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I have a beachfront property in Barbados that consist of a 2 bedroom beachfront villa and then 4 detached apartments behind the villa. The apartments have sea views and access to the beach on a common walk way.
Recently I feel that I have been loosing business, especially in the summer season which is the low season in Barbados by not having a pool. I have an opportunity to install an 18 foot infinity pool at a reasonable price. BUT, would the pool allow me to ask for higher rental rates or increase my occupancy?
Does anyone have any experience relating to the possible rental increase that could be generated by a pool?
You can ask for a higher rental rate. Not sure what the liability is in terms of insurance or what the house keeper will charge. Also, I would check what the difference between a jacuzzi vs pool. Jacuzzi might get the same rental rate and has lower fees.
Yes of-course you can ask for higher renter rent in the summer season as you are providing facilities but yes in winter season there is some changce fo nigociation, as in winter people hardly use pool.
Perhaps you can research the rental rates charged for similar sized and furnished accommodations at a villla and/or apartments with a pool? You question suggests you are concerned about losing business to other properties; and I assume they have pools (?). Can you determine the rates charged at these properties? It seems a straightforward way to answer your question.
In an island location people will pay a bit more for a pool and also some people will only consider properties with pools. We know this because we don't have a pool: no room for one and the return on investment would never be there to cover the initial cost plus maintenance. However, we would get more rentals if we had one.
Carefully look into the total cost versus the possible benefit. Assume that the pool will be shared between all the units so the extra amount you could charge would be less than if you had units with private pools. Still it's worth considering. As alliee says, people don't use a pool in the winter unless it is heated, but that doesn't mean they won't think they must have one!
There's an article on this forum (at the top of the opening page) on ROI which may be helpful.
A pool sets you apart from the ordinary. Most people looking for a beachy type rental always love pools. They are now even asking if the pools are heated, just in case the weather is cool. A pool gives the renters a nice place to congregate and to have those fun little umbrella drinks. A pool is magical.
In the northern beaches of the Outer Banks where we are, the filter shows that 87% of VRs have pools. A few of these are condos and houses in neighborhoods with community pools, but most are private pools. The extra charge for these VRs in the summer is $500-$700/week. There are many families who are not interested in pools, and especially don't want to pay the extra for something they don't want. Almost all VRs in our area are within walking distance of the beach (ours is 1100' with no streets to cross). The more pools that are added, the less competition we have. We have absolutely no desire to install a pool. Shoot, last year we removed our hot tub. Those probably add $100/week to the rent, but the cost to maintain them is around $65/week. Just not worth the trouble.
A swimming pool will definitely increase your occupancy. Also, you can increase your room rates for adding a facility. When people go on a vacation, they generally love lazying in the pool even if there's a beach close by.
Its ideal for kids and family. So consider it...as I think its a good idea.
I can't speak for everyone, but I can tell you when we travel to a tropical climate, we always search for properties with pools. I agree with DisneyfunVilla, we will rent a place based solely on the pool and infinity edge pools are one of our favorites.
As a matter of fact, one of the main reasons we chose to purchase our vacation rentals was because of the pools on the property. Don't get me wrong, we love the beach too, but you can drive to a different beautiful beach every day and then come back to the property and relax by the pool
World traveler and proud owner of two beautiful Lahaina Maui vacation rentals:
If I ever had any doubt about having a pool, we were reminded one September when we happened to be staying at our vacation property in the Outer Banks of NC. The house next door to us had a nice family from NJ staying there, and it's the only house on our cul-de-sac without a pool. A hurricane was in the vicinity, and trashed the weather for several days for it hit. No swimming at the beach due to the waves and current, no sun, clouds........ Near the middle of the stay, we heard them saying 'We will NEVER rent a house without a pool again'. Didn't matter that we are only 4 houses from the beach. Cold water or rip currents and hot weather make for a miserable vacation.
Our rental has a huge private pool, and was the reason we purchased it. The house was a mess, but the pool was there already. Just needed a new liner. And sinking some extra $$ into the pool area itself was the best bang we haver ever gotten for the buck.