Is a Hot Tub Worth the Investment? 🤔

The Revenue Potential of a Hot Tub

Introducing a hot tub to your rental property could make a significant difference. Here’s how:

More Bookings: Properties with hot tubs often stand out, especially in cooler climates or areas popular for romantic getaways.

Increased Revenue: Listings with hot tubs tend to earn 20-30% more annually than similar properties without one.

Year-Round Appeal: A hot tub can keep your property desirable even during slower months, helping fill vacancies year-round.

Guests love the idea of relaxing in a hot tub after a day of activities, hiking, or sightseeing. If your property is near outdoor attractions, this upgrade could make your listing highly sought-after.

The Cost Considerations

While the potential for increased revenue is tempting, it's important to think about the costs involved:

Initial Investment: Hot tubs range from $2,000 to $14,000 depending on the model and features. Installation costs, which may include electrical work and deck modifications, add to the upfront expense.

Ongoing Maintenance:

• Cleaning: Regular cleaning and water changes are essential for safety and guest satisfaction.

• Chemicals: Keeping the water balanced requires a steady supply of chemicals.

• Repairs: Over time, parts like jets and heaters may need to be replaced.

• Utility Bills:

  • Hot tubs can increase energy consumption significantly, especially if used frequently. Expect your electricity bill to rise.

• Guest Misuse:

  • Guests may unintentionally misuse the hot tub, leading to potential damages or higher maintenance needs.

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Deciding Factor?

Here are a few questions to help guide your decision:

• Is your property in a competitive market? If nearby listings already have hot tubs, adding one may be essential to staying competitive.

  
  

• Do you have the time or resources for maintenance? If you’re a hands-off owner, hiring a professional maintenance service may be necessary.

  
  

• Will the added revenue outweigh the costs? Calculate your expected return on investment based on similar properties in your area.

Tips for Success

If you decide a hot tub is the right choice, here are some tips to make the most of it:

• Set Clear Rules: Provide guidelines for proper usage to prevent damage and misuse.

• Highlight It in Your Listing: Use high-quality photos and descriptions to showcase the hot tub as a key feature.

• Invest in a Cover: A good cover minimizes energy loss and keeps the water clean when not in use.

• Schedule Regular Maintenance: Consistent upkeep ensures a great guest experience and extends the life of your investment.

Conclusion

A hot tub can enhance the appeal of your property and increase revenue, though it comes with its own set of challenges. By evaluating the costs and benefits carefully and planning for ongoing maintenance, you can determine if this addition is a worthwhile investment for your short-term rental.

Thinking about adding a hot tub? We're here to assist! At Crater Spaces, we focus on optimizing your property and taking care of all the details, so you can enjoy the profits.

Part two next on what kind of hot-tub and an example of profit increases in my markets!

Contact us to learn more!