There’s a lot of work that goes into choosing a property to invest in. If you get it right, you’re on your way to making a tidy profit. If you’re wrong, you could wind up with a property that is anything but a good investment. So how does having a pool impact whether or not you should invest in that property? Here are some Things to Consider Before Investing in Properties with Pools
Properties with Pools: Attractive Nuisances
Pools are often one of the top items featured on a list of attractive nuisances. Attractive nuisances are things or places that can be attractive to people, children especially, but can potentially pose a significant risk. To avoid potentially being held liable as a landlord for injuries that people could suffer on your property as a result of there being a pool, you’ll need to make sure there’s a quality pool fence surrounding it. The regulations governing pool fences are determined by the area the property is in, so make sure you’re familiar with them and the risk you’re assuming before deciding to invest.
Maintenance and Upkeep
Pools need regular maintenance and cleaning to stay nice. As a landlord, that responsibility is likely going to fall to you, not your tenants. It’s in your best interests since if you’re handling it you can be sure that it’s being done right. Pool maintenance tasks are usually best left to pool service professionals who have the proper tools and training to get the job done right. If you aren’t already familiar with the maintenance needs of pools, it’s a good idea to read up on them before deciding if investing in a property with a pool is a good idea for you.
Properties with Pools: Cost-Effectiveness
There are a lot of rules of thumb for choosing investment properties. Part of the consideration that will need to be made is whether or not having a pool is a cost-effective investment. Maintenance and upkeep require money. If the quality of the property and location warrant a higher rent, you may be able to charge more to cover these types of expenses. Otherwise, you may be better off choosing a different property.
Investing in properties that have pools can either be a really good option or a really bad one. Considering their attractive nuisance status, the maintenance and upkeep involved, and the additional layer of complexity when determining cost effectiveness, it’s a decision that takes more thought than other properties on your list of potential investments. Take the time to analyze the property carefully before you decide to invest in one that has a pool.
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RE: Things to Consider Before Investing in Properties with Pools