Does having a pool help the value of my rental property?
Dustin Edwards • March 20, 2020
Understanding if a House Rental or Condo Rental with a Pool Truly Helps
Having a pool or spa at your house is a nice item to have. When most people think of a pool or spa at their property it conjures up images of Summer gatherings, BBQs and enjoying the water. For those owning single family homes in Long Beach, CA you might think of neighborhoods such as Los Altos or the Cliff May neighborhood where pools are more common. For those who own condos it could be a stunning rooftop pool or the ever practical pool in the middle of the complex. Regardless of whether the pool is in your condo development or part of your HOA’s amenities it begs the question, is this good for the value of my rental?
Single Family Homes in Long Beach with Pools
When you have a single family home for rent with a swimming pool it can be an added amenity for many renters. For example when you own a home in the Cliff May neighborhood (just north of El Dorado park) that architecture is typified by indoor/outdoor living and those who would like to rent there would nearly expect a pool and be willing to pay a monthly rental amount that would accommodate pool maintenance.
Of course not all renters would view a single family home with a pool as an added amenity. With typical lot sizes throughout Long Beach ranging in size from 5,000-6,000+ (yes there are smaller beach lots and larger lots too) a pool takes up most of a backyard and not all renters view that as a positive.
Having a pool a pool as part of your single family home rental in Long Beach really means taking the time to understand when the maintenance of the pool is included in the monthly rental fee is your home still competitive to attract renters. If the answer is yes then you will generally be in good shape to attract great tenants.
Long Beach Condo Developments with Pools
If you have a Long Beach condo for rent and the complex has a pool then this is a different scenario compared to a single family home. For many of the luxury condo buildings in Downtown Long Beach (think West Ocean Towers, the Pacific, etc.) renters are very happy to rent in these buildings because they do have a pool! In fact a pool may be one of the main reasons they focus their energies in neighborhoods such as Downtown Long Beach.
One of the unique aspects about condos is that the HOA prices in care for the pool. The fact that pool maintenance is priced in to the HOA and that, for the larger developments, there are generally other condos that have been rented means understanding the monthly rental amount for your condo is more straightforward because as we analyze the comparable rents within the building we know that they all include the amenity of a pool.
When it comes to knowing if a pool will help the value of your rental the answer truly is going to be “it depends”. Each neighborhood and property will be different and it takes a bit of analysis and understanding of the local rental trends to determine how it will impact the monthly rent that is collected. When you want to understand how the pool at your property (whether it be a single family home, condo, or multi-unit) impacts the rent we invite you to fill out our Free Rental Analysis
or call us today (562) 888-0247 and we will be happy to share more.
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Summer is a great time of year where people enjoy a number of outdoor activities. Though for landlords, summer brings with it a list of maintenance items and preventative care for their properties. Below, we’ve gathered three of the most important maintenance items to do before summer starts. Service your HVAC System Southern California summers are getting hotter and hotter, if you want to maintain tenant satisfaction you’ll need to have the HVAC or any A/C or cooling system properly serviced . Filters should be cleaned or replaced, and the ductwork should be inspected. For rentals with window units or mini-split systems should also be thoroughly inspected as well for optimal cooling. Doing proactive maintenance can reduce the risk of the cooling system breaking down during peak usage while also improving the system’s efficiency. This can lower utility costs for your tenants while extending the lifespan of your cooling system, saving you money in the long run. Additionally, consider inspecting your window and door seals for leaks. If the seals are broken, it allows hot air into the living space, this increases the cost associated with cooling while adding more load to the HVAC or cooling system. While not directly a part of the HVAC system, ensuring there aren’t any breaks in the seals helps extend the lifespan of your cooling system which is beneficial to your bottom line. Inspect your Roof The condition of a roof is oftentimes ignored since they tend to last over twenty years, and some property owners may not even be sure when the roof was last replaced . A poorly conditioned roof is one of the primary ways for a rental property to drive up the costs of repairs and tenant complaints. A damaged roof can inefficiently insulate a home, making it harder to keep it cool. It can also lead to water leaks during rainfall, which can lead to water damage, stains, and mold growth. While summers tend to be dry, the coastal cities such as Long Beach may see unexpected shifts in weather, which can bring sudden rainstorms or increased humidity. Fixing a small roof leak is relatively inexpensive, however, leaving said leak