16 February Should You Add a Pool to Your Multifamily Property? February 16, 2022 By sma Property Investment, Property Maintenance, Property Management apartment, building renovation, business tips, commercial plumbing, condo, multi-family property 0 SHOULD YOU ADD A POOL TO YOUR MULTIFAMILY PROPERTY? February 16, 2022 | Maintenance, Management, Investment | business tips, commercial plumbing, building renovation, multi-family property, condo, apartment As a commercial property manager, you’re always looking for new ways to draw in tenants. One item that can certainly attract them is a pool or spa area. But before you go planning for one, there are a few things that you should know. Pools can boost your curb appeal. Starting off with the most obvious positive, a pool area can greatly bump up your curb appeal. Especially if you’re in an area that has nicer year-round weather or even just sweltering summers, your tenants will have a place to cool off and hang out. Placing it in a spot that’s easily viewable to people passing by acts as a sort of billboard for your property. It provides another place for tenants to gather. Building a sense of community at your property will also make it more attractive. Tenants enjoy getting out of their rooms and mingling, and providing a place they don’t have to travel far to makes it easy. If you add a cookout space and cabanas, they’ll be able to host parties during the summer. Your property value may increase. Renters may be willing to pay a little extra to have an amenity like a pool, especially if it looks nice. A pool is seen as a luxury for many since not every property offers one. The more elaborate it is, the higher your value can go. Pools are a long-term investment. Although a pool can bring in some extra money, you might not see a return on it right away. Pool installation costs usually run between $35,000 to nearly $100,000 depending on how elaborate the design is. If you want a grilling area and cabanas, that number can be a lot higher. You’ll have to do a fair amount of financial planning before you break ground. Your liability will go up. Pools can be very dangerous for people of any age. If you install one, you should be prepared to assume liability for its safety. You’ll need to put up extra security such as cameras and locked gates to limit who can get in. Unless you decide to hire or dedicate staff to monitor the swimming area, you’ll have to post the appropriate signage that tenants swim at their own risk. You’ll have to add to your maintenance list. A pool requires a lot of work to keep it in great condition. If you start to let it lapse, it’ll irritate tenants and turn away potential ones. You’ll have to maintain the chemical balance of the water and clean out debris to prevent it from turning murky green. Along with cleaning the water, you’ll have to regularly repair the mechanical components. And last but not least, you’ll need to fix the concrete, ladders, and other pieces periodically. Pools certainly have their upside, but there are some drawbacks you’ll need to look into prior to your final decision. Schedule Your Commercial Inspection With NPI Whether you’re buying, selling, or renting out your commercial building, scheduler your inspection today. Comments are closed.