There's no question an in-ground pool increases people's ability to enjoy their backyard space and the warm weather each year. Many people don't hesitate to install a swimming pool at a home that they live in full-time. However, some property owners ponder if they should install a swimming pool at their rental properties as well.
Skilled pool installers can help you decide if you want to add a swimming pool to your rental property. There are many arguments that this addition can make a rental property more valuable and it can also make it more attractive to renters. Let's talk about why you might want to add a swimming pool to your rental property so that you can decide if this is a good investment for your goals.
Will an In-Ground Swimming Pool Increase the Value of Your Rental Property?
The short answer is that a swimming pool can definitely increase the value of any property, even a rental property. If you are having trouble keeping renters in your property or you are thinking that you might want to eventually sell this home, a swimming pool can be a great investment. There are various levels of customization that you can access as well so that you can add the perfect swimming pool for the kind of property you are renting out.
Let's talk about the ways in which a swimming pool can increase the value of your rental property in more detail.
Increased Tenant Retention
Many people worry about keeping renters in their rental properties because this helps pay the bills. It's also critical in most cases to have steady renters if you are looking into selling the home in the future. Rentals that don't have major time periods that they are vacant are much more attractive to buyers than those that have struggled to find and keep renters.
When you offer amenities and perks like a swimming pool, renters are far less likely to go looking for new places to live. A swimming pool can also make summers easier to enjoy for the people renting from you, especially if the home doesn't have air conditioning.
Improved Curb Appeal
Even rental properties need top-notch curb appeal. Your rental home increases in value over time just like your main residence so long as you take care of it and invest in it. A swimming pool will usually increase the value of a home, even if it's used as a rental.
If you decide to sell your rental property, having a swimming pool will definitely increase its market value. The person you sell to might not actually use it as a rental and a swimming pool is often high in the list for those looking for a home for their family. People looking to buy a rental and keep renting it will also see value in this upgrade.
A swimming pool also helps make the backyard look better. A boring backyard is never a plus when you are looking to increase the value of your property and a swimming pool is definitely not boring.
Increased Rental Fees
One of the biggest benefits of upgrading your rental property with a swimming pool is that you can charge more in rent. Amenities can increase rents by a significant amount in some places. You will need to check out the comparable rentals in your area to see what a competitive rent amount might be after you have added this upgrade.
You might be surprised at just how much a swimming pool will increase the amount you can demand for a rent or lease. As always, you need to remember that you will need to have some money reserved to pool maintenance and repair, so increased rent fees also cover this critical aspect of caring for your rental property correctly.
Improved Reviews From Renters
Renting is a reputation-based business. You need previous renters to speak highly of you and review you well in public locations. A quality rental property with fun additions like a swimming pool will almost certainly earn good reviews. If you rent through a third-party rental site, this kind of upgrade can automatically improve the chances that you will get the kind of reviews that you need to maximize your visibility and success as a rental property owner.
Remember that you will need to take care of your swimming pool properly if it is going to be a benefit to your rental owner reputation. A dirty, unusable pool will be bad for your reputation while a well-maintained and clean pool will be a plus. You should consider having a pool company care for the pool even when renters are in residence. This prevents possible issues with pool upkeep and maintenance that might harm your reputation in the long run.
Swimming Pool is a Great Investment in a Rental Property
In many cases, a swimming pool can be a solid perk for any home, even those properties that are used as rentals. Your renters will be motivated to pay more for their rent each month and you will be more like to get positive reviews online or through word of mouth due to having a pool on the property. Additionally, if you want to sell the property some day, a pool can make it attractive to buyers from all walks of life.
Rental property ownership can be very rewarding, especially if you can afford to offer a superior experience to renters. Upgrades like swimming pools and beautiful backyard spaces can make renters thrilled to live in a property you own and maintain. Being able to keep a rental property filled helps pay the bills and it can also be a benefit if you should choose to sell. If you are looking for a quality upgrade for your rental property, a swimming pool can be the right choice for so many reasons.
