If you’ve ever thought about ways to increase your rental income, this topic about indoor swimming pools is for you.
One of the things we do to help our cabin owners in maximizing the return on their investment is to keep up with the trends and amenities that are the most appealing in our clients’ best rentals. And one of those things that we are finding to be successful more and more are indoor swimming pools at the cabins in our area. Indoor swimming pools are the latest and greatest amenity for investment cabins. At first glance, that sounds absolutely dreadful. However, before you say no to the idea, let’s talk about what makes indoor swimming pools so attractive to renters.
Let’s start with one of the most apparent truths about rental cabins in the Smokies: any cabin can, and does, rent throughout the summer months, our most popular time of the year for obvious reasons. Kids are out of school and people are vacationing. Dollywood is open. The National Park is holding all kinds of workshops. It’s not commonly known, but it’s true: if you have a cabin that you are renting out to vacationers, then you know you can pretty much count on people to stay at your cabin during the summer. Therefore, if you are an investor, you really never have to be too concerned with amenities like outdoor or community pools as being important to offer guests in the summer time.
The game for increasing investment revenues is to fill in the calendar. You need guests to stay at your cabin during the non-peak months in order to reach that revenue gap that really makes your investment profitable. Indoor pools make that possible. In the first few months of the year when it is cold, snowing or raining, and people just don’t want to go out to do anything, an indoor swimming pool provides hours of fun for your guests. Cabins with indoor swimming pools will attract guests who might not have even made the trip otherwise. What a cool thing for people to be able to stay in a cabin with an indoor pool!
So, let’s look at how indoor swimming pools affect your income.
You’re adding bookings in the winter time, bookings in September before the leaves start to change, and bookings during spring break. These are bookings you probably wouldn’t have had otherwise. It gets you past the unpredictability. In addition to the increased number of bookings, you’re also able to charge a little more for the added amenity. Owners of one to four bedroom cabins who have indoor pools are seeing gross rental income amounts of $20,000 to $30,000 more than owners of similar sized cabins without pools are earning.
How much does it cost? Well, if your cabin can be remodeled to include an indoor swimming pool, the cost to install it starts at about $30,000 and go up to $150,000. You will have some additional expenses each year, such as insurance on the pool (you’ll need to shop around for that, as not everyone offers that coverage) and there will be costs for cleaning that you can pass onto your guests. So the best news is that depending on the amount you would spend to put a pool in, it should pay for itself within just a few years. And if you ever decide to sell your cabin, the pool will increase its resale value.
Before you put an indoor swimming pool in, check with your local zoning board to make sure you are following the safety requirements. Some examples of the requirements include a door lock with a coded pad – preferably one that is high enough up the wall that small children can’t reach it, a motion alarm for the water to alert other guests if someone enters the water, and only one door that allows access to the pool room. You’ll also want to make sure you have a way of controlling the chlorine smell. Also, keep a cover that can be placed over the pool in between guests. This is very helpful in reducing moisture levels in your cabin.
One of our specialties is building cabins with indoor swimming pools, and we’ve been helping clients do that for almost five years. Some of our builders have been constructing cabins with indoor pools for even longer, so we are always here to help answer any questions you have about putting a pool in your cabin – or even building a new one to upgrade to!
As always, my staff and I are here to answer any questions you may have. If you’d like to learn more about how indoor swimming pools can add to your annual rental income, call me at 865-765-6157 or 865-654-2111.