Owning a vacation rental is a fantastic way to bring in extra income on a monthly basis or even diversify your property investment portfolio. Whether you rent a home in a long-established vacation spot or you’ve just listed a second home on Airbnb, increasing your property’s value will likely always be top of mind. What can you do to bring in more guests and justify a price increase? One thing is to install a hot tub.
If you go about it smart, your hot tub will quickly pay for itself. Here’s a guide to the benefits and costs of owning a hot tub on your vacation rental property.
The ultimate goal of owning a rental property is to improve your financial situation. Owning a hot tub can help you do so, in two main ways:
It can bring in more guests
It allows you to raise your rental rate
A hot tub can separate your rental property from others in the area. It’s novel for guests who don’t own their own home spa, and familiar and welcome to guests who use their own hot tub as part of their daily wellness routine. If you have the only hot tub in a well-visited vacation spot, guests will be more attracted to your location and may be willing to pay a higher price. Conversely, if other rentals include a hot tub and your property doesn’t, guests may pass you over for the competition or demand a lower rate.
In colder, northern climates, especially in areas near ski slopes, a hot tub can seduce guests to your property. They’ll love returning to your rental after skiing, hiking, or snowmobiling for a warm, relaxing soak as the sun sets. Even guests who spend a lot of time indoors on vacation will be enticed by your hot tub as a luxurious way to spend their downtime.
A spa is also a draw in vacation spots during the summer and shoulder seasons. Cool mornings and brisk twilights are when vacationers will be at your property, not out visiting area attractions. They’ll welcome the chance to relax and spend time in the hot tub with the family members and friends joining them on vacation.
Guests spending hot summer days at your rental property will especially love a hot tub with CoolZone™ technology. CoolZone, available only from Watkins Wellness®, will allow your guests to chill their water to as low as 60 degrees Fahrenheit for a refreshing afternoon dip, and then heat it back up again for a hot soak before bed.
If you’re already booking as many guests as you’d like, you can increase your rental revenue by raising your rates. Finding the right rate is a balancing act. Setting a rate that’s too low will limit your income; setting it too high will limit the number of bookings. Remember, people will only be willing to pay prices that are reasonable for the area and that are warranted by the amenities your offer. Having a hot tub is a great way to justify a rental rate increase and quickly pay off your hot tub investment.
At the Spa Depot, we can handle everything related to Spa ownership from an initial consultation including a site visit, to suggesting deck and backyard designs, to solving logistics of difficult installations, to advising on simple chemical solutions and any mechanical issues. We take extra effort to make sure your Spa purchase is just the first step in a very satisfying long-term relationship.