- happyjack72Member@happyjack72Join Date: 2005Post Count: 53
I am looking at an IP that has a below-ground outdoor pool and outdoor spa, and just wanted some advice.
Obviously these can help to give a rent increase, but I’m wondering whether the hassle and maintenance issues always outweigh any return benefits. And are there any ways to minimise hassles or manage the situation of an IP with outdoor pool and spa?
The things I thought off the top of my head were:
1. Make sure the pool and spa are covered under insurance
2. Factor in a certain amount each year for maintenance (how much is sufficient …?)
3. Have “pool & spa maintenance” as part of the tenancy agreement and ensure (as best as possible) the property manager does frequent checks to enforce this.
4. Alternatively, discuss option 3 with the tenants but then tell them that you will factor in a rent increase to pay someone to maintain them regularly.
Actually, having thought about it again, does the amount you have to pay someone to maintain the pool/spa (as in option 4) usually cancel out any rent increase tenants would be willing to pay for the privilege of a pooll & spa?
Does that mean the only way they are of benefit is if there is some way to ensure that the tenants maintain it themselves? Is that every possible?
HJ72trueblueMember@trueblueJoin Date: 2003Post Count: 142
Personally I do not buy IP with a pool or spa. It’s too much of a hassle. Not all tenants will look after them. The cost of maintenance is usually quite high as well.