As a landlord, you may come upon a real challenge when your tenants ask to install a hot tub on your rental property. While it can result in matchless tenant satisfaction and cost savings, hot tub installation has possible risks. If the hot tub malfunctions or engenders damage to the property, you may be left with costly repairs and legal disputes. Moreover, poor tenant maintenance can provoke hygiene concerns or safety hazards.
In that case, before coming to a decision, it’s key to examine all the possible risks and benefits of allowing your tenants to install a hot tub. Look into consulting with legal or insurance professionals to be certain you are safeguarded in case of any issues.
For property owners, deciding if tenants can have a hot tub depends on quite a lot of factors. There are compelling reasons for allowing or not allowing it. Here are particular considerations for each option:
Reasons to Allow Tenants to Have a Hot Tub:
- Attracting and Retaining Tenants: Granting amenities, as an illustration, a sauna bath can make your property more appealing to potential tenants, letting you charge higher rent, and retain tenants for long durations.
- Increased Property Value: Installing a hot tub can totally increase the overall value of your property, which can be excellent if you plan to sell in the future.
- Competitive Advantage: In various rental markets, installing a hot tub can give your property a competitive edge over others, helping it attract attention and get rented more quickly.
- Tenant Satisfaction: Tenants who are happy with the luxury of a hot tub may be more blissed out with their living arrangements, which could bring about fewer complaints and great relationships.
Reasons Not to Allow Tenants to Have a Hot Tub:
- Maintenance and Costs: Hot tubs warrant regular maintenance, for instance, cleaning, water treatment, and likely repairs. You may need to take in these costs or pass them on to your tenants, which could discourage numerous renters.
- Liability and Safety Concerns: Hot tubs can pose safety risks. There is a risk of accidents, injuries, or even lawsuits if someone gets hurt. You may need to pay for additional insurance coverage to safeguard yourself.
- Potential Property Damage: There’s a risk that the sauna bath could damage the property, take for example, the deck or plumbing, which may call for costly repairs.
- Local Regulations: A number of local municipalities and homeowners’ associations may have regulations or restrictions on affixing and using hot tubs. It’s basic to check and conform to any such rules.
- Increased Utility Costs: Hot tubs consume electricity and water, which could prompt higher utility bills. Settle on whether you or the tenant will cover these costs.
Assume you are giving thought to allowing your tenants to fix up a hot tub on your property. Therefore, there are several primal considerations to keep in mind, for instance, ownership, the lease agreement terms, the removal and restoration process, cost responsibilities, and the approval process.
Having clear and understandable guidelines and rules in the lease agreement is greatly recommended if you decide to permit hot tub installation. This can include critical issues, for instance, maintenance and repair, responsibilities, and usage restrictions, which are integral to ensure the safety of your tenants and protect your property.
If you’re managing rental properties in Fells Point and would want more insight on how to write your lease agreement, the Fells Point property managers at Real Property Management Metro can help. Contact us online or call us at 410-290-3285 today.
Originally Published on July 3, 2020