When it comes to the idea of a hot tub, getting a return on your money is probably not the first thing you’d think of. More than likely your mind will have turned towards hot tub parties, romantic soaks with your partner and a relaxing dip after a hard day’s work. But for those among us who are somewhat more financially astute, the concepts of value for money, appreciation, and depreciation may supersede any thoughts of leisure and socialization. Are hot tubs a good investment? To figure out the answer to this question we’ve put together an article to discuss the economic aspects of hot tubs.
Increasing Quality Of Life
There’s no doubt that a better quality of life is something that we can all appreciate and aspire to. Whether it’s treating ourselves to better quality sustenance, putting in the effort to improve our physical well being or booking a vacation abroad, raising the quality of our lifestyle is something we seldom have any qualms about. That said, having a hot tub in your house or backyard will definitely improve your quality of life. When it comes to peace of mind, physical remedy, and bringing people together, it’s hard to get the return you get when you invest in a hot tub. Whether you’re a social butterfly, a solitary practitioner of meditation, or someone whose physical ailments can be regulated through hydrotherapy, hot tub investment can yield dividends that are hard to come by elsewhere.
Increasing Market Price
When it comes to raising the value of your home when you decide to put it on the market, real estate agents are somewhat divided as to whether a hot tub will get the job done. Many factors play into this professional assessment. If most properties in your neighborhood have hot tubs, your house might be seen as lacking without one. While on the other hand, if hot tubs are relatively rare in your area, having one may make your house stand out among the crowd. Tasteful landscaping and shrewd design can help your hot tub add a wow factor to your property that might be unattainable otherwise. Conversely, a poorly installed hot tub without much thought put into aesthetic appeal may actually bring down your market value. If you’re looking for your hot tub to increase the selling price of your home, you need to ensure that it’s properly staged, just like any other important element of your property. To have the best impact on value, make sure it fits in with the surroundings while looking clean and inviting.
Increasing Rental Value
If you’ve joined the short-term rental revolution and are looking for something to increase the appeal of your unit to vacationers, a hot tub is a very attractive amenity. Depending on the competition in your locale, a sparkling clean bathroom and fancy linens in the bedroom might not be enough to increase your rental rates. But experienced investment property owners have found that luxury amenities can make a significant difference in vacancy rates while allowing you to charge a premium. In today’s environment of socially influenced Instagram envy, luxury amenities can considerably increase your return on investment.
Investing In Quality
One of the best ways to ensure your hot tub remains a good investment for years to come is to invest in a quality hot tub in the first place. Like most consumer products, hot tubs range from the budget to the high end. And similarly, like most consumer products, you can reasonably expect to get what you paid for. A cheap hot tub bought off the internet might not last for more than a couple of years while costing you a small fortune to keep running. On the other hand, you can spend the money to invest in a quality piece of equipment that’s energy-efficient, easy to maintain, and will last for 20 years or more.
To learn more about investing in a hot tub, download a free buyer’s guide today.