What do you guys think about an apartment property with a swimming pool? Pro or con?
I am leaning toward con. Maintenance must outweigh the benefits. Any experience with that?
For an A-class property it’s all but mandatory. Whether they use the pool or not, A-class renters expect as many amenities as they can get and you must generally provide them to be competitive.
C-class renters don’t expect much and, unless there are extenuating circumstances (i.e. an absolutely screaming deal); I avoid buildings with pools like the plague. The liabilities and expense can be huge.
For B-class, well, it’s somewhere in between.
The real answer comes from a local rent/market survey. What do your competitors offer?
I am not even bothering with it. A nice C class place I guess, but I could always make it a large jello bowl and have a party every weekend.
A pool means kids, and kids mean maintenance and maintenance means cost.
Pool maintenance issues pale in comparrison to LIABILITY issues. Sounds like you won’t even want to look at the cost to insure yourself against potential liability from pool-related incidents.
Yeah the liability would suck too. On to the next one. It seems like 1 in 25 are even worth making an offer on.
My sister used to live in an apartment complex (near a college) where they filled in the pool . But not sure what this would cost…unless the property is a great deal it might not be worth considering this.
How about filling it with soil and turning it into a community garden to add value to the property?
I would also be worried of the liability owning a property with a pool.