There’s nothing like a relaxing spring or summer day at the pool with loved ones, great food, and a refreshing glass of lemonade. However, there are a few important things you should consider when renting out a home with a pool. Here are some tips and tricks on how to rent a house with a pool properly.
Think About Your Potential Renters
Renting a home with a pool could widen your market for potential tenants since it's a trendy luxury amenity many tenants adore, especially if the rental property is located in a warmer state. Unfortunately, a swimming pool in the backyard isn’t a major selling point for everyone. Young adults, couples, and middle-aged renters may love the opportunity to host a pool party, but other groups may see a pool as a red flag. You may not be able to rent your home to that married couple with a newborn and two toddlers or a senior citizen who would rather spend their time gardening, so keep that in mind. Think critically and determine if renting a house with a pool in your market is worth it.
You Could Be Liable for Accidents
To ensure your tenant and their guests can enjoy a splash in the pool without a potential lawsuit lingering in your conscience, you should install some safety features. As a landlord, it’s a good idea to speak with an attorney about any federal and state laws surrounding pool safety to learn how to protect yourself if an accident happens in the pool. Here are safety features you can use to protect yourself and your tenants.
Install a gate
You can get a pool with a self-closing gate that surrounds the pool. Make sure to install a gate that can’t be climbed and is at least four feet tall.
Cover and lock it up
Getting a pool cover with latches or a power safety cover is another great safety feature to protect children and pets. For extra protection, add instructions in your lease to keep the pool covered when not in use. All cleaning chemicals such as chlorine should be locked away in a secure storage space that isn’t in direct sunlight as well. For extra precaution, you can also purchase anti-entrapment covers on the drains to avoid injuries caused by powerful suction.
Post signs
You can post rule signs around the pool to emphasize safety precautions. For example, you can have a “use at your own risk,” “children must be supervised at all times,” or a “no diving” sign (avoid adding a diving board because it could lead to head injuries even if a tenant know how to dive).
Ring the alarm
For extra security, you can install an alarm that rings if there is any movement detected at night. This alarm will alert your tenants of any trespassers taking an unwarranted dip in the pool.
Provide rescue equipment
Of course, even with safety features installed, accidents still happen. Adding a first aid kit, life rings, rescue tubes, and other safety equipment near the pool in a clearly marked area can make all the difference in an emergency.
Pools Can Be High Maintenance
Your pool will need weekly maintenance. Responsibilities like vacuuming, adjusting chemicals, cleaning the filters, skimming, and chlorinating need to be completed to keep your pool looking crystal clear. You can do the maintenance yourself, or you can hire someone to do it for you if you’re willing to deal with the extra expense. When you rent a house with a pool, it's important to conduct proper upkeep because it can be very expensive to clean and repair a neglected pool.
You’ll Need Extra Insurance
Give your insurance agents a ring to determine if your regular plan covers pools and if you need to pay more. You might need as much as $1 million worth of liability coverage. Having the proper safety features will also affect how much insurance you pay. You may also want to set up a LLC for your rental, which protects your personal assets if a tenant sues you. Once again, consult with an expert before making any significant decisions.
You’ll Need to Protect Yourself Through Your Lease
Depending on the laws in your state, you can have your tenant sign an addendum. Detail the rules of the pool, your responsibilities as a landlord, and your tenant’s responsibility in the lease. You can also include that it is your tenant’s responsibility to notify you if something is wrong with the pool or its safety features. You might even want to go a step further and let your tenant know that they will be held accountable for repairing or replacing anything that is damaged. With Apartments.com, you can create a state-compliant lease agreement where you can add special stipulations, such as the rules of the pool. Once your lease is created, your tenants can quickly sign online. No more hand-delivering paper leases and then trying to find a place to store them! Apartments.com keeps all your leases neatly organized and accessible so you can reference them whenever you like.
Buy a Property with a Homeowners’ Association
By buying a house in a homeowners’ association neighborhood, you can provide your tenants with an amenity without having to pay to maintain or insure the pool. On the other hand, owning a property in a HOA neighborhood means you have to pay HOA dues. You can add these fees to your cost estimate to determine if the rental property will be profitable. However, remember that if a drowning happens in the neighborhood pool, all of the homeowners in the community are liable to pay any financial obligation that goes beyond the HOA’S insurance coverage. You should also look at the HOA’s financial statement before you purchase a rental property. As always, feel free to consult with an expert to ensure you are knowledgeable about what lies ahead.
Depending on where your rental property is located, a pool will increase your rental’s profitability. Renting out a house with a pool is a lot of responsibility and somewhat risky so it's important to ask yourself the relevant questions before making a decision. Can you rent a house with a pool and maintain weekly upkeep? Do you have the appropriate insurance and safety features to protect your tenants and yourself as a landlord? Depending on where the property is located, renting out a house with a pool could increase your rental's profitability and transform the house into someone’s dream home. Hopefully, these considerations will help you decide if you want to jump into owning a house with a backyard pool.
