Is it Worth Installing a Pool on Investment Property in Tasmania?
media

Baxton.me
18 January 2018

Is it Worth Installing a Pool on Investment Property in Tasmania?

An investment property is just that: an investment. That means you want to maximise returns and ultimately get a great resale value if you decide to sell up. Will a pool add to your returns on investment property in Tasmania? Your property management company gives you the lowdown.

How Much Will Tenants and Prospective Buyers Want That Pool?

The amount that people will be willing to pay extra for a pool when they rent or buy your property depends on how much they will value having a pool. While many Aussies adore their swimming pools, Tasmania has a mild climate that’s relatively cool for much of the year.

That means you’re going to see greater reluctance to part with more cash for a home with a pool – in most cases, anyway.

Higher Rental OFten Fails to Cover Maintenance Fully

As the property owner, you or your property management company will be responsible for maintenance that goes beyond the basic cleaning of the pool. Pool maintenance can be wildly expensive. For example, mending leaks is a massive and costly project.

Once again, it’s hard to generalize, but as a general rule of thumb, the higher rent you’ll get could fall far short of the pool’s maintenance costs.

What About Your Property Value When You Sell?

There’s no doubt that a well-looked-after pool looks attractive, but it could make it harder to sell your property when the time comes to look for a buyer. Home buyers who want a pool will be quite happy to have one installed themselves. Those who don’t want a pool, on the other hand, might cross your property off their list simply because it has one.

A Pool Could Add to Your Risks

As property managers, we know the laws you need to comply with for a safe pool area. But there’s always a chance that some unfortunate accident might happen, and your tenants decide that you should be held liable. Even supposing that you win your case, nobody likes having to deal with a lawsuit.

What if your Investment Property in Tasmania Already has a Pool?

As you may have noticed, we’re not convinced that a pool will improve your return on investment. But what if there is already a pool on your investment property?

First up: leave it to us. We know the market, we know how to cover instances in which liability might be an issue, and we know how to price rental for a property with a pool. Your tenants certainly should pay more if only to help you to meet the maintenance costs you’ll be responsible for.

Next, we’ll use an adjusted lease agreement that clearly indicates which pool-related expenses your tenant must take care of and which ones you’ll cover. We’ll talk this through with you, but we recommend contracting a pool maintenance company to take care of the day-to-day pool chores. Remember, if a tenant neglects a swimming pool, getting it back to its former glory can be costly.

Pool or No Pool, We’ll Max your ROI on Property in Tasmania

Investment property in Tasmania, and especially in Hobart and surrounds has huge potential to generate income. While we wouldn’t recommend going to the expense of installing and maintaining a pool on a rental property, we can also help you to minimise risk and improve your chances of making small gains on a property with a pool.

When you’re talking about property management for investment property in Tasmania, start talking to Baxton. We take care of your interests and we’re always ready to give advice when needed.


RELATED ARTICLES

FOLLOW US

Apple News | Facebook | Google+ | Twitter | Instagram | LinkedIn


#1 – Australia’s Property Management Specialists

We hope you enjoyed this article

The information contained in this article is based on the authors opinion only and is of a general nature which is not indicative of future results or events and does not consider your personal situation or particular needs. Professional advice should always be sought relevant to your circumstances.

See more articles below

You May Also Like

Tree Stump Branch Removal Chipping Lopping Pruning South East Melbourne Victoria Qualified Arborist Vegetation Management Expert OB TREES Specialist James O’Brien

Baxton.me

30 Jun 2019

media
Sydney Sports Podiatrist Feet Heel Pain Foot Gait Abnormalities Strains And Cures

Sydney Sports Podiatrist Feet Heel Pain Foot Gait Abnormalities Strains And Cures

Why heel spurs are not always the cause of heel pain For people that suffer from...

Baxton.me

27 Jun 2019

media
Pains Of Rapid Business Growth Warns Financial Expert Thomas Mousa Of TLK Partners Chartered Accountant Financial Planners

Pains Of Rapid Business Growth Warns Financial Expert Thomas Mousa Of TLK Partners Chartered Accountant Financial Planners

Rapid business growth, it's not all gravy It sounds crazy but for startups, rapid growth can...

Baxton.me

24 Jun 2019

media
Tree Stump Branch Removal Chipping Lopping Pruning South East Melbourne Arborist Vegetation Management

Tree Stump Branch Removal Chipping Lopping Pruning South East Melbourne Arborist Vegetation Management

Why tree lopping is not a viable solution for trees that have grown too large Trees...

Baxton.me

23 Jun 2019

media