In this case, before choosing and deciding, it’s vital to look into all the plausible risks and benefits of allowing your tenants to install a hot tub. Look into consulting with legal or insurance professionals to see to it you are in safe hands in case of any issues.
For property owners, deciding if tenants can have a hot tub rests on lots of factors. There are sound reasons for allowing or not allowing it. Here are different considerations for each option:
Reasons to Allow Tenants to Have a Hot Tub:
- Attracting and Retaining Tenants: Presenting amenities, namely, a sauna bath can make your property more appealing to potential tenants, allowing you to charge higher rent and retain tenants for extended periods of time.
- Increased Property Value: Installing a hot tub can magnify the overall value of your property, which can be suitable if you plan to sell in the future.
- Competitive Advantage: In many rental markets, situating a hot tub can give your property a competitive edge over others, helping it to be outstanding and get rented more quickly.
- Tenant Satisfaction: Tenants who want the luxury of a hot tub may be happier with their living arrangements, which could contribute to fewer complaints and stronger relationships.
Reasons Not to Allow Tenants to Have a Hot Tub:
- Maintenance and Costs: Hot tubs mandate regular maintenance, involving cleaning, water treatment, and prospective repairs. You may need to handle these costs yourself or pass them on to your tenants, which could dishearten a lot of renters.
- Liability and Safety Concerns: Hot tubs can actually pose safety risks. There is a risk of accidents, injuries, or even lawsuits if someone gets hurt. You may need to secure additional insurance coverage to keep yourself safe and sound.
- Potential Property Damage: There’s a risk that the sauna bath could damage the property, for instance, the deck or plumbing, which may compel costly repairs.
- Local Regulations: Many local municipalities and homeowners’ associations may have regulations or restrictions on acquiring and using hot tubs. It’s vital to check and always comply with any such rules.
- Increased Utility Costs: Hot tubs consume electricity and water, which could provoke higher utility bills. Determine whether you or the tenant will cover these costs.
Assume you are actually taking into account allowing your tenants to affix a hot tub on your property. In this case, there are several critical considerations to call to mind including ownership, the lease agreement terms, the removal and restoration process, cost responsibilities, and the approval process.
Formulating crystal-clear guidelines and rules in the lease agreement is firmly recommended if you decide to permit hot tub installation. This can include pertinent issues, namely, maintenance and repair, responsibilities, and usage restrictions, which are relevant to ensure the safety of your tenants and protect your property.
If you’re managing rental properties in Grand Junction and are looking for more advice on how to write your lease agreement, the property managers at RPM Now can certainly help. Contact us online or call us at 970-644-0600 today.