up for rent, things can become even more complicated. Becoming a landlord can be the ideal business option when you have free space at your disposal, giving you the opportunity to generate passive income and improve your financial situation. While you do need to stay on top of landlord responsibilities, the monetary prospects involved are appealing enough to encourage you to go in this direction. Pools aren’t a standard amenity when it comes to rentals, but houses that do come equipped with this yard addition have added value that can trigger interest among tenants seeking vacancies. This feature could provide you with increased cash flow, but before you actually put your property up for rent, it’s critical to take into account a few relevant factors first. The following aspects need to be properly considered in advance:
You’ll be addressing the offer to a limited group of tenants
You need to be aware right from the start that managing to fill in this vacancy can take some time. While a pool feature will provide you with a higher rent amount, you will garner the interest of a smaller audience. Having a pool in locations that are known for having hot weather is certainly something every tenant would want, but few are those who are actually willing to pay more for this amenity. Before you place an ad, make sure you are prepared to wait a while until you manage to sign a contract with someone. This shouldn’t influence you to cut down on your asking price – being a bit patient can go a long way.
Handle pool repairs in advance
If you do a bit of research on the topic, you will find that there are situations in which landlords are held liable for accidents that occur on their property, and pools can increase liability risks. Check out the condition of your swimming pool with care, and figure out if any repairs are crucial. Handling repairs can save you from potential future inconveniences, so this isn’t something you should be neglecting. Also, a pool that isn’t exactly in proper functioning condition will naturally make your rental offer less appealing. Contact a company that can provide adequate repair and renovation services and give your pool the appearance it needs. A renovation will always help attract more tenancy applicants. And considering that you only have to find a good contractor, there’s no actual effort on your part that you need to worry about.
Install adequate equipment
From filters and safety equipment to solar and heaters, there are quite a few elements to think about adding to your pool if you want to provide interested tenants with a yard addition that is actually fully functional. The right equipment will allow those who will live in the house to take advantage of this rental feature and will reduce the likelihood of them making any complaints on the topic later on. Look at the possibilities the market offers you in this department, and search for a team of pros who can install the elements you want to add. You will be glad you have paid attention to this particular aspect.
Look into insurance options
Because there are a few liability concerns involved here, you should be protected against potential unpleasant occurrences by extending your insurance policy. Discuss with your insurance agent about your options here. Besides the actual protection of your personal assets, you will need financial coverage for yourself if injuries are involved and you are being sued. While the installation of safety equipment will reduce the likelihood of accidents happening, having your insurance in check is still a recommend precautionary measure to take from the start. Paying a bit extra for an extended insurance policy will be worth it.
Handle regular maintenance yourself
You probably don’t want to be faced with the unpleasant scenario of seeing your pool in a poor condition after the lease contract is over and you want to rent out the house to someone else. Leaving the responsibility of pool maintenance to your tenants isn’t always a good idea. Even if they might be reliable people, considering that this is not their property, their level of care will not be as optimal as you would desire. Handling periodical maintenance yourself is thus advised. You can partner up with a professional service contractor who handles extensive maintenance demands if you don’t want to do the job yourself or don’t have the necessary equipment or expertise. By staying on top of this task, you will gain peace of mind knowing your pool will remain in top-notch condition during the rental period.
Contract details
Whether it’s the obligation your tenants have to notify you if something happens to the pool or their role in the maintenance department, make sure you have included all the necessary information in the lease contract before both parties involved sign it. Having a signature on your agreement is always the right way to go here – it will come in handy when you least expect it, so think through anything you might want to add to the contract that revolves around the topic.
As you can see, there are quite a few relevant aspects you need to be aware of when planning to install one and then put your house up for rent. Because it’s important for all aspects to be carefully addressed in order for the right decisions to be made on the matter, informing yourself properly is recommended and the aspects included in this article might be useful. From understanding the appeal of rentals with a pool to making sure you stay on top of maintenance requirements, these are details you should analyze before you take on your new landlord status.
