Your Chesterfield County rental property’s backyard is a notable portion of its overall appeal. Nevertheless, there is a significant distinction difference between creating your dream backyard and building an appealing and functional backyard. One will be effective if you want to maximize your rental rates and increase your property’s value, while the other likely won’t do both. Rather than installing the yard of your dreams in a rental property, the more practical choice is to create an attractive, low-maintenance yard that looks great to tenants and is also easy for them to maintain.
Perhaps one of the biggest mistakes you can do as a rental property owner is to overdo it on the landscaping. Industry experts advise allocating no more than 10 percent of the property’s value in landscaping. Be that as it may, except if there is an evident return to doing so, you probably don’t even have to go even that high. A home with an extensively landscaped yard won’t get as much extra rent as you may believe. In reality, overdoing it on the landscaping can actually turn potential tenants away because of all the extra maintenance needed.
To keep your property attractive and profitable, aim for backyard upgrades that offer the highest returns for the cost. The first move to an attractive backyard isn’t really an upgrade by any stretch. Rather, center around improving the quality of what’s now there. A green, neatly trimmed lawn and well-cared for greenery will add instant appeal and help boost the value of your property. If your property’s lawn is looking a bit sparse or bare, reseeding or adding some sod is one of the fastest strategies to get your property’s backyard living up to expectations.
Some other relatively affordable backyard upgrades include outdoor lighting and outdoor gathering spaces. Rather than creating lavish planter beds filled with flowers, upgrade your rental’s yard with features that could be utilized by your tenant for get-togethers or night events. Adding a simple patio (or deck) may seem like a luxury upgrade, but you may create more appeal by presenting a rental home with a ready-made space for gathering with family and friends. Furthermore, research has shown that unlike other backyard features, a patio or deck does increase property values, making it one expense to consider for your rental property seriously.
Outdoor lighting is one of the most budget-friendly backyard upgrades you can include that has advantages past simple appearance. Renters will love the added security and handiness of backyard lightings such as motion-sensing or energy-efficient lighting fixtures. Outdoor lighting will also balance any outdoor gathering spaces your rental property has, adding to the home’s curb appeal after dark.
Notwithstanding which improvements you finally decide on to make to your Chesterfield County rental property’s backyard, recognizing which ones will allow the highest return for your money is an essential part of managing a successful rental house. By centering on quality features with a low-maintenance design, you can entice the type of renters you want while still growing your property values.
At Real Property Management Richmond Metro, we can help you plan a backyard for your rental property that tenants will love and, at the same time, one that is designed to get the maximum value for every dollar spent. We know which backyard improvements correspond to solid rent increases, and can guide your property preparations to ensure you’ve created a backyard with your tenants in mind. Contact us or call us at 804-417-7005 for more information.
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