Rental property with pool? Good or bad idea?

Question

Any thoughts on where to buy a property for rental purposes that has a pool?  Aside from additional maintenance, are there other concerns?  Does insurance go up dramatically?

Nigel Dixon · Answer

Bad Idea to many liability issues.....some one falls in and drowns or slip and hurt themselves then you will be held liable. And pools are costly they break down if not taken care of which means more money out of your pocket.  I tend to shy away from pool homes just one of my pet peeves.

Keith Jablonowski · Answer

In general bad idea unless like Bill said the surrounding comps all have pools.

Kelly P. · Answer

Sorry Bill. Mist-typed.  I was asking if buying a rental property with a pool is a good or bad idea.

Bill Gulley · Answer

Asking where to buy is pretty broad. I had one in the late 70s. I've leased/sold a few. Insurance, I can't say it was much different, not significant as I recall, to know you'd need another at the same or near value and in the same class protection code.

I don't know why you'd select one with a pool, it's not always a plus, many (me included now) don't want to mess with them. There was a house with a pool that I know well that was turned into a rental here and it was filled in as maintenance was the issue more than any other issue, the rent difference really doesn't pay IMO.

Now, if the comps have them, like in many arears in Florida, it may make a difference at a higher valued home, so it's also to what is common for the area in that price range.

We had an old rest/bar here named Key Largo, it had a 4' deep free formed pool witha center island and the property was leased. Insurance there was not bad, but it's as if insurers had pool loses or something because in a few years, insurance sky rocketed and they had no incidents. This was commercial and it was a bar, but they had to close the pool, they lasted about another year and it was closed, so in that environment, insurance was probably the demise of the business.

Another commercial property has a pool and insurance is a bit of an issue but not much, it's an indoor pool and used for diving lessons with constant supervision, not an issue really.

Motels and resorts get significantly hit on insurance for pools, some close the outdoor pools, many are not 8' anymore, like 6 or 4'.

I'd say most LLs would fill in a pool, too much liability for most to accept, real or imagined. I know I wouldn't look for a residence to rent with a pool.

So, where do you find one? Almost anywhere where they are common I suppose.

Tim Delp · Answer

I would avoid if possible.  Added liablitiy and upkeep on the pool without really getting any additional rent or minimal.  The liability in and of itself is enough.  I say this as I have one, didn't intend to have it as a rental but it is and you are always a little nervous.