to grow can result in an emergency repair can cost thousands especially if a tenant has already moved in. A thorough roof inspection is a great maintenance item to do during a vacancy period especially as this can result in a positive experience with new tenants. This can lead to a long term stay with many lease renewals. Check for Signs of Pests Pest infestations are one of the fastest ways to ruin a tenant’s stay while also damaging a landlord’s reputation. Pests such as ants, cockroaches, other bugs, and rodents are common in many beach cities, especially during the warmer seasons. Being in a city, you’ll likely never truly be rid of pests, though, even a single complaint about an excess of bugs or rodent droppings can lead to bad reviews online, service calls, and in severe cases, lease termination. These pests not only create an unwelcome environment for your tenants, but they can also cause real damage to your investment property. Cockroaches are known to damage small wiring in appliances, ants can ruin food and get in everything, while rodents can chew through walls, plumbing, and even electrical wiring. Landlords should schedule regular ppest inspectionsto check for early signs of pest activity before the hotter season begins. Much like everything in this article, preventative maintenance is significantly cheaper than an emergency call, in this case to an exterminator. If you want to keep your tenants happy and your property well taken care of, preventative maintenance is a must. If you’re unsure about the signs to look for when doing routine inspections or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
A Solar Battery is an important party of a solar panel system. However, is it valuable for a rental property? Read on to discover.
As California becomes more and more electric, the idea of installing solar panels becomes more enticing for many landlords. While the initial investment may be quite expensive, there are a few things to consider before making the decision. By keeping these factors in mind, you can greatly reduce the overall cost of installation as well as reduce your operational costs throughout the lifespan of the solar panels. Below, we’ve compiled three considerations you should keep in mind before making your decision to install solar panels on your rental property. Long Term Ownership For landlords whose plan is to own their rental property for a long period of time, a solar energy system can be a strategic investment with long-term benefits. The longer you own a solar panel system, the lower the operational costs can be for your rental property. Unlike a homeowner, who sees their return through their energy bill. A landlord sees their return through lower vacancy rates and higher lease renewals. The initial expense associated with installing solar panels can be offset over time through reduced energy costs, improved property efficiency, and adjusting your property’s rent accordingly. Tenants are quite receptive to features that lower recurring expenses, such as their electricity bill. With so many people working from home, a lower energy bill can result in an improvement in tenant satisfaction , as well as reduced vacancy and turnover rates. The use of solar panels fits well in a long-term investment strategy that focuses on keeping operational costs low and reliable while improving your rental property’s value . Stand Out From the Competition In a competitive rental market, such as in Long Beach, CA. Features such as solar panels can help your property stand out to prospective tenants. Features such as solar panels can increase a rental property’s attractiveness to many tenants, though, specifically environmentally conscious individuals and younger tenants tend to gravitate towards rentals with solar panels more. Properties that are energy efficient appeal to renters who prioritize lower utility bills and more sustainable living conditions. These features may influence a prospective tenant’s decision when choosing between rentals of similar characteristics and space. Additionally, tenants who are interested in sustainability often care for the rental and follow the rules better than others. They are also more likely to opt into lease renewals. This means that solar panels can improve your bottom line through a more consistent monthly rental income due to the reduced vacancy and turnover rates. Your Roof is in Good Shape It goes without saying that your roof needs to be in a structurally sound condition in order to install solar panels. In general, a roof is expected to have a lifespan of twenty to twenty-five years, If your roof still has over fifteen years of proper functionality, it's ideal for installing solar panels without requiring additional costs for repair. If your roof is in good condition and won't require repairs in the foreseeable future, you’re far less likely to face problems that would require you to remove the solar panels temporarily. This can be expensive, which is why it's important you don't properly inspect your roof before making the decision to install solar panels. Installing a solar system on your rental property offers measurable benefits to your bottom line in reducing your vacancies and turnover rates, as well as keeping your rental property competitive in the market. If you’re unsure if your roof is structurally sound to install solar panels or you need help managing your Beach City rental property, we invite you to call us today at (562) 888-0247 or complete our Owner Application online .
