Local property owners and out-of-state real estate investors who own rental properties are always looking for ways to increase the value of their rentals. By making improvements to their homes and apartments, they can bring an extra level of comfort and luxury to their tenants as well as raise their rental rates based on the added features to their properties. Yet one property improvement that is most often debated about is a pool. Does a pool increase the value of the rental property?
Aspects to Understand About Pools and Rental Properties
Here at AZ Residential Management, we help our property owners maximize the return on their investments with suitable property management services. Also, many of the properties we manage do have in-ground pools to provide an extra feature that tenants can use to keep cool when the Arizona summer temperatures rise. When it comes to a southwestern state where a pool can be used practically year-round, this outdoor feature almost seems like the mandatory thing to have to increase the value of your rental property.
Yet before you go out and add a pool to your rental upgrade list, keep in mind that if you build an extravagant pool area that is worth more than the property it sits on or neighboring homes, you probably won’t see much of a return on your investment. You have to keep in mind the property values of the neighborhood where your rental home is located, as well as how long you plan to own the rental property before you place it up for sale, to figure out if it is the best investment to make.
In addition, keep in mind that a pool can only increase your rental property if it is well-taken care of so your tenants can enjoy it. If you don’t have a qualified property management company and maintenance staff to place in the appropriate work, you may eventually find that you have spent $20,000 or more on an in-ground pool that is unsafe and unsanitary to use.
Let AZ Residential Management Help Maximize the Value of Your Rental Properties
Landlords want the most cost-effective upgrades and renovations to their properties while keeping their rentals well-maintained for tenants. Here at AZ Residential Management, we help property owners successfully manage their rentals by providing the highest levels of service to ensure that the value of your rental home or apartments increases along with your profits. We also assist you in finding great tenants who will enjoy the wealth of features and amenities available with your rental property.