Swimply allows you to rent out your pool for extra cash. Is Swimply worth it? Is Swimply safe? Find out here.
How much money can you make on Swimply?
Swimply lets you decide when you make your pool available, and you can also set your own rate. Your earnings potential is potentially unlimited.
Some people always have their pool open for potential rentals. Others choose to rent their pool out only during hours they’ll be away from home.
You can also post one-off listings such as when you know you’ll be away on vacation. However, the less consistent you are with making your pool available, the harder it may be to find renters.
Swimply does say that it usually caps the hourly rate at around $60 to $75 per hour depending on where you are. Hitting the cap usually means you’re charging much more than other pools in your area and would have a hard time renting it, anyway.
In addition to the hourly rate for the rental, you can also charge a fee for additional guests. Swimply says a common additional guest charge is $5 per guest per hour.
Hosts can also offer premium services at an additional charge such as offering grills, speakers, or heating your hot tub. You can choose hourly or flat fees or offer free perks to boost your rental rate.
Is it safe to host on Swimply?
Swimply offers $10,000 in property damage coverage and $1 million in liability coverage in case something happens during a booking. Depending on your net worth, you may find these limits to be too low.
Your general home insurance policy or umbrella policy likely won’t cover anything related to Swimply. Doing Swimply would usually be considered a business use of your home that wouldn’t fall under your personal home insurance policy.
If you want additional coverage beyond what Swimply offers, you may need to contact a business insurance agent in your area.
You should also contact your insurance company to find out if they would cancel your policy if you do Swimply. For example, some car insurance companies drop Uber drivers entirely to avoid disputes over whether a claim was related to business or personal activities.
Do you have to let guests in your house?
It’s up to you what your guests have access to. Many people only offer the use of the pool and ask guests to enter through an exterior side gate.
If you have a separate pool house, bathroom, or outdoor kitchen area, you may want to offer that as a perk. Again, verify your insurance coverage before deciding exactly what you offer your guests.
How much does it cost to host on Swimply?
Swimply doesn’t charge any upfront fees. Instead, it usually takes 15% of each rental.
You may find that your power bill goes up slightly if you have to run your pool pump for more hours due to increased use of your pool. You may also have to spend extra money on pool chemicals or cleaning services.
You can usually deduct the extra Swimply expenses on your tax return. For example, if it usually costs you $200 per month to maintain your pool and your costs rise to $300 per month after you join Swimply, you may be able to deduct $100 per month. The IRS will want to see that you’ve made a reasonable calculation of your business versus personal expenses and are only deducting your business expenses.
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