Owning an apartment complex or other multifamily property can be very worthwhile. However, it is important to realize that every property you purchase will have different rewards and challenges. One of the elements that can be both a big benefit and a huge challenge is a swimming pool. Before diving in, we’ve put together a few “must know” details to consider.

Pools are desirable. First and foremost, most people like pools. This is especially true of younger tenants, families and retirees. Having a swimming pool is a benefit and your tenants will usually respond positively. However, that positive response can turn burdensome if the pool crowd turns into a party crowd. Keeping the peace around the pool can be tricky, particularly in a large complex.

Liability is an issue. As the property owner, you could be held responsible for accidents or injuries that occur at the pool. That means you will have to go the extra mile when it comes to adding safety features and signage. The Red Cross, and other agencies, can help with your safety research. However, remember that the regulations will vary from one location to another, so make sure you check with your particular jurisdiction to find out the details. Additionally, speak with your insurance agent about making sure you are properly insured. You will likely need to purchase additional insurance above and beyond your standard policy.

Pools are seasonal (in most areas). In most parts of the United States, a swimming pool is only open in summer, and potentially part of spring and fall. This seasonal aspect means that you will have to open and close the pool each year. During the offseason, your pool might not be an attractive area of your property, and may even cause that space to be unreachable or unusable.

Maintenance is expensive. Even if you are purchasing a property that already has a pool installed, maintenance can be very expensive. Not only is there the day-to-day cleaning and chemical adding that are necessary, but you will have to reseal the surface, fix concrete issues, and update the surroundings on a regular basis.

Your tenants want the full pool experience. A modest, everyday pool isn’t going to cut it. A lounge area with tables, shade structures, chairs, umbrellas and potentially even cabanas will help your tenants feel like they are getting a great value. If you spend a little bit on the extras, you will create a pool environment that is inviting and attractive to current and potential tenants.

You will have to set expectations. It is vital to communicate your expectations about pool behavior, safety and cleanliness to tenants. If you are not careful, the pool area can quickly become a mess. Not only will this cost you money to clean, but it can be an eyesore and even bring down the value of your property.

A pool adds value. When you are considering what to charge for rent, having a pool on the property can be one of the elements that allow you to charge a higher fee. This is more so the case when you have upgraded the area or if you have extras like a hot tub or cabanas.

While purchasing a multifamily property with a swimming pool can be a great investment and an awesome experience, it is not something you should do without serious thought and consideration. Take some time to learn more about pools, local regulations and your tenant base to determine if it would be a smart decision for you. Doing this can help prevent you from getting in “too deep.